Air Transport Services Group Beneish M-Score Historical Data
The historical data trend for Air Transport Services 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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Air Transport Services 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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|
|
|
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-2.73 |
-3.09 |
-2.75 |
-2.51 |
-3.39 |
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Air Transport Services 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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|
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|
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-2.51 |
-2.96 |
-3.22 |
-3.19 |
-3.39 |
Competitive Comparison
For the Airlines subindustry, Air Transport Services 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.
Air Transport Services Group Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Air Transport Services Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air Transport Services Group's Beneish M-Score falls into.
Air Transport Services 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 Air Transport Services 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 * 0.7061 | + | 0.528 * 1.1518 | + | 0.404 * 0.8803 | + | 0.892 * 1.0123 | + | 0.115 * 1.1192 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0004 | + | 4.679 * -0.141943 | - | 0.327 * 1.0867 |
| = | -3.39 |
* 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 $216 Mil.
Revenue was 517.04 + 523.137 + 529.339 + 501.095 = $2,071 Mil.
Gross Profit was 94.355 + 107.751 + 125.783 + 99.04 = $427 Mil.
Total Current Assets was $346 Mil.
Total Assets was $3,882 Mil.
Property, Plant and Equipment(Net PPE) was $2,875 Mil.
Depreciation, Depletion and Amortization(DDA) was $364 Mil.
Selling, General, & Admin. Expense(SGA) was $10 Mil.
Total Current Liabilities was $400 Mil.
Long-Term Debt & Capital Lease Obligation was $1,743 Mil.
Net Income was -15.008 + 17.172 + 38.022 + 20.141 = $60 Mil.
Non Operating Income was -30.523 + -3.325 + -3.507 + -5.364 = $-43 Mil.
Cash Flow from Operations was 127.988 + 117.517 + 192.198 + 216.378 = $654 Mil.
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Total Receivables was $302 Mil.
Revenue was 533.025 + 516.916 + 509.668 + 485.86 = $2,045 Mil.
Gross Profit was 125.069 + 122.634 + 121.684 + 116.388 = $486 Mil.
Total Current Assets was $418 Mil.
Total Assets was $3,590 Mil.
Property, Plant and Equipment(Net PPE) was $2,476 Mil.
Depreciation, Depletion and Amortization(DDA) was $356 Mil.
Selling, General, & Admin. Expense(SGA) was $10 Mil.
Total Current Liabilities was $307 Mil.
Long-Term Debt & Capital Lease Obligation was $1,516 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) |
| = | (215.581 / 2070.611) | / | (301.622 / 2045.469) |
| = | 0.104115 | / | 0.147459 |
| | = | 0.7061 |
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) |
| = | (485.775 / 2045.469) | / | (426.929 / 2070.611) |
| = | 0.237488 | / | 0.206185 |
| | = | 1.1518 |
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 - (345.701 + 2874.829) / 3882.09) | / | (1 - (418.476 + 2476.478) / 3589.893) |
| = | 0.170413 | / | 0.193582 |
| | = | 0.8803 |
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 |
| = | 2070.611 | / | 2045.469 |
| | = | 1.0123 |
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)) |
| = | (355.848 / (355.848 + 2476.478)) | / | (363.528 / (363.528 + 2874.829)) |
| = | 0.125638 | / | 0.112257 |
| | = | 1.1192 |
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) |
| = | (9.79 / 2070.611) | / | (9.666 / 2045.469) |
| = | 0.004728 | / | 0.004726 |
| | = | 1.0004 |
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) |
| = | ((1742.562 + 400.189) / 3882.09) | / | ((1515.86 + 307.457) / 3589.893) |
| = | 0.551958 | / | 0.507903 |
| | = | 1.0867 |
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 |
| = | (60.327 - -42.719 | - | 654.081) | / | 3882.09 |
| | = | -0.141943 |
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.
Air Transport Services Group has a M-score of -3.39 suggests that the company is unlikely to be a manipulator.
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