BWX Technologies Beneish M-Score Historical Data
The historical data trend for BWX Technologies'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.
BWX Technologies Beneish M-Score Chart
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BWX Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.10 |
-2.89 |
-2.53 |
-2.74 |
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BWX Technologies Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.48 |
-2.51 |
-2.54 |
-2.74 |
Competitive Comparison of BWX Technologies's Beneish M-Score
For the Aerospace & Defense subindustry, BWX Technologies'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.
BWX Technologies's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, BWX Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BWX Technologies's Beneish M-Score falls into.
BWX Technologies 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 BWX Technologies 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 * 0.8948 | + | 0.528 * 0.9943 | + | 0.404 * 0.9377 | + | 0.892 * 1.118 | + | 0.115 * 1.0163 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0678 | + | 4.679 * -0.054838 | - | 0.327 * 0.9118 |
| = | -2.74 |
* 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 $675 Mil.
Revenue was 725.515 + 589.989 + 612.445 + 568.36 = $2,496 Mil.
Gross Profit was 188.549 + 153.693 + 141.121 + 137.23 = $621 Mil.
Total Current Assets was $818 Mil.
Total Assets was $2,747 Mil.
Property, Plant and Equipment(Net PPE) was $1,229 Mil.
Depreciation, Depletion and Amortization(DDA) was $79 Mil.
Selling, General, & Admin. Expense(SGA) was $280 Mil.
Total Current Liabilities was $375 Mil.
Long-Term Debt & Capital Lease Obligation was $1,203 Mil.
Net Income was 65.887 + 60.273 + 58.597 + 61.092 = $246 Mil.
Non Operating Income was -15.576 + 16.989 + 15.539 + 15.839 = $33 Mil.
Cash Flow from Operations was 221.764 + 74.348 + 80.613 + -13.024 = $364 Mil.
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Total Receivables was $675 Mil.
Revenue was 624.177 + 523.711 + 554.208 + 530.738 = $2,233 Mil.
Gross Profit was 160.386 + 124.43 + 141.208 + 125.911 = $552 Mil.
Total Current Assets was $772 Mil.
Total Assets was $2,619 Mil.
Property, Plant and Equipment(Net PPE) was $1,135 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $234 Mil.
Total Current Liabilities was $368 Mil.
Long-Term Debt & Capital Lease Obligation was $1,283 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) |
| = | (674.855 / 2496.309) | / | (674.607 / 2232.834) |
| = | 0.270341 | / | 0.30213 |
| | = | 0.8948 |
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) |
| = | (551.935 / 2232.834) | / | (620.593 / 2496.309) |
| = | 0.24719 | / | 0.248604 |
| | = | 0.9943 |
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 - (817.801 + 1228.52) / 2747.065) | / | (1 - (771.619 + 1134.897) / 2618.939) |
| = | 0.255088 | / | 0.272027 |
| | = | 0.9377 |
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 |
| = | 2496.309 | / | 2232.834 |
| | = | 1.118 |
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)) |
| = | (73.842 / (73.842 + 1134.897)) | / | (78.566 / (78.566 + 1228.52)) |
| = | 0.06109 | / | 0.060108 |
| | = | 1.0163 |
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) |
| = | (279.694 / 2496.309) | / | (234.282 / 2232.834) |
| = | 0.112043 | / | 0.104926 |
| | = | 1.0678 |
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) |
| = | ((1203.422 + 375.046) / 2747.065) | / | ((1282.624 + 367.86) / 2618.939) |
| = | 0.574602 | / | 0.630211 |
| | = | 0.9118 |
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 |
| = | (245.849 - 32.791 | - | 363.701) | / | 2747.065 |
| | = | -0.054838 |
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.
BWX Technologies has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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