American Airlines Group Beneish M-Score Historical Data
The historical data trend for American Airlines Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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American Airlines Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-3.01 |
-267.88 |
-2.73 |
-2.72 |
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American Airlines Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.74 |
-2.75 |
-2.83 |
-2.72 |
Competitive Comparison
For the Airlines subindustry, American Airlines Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
American Airlines Group Beneish M-Score Distribution
For the Transportation industry and Industrials sector, American Airlines Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where American Airlines Group's Beneish M-Score falls into.
American Airlines Group Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of American Airlines Group for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.8791 | + | 0.528 * 0.8247 | + | 0.404 * 0.9922 | + | 0.892 * 1.0779 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9195 | + | 4.679 * -0.026071 | - | 0.327 * 0.9811 |
| = | -2.72 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $2,026 Mil.
Revenue was 13062 + 13482 + 14055 + 12189 = $52,788 Mil.
Gross Profit was 2626 + 2687 + 4147 + 2349 = $11,809 Mil.
Total Current Assets was $13,572 Mil.
Total Assets was $63,058 Mil.
Property, Plant and Equipment(Net PPE) was $38,703 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,799 Mil.
Total Current Liabilities was $22,062 Mil.
Long-Term Debt & Capital Lease Obligation was $35,722 Mil.
Net Income was 19 + -545 + 1338 + 10 = $822 Mil.
Non Operating Income was -249 + -1047 + -14 + -27 = $-1,337 Mil.
Cash Flow from Operations was -1351 + 58 + 1763 + 3333 = $3,803 Mil.
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Total Receivables was $2,138 Mil.
Revenue was 13188 + 13462 + 13422 + 8899 = $48,971 Mil.
Gross Profit was 3255 + 2824 + 2905 + 51 = $9,035 Mil.
Total Current Assets was $15,269 Mil.
Total Assets was $64,716 Mil.
Property, Plant and Equipment(Net PPE) was $38,294 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,815 Mil.
Total Current Liabilities was $21,496 Mil.
Long-Term Debt & Capital Lease Obligation was $38,948 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (2026 / 52788) | / | (2138 / 48971) |
| = | 0.03838 | / | 0.043658 |
| | = | 0.8791 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (9035 / 48971) | / | (11809 / 52788) |
| = | 0.184497 | / | 0.223706 |
| | = | 0.8247 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (13572 + 38703) / 63058) | / | (1 - (15269 + 38294) / 64716) |
| = | 0.171001 | / | 0.172338 |
| | = | 0.9922 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 52788 | / | 48971 |
| | = | 1.0779 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (0 / (0 + 38294)) | / | (0 / (0 + 38703)) |
| = | 0 | / | 0 |
| | = | 1 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (1799 / 52788) | / | (1815 / 48971) |
| = | 0.03408 | / | 0.037063 |
| | = | 0.9195 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((35722 + 22062) / 63058) | / | ((38948 + 21496) / 64716) |
| = | 0.916363 | / | 0.933989 |
| | = | 0.9811 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (822 - -1337 | - | 3803) | / | 63058 |
| | = | -0.026071 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
American Airlines Group has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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