Aerojet Rocketdyne Holdings Beneish M-Score Historical Data
The historical data trend for Aerojet Rocketdyne Holdings'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.
Aerojet Rocketdyne Holdings Beneish M-Score Chart
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Aerojet Rocketdyne Holdings Annual Data
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Trend |
Nov13 |
Nov14 |
Nov15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.70 |
-2.72 |
-2.85 |
-2.29 |
-1.57 |
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Aerojet Rocketdyne Holdings Quarterly Data
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Jun18 |
Sep18 |
Dec18 |
Mar19 |
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
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-2.48 |
-2.08 |
-1.80 |
-1.57 |
-1.77 |
Competitive Comparison of Aerojet Rocketdyne Holdings's Beneish M-Score
For the Aerospace & Defense subindustry, Aerojet Rocketdyne Holdings'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.
Aerojet Rocketdyne Holdings's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Aerojet Rocketdyne Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aerojet Rocketdyne Holdings's Beneish M-Score falls into.
Aerojet Rocketdyne Holdings 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 Aerojet Rocketdyne Holdings 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 * 1.1461 | + | 0.528 * 1.2705 | + | 0.404 * 1.1976 | + | 0.892 * 1.0408 | + | 0.115 * 1.057 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2457 | + | 4.679 * 0.063078 | - | 0.327 * 0.838 |
| = | -1.77 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $615 Mil.
Revenue was 566.3 + 648.2 + 549.8 + 528.5 = $2,293 Mil.
Gross Profit was 78.1 + 96.3 + 90.5 + 59 = $324 Mil.
Total Current Assets was $998 Mil.
Total Assets was $2,313 Mil.
Property, Plant and Equipment(Net PPE) was $463 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $59 Mil.
Total Current Liabilities was $650 Mil.
Long-Term Debt & Capital Lease Obligation was $329 Mil.
Net Income was 27.8 + 16.1 + 13.7 + 16.4 = $74 Mil.
Non Operating Income was -17.6 + 0.2 + -38.9 + -9.1 = $-65 Mil.
Cash Flow from Operations was -32.8 + 25.1 + 35 + -33.8 = $-6 Mil.
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Total Receivables was $515 Mil.
Revenue was 511.1 + 589.7 + 545.3 + 556.9 = $2,203 Mil.
Gross Profit was 85.6 + 100.2 + 98.8 + 110.8 = $395 Mil.
Total Current Assets was $1,233 Mil.
Total Assets was $2,449 Mil.
Property, Plant and Equipment(Net PPE) was $463 Mil.
Depreciation, Depletion and Amortization(DDA) was $60 Mil.
Selling, General, & Admin. Expense(SGA) was $45 Mil.
Total Current Liabilities was $913 Mil.
Long-Term Debt & Capital Lease Obligation was $325 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) |
| = | (614.8 / 2292.8) | / | (515.4 / 2203) |
| = | 0.268144 | / | 0.233954 |
| | = | 1.1461 |
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) |
| = | (395.4 / 2203) | / | (323.9 / 2292.8) |
| = | 0.179483 | / | 0.141268 |
| | = | 1.2705 |
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 - (998 + 463.3) / 2313) | / | (1 - (1233 + 463.1) / 2449.1) |
| = | 0.368223 | / | 0.30746 |
| | = | 1.1976 |
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 |
| = | 2292.8 | / | 2203 |
| | = | 1.0408 |
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)) |
| = | (59.9 / (59.9 + 463.1)) | / | (56.3 / (56.3 + 463.3)) |
| = | 0.114532 | / | 0.108353 |
| | = | 1.057 |
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) |
| = | (58.6 / 2292.8) | / | (45.2 / 2203) |
| = | 0.025558 | / | 0.020517 |
| | = | 1.2457 |
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) |
| = | ((329.4 + 650.3) / 2313) | / | ((324.5 + 913.4) / 2449.1) |
| = | 0.423562 | / | 0.505451 |
| | = | 0.838 |
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 |
| = | (74 - -65.4 | - | -6.5) | / | 2313 |
| | = | 0.063078 |
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.
Aerojet Rocketdyne Holdings has a M-score of -1.77 signals that the company is likely to be a manipulator.
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