Raytheon Co Beneish M-Score Historical Data
The historical data trend for Raytheon Co'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.
Raytheon Co Beneish M-Score Chart
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Raytheon Co Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.39 |
-2.56 |
-2.33 |
-2.17 |
-2.65 |
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Raytheon Co Quarterly Data
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Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
| Beneish M-Score |
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-2.17 |
-2.35 |
-2.01 |
-2.49 |
-2.65 |
Competitive Comparison of Raytheon Co's Beneish M-Score
For the Aerospace & Defense subindustry, Raytheon Co'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.
Raytheon Co's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Raytheon Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Raytheon Co's Beneish M-Score falls into.
Raytheon Co 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 Raytheon Co 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 * 0.9587 | + | 0.528 * 1.0397 | + | 0.404 * 0.9657 | + | 0.892 * 1.0783 | + | 0.115 * 1.077 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9939 | + | 4.679 * -0.014089 | - | 0.327 * 0.9379 |
| = | -2.48 |
* 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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $7,486 Mil.
Revenue was 7842 + 7446 + 7159 + 6729 = $29,176 Mil.
Gross Profit was 2010 + 1947 + 1954 + 1852 = $7,763 Mil.
Total Current Assets was $13,082 Mil.
Total Assets was $34,566 Mil.
Property, Plant and Equipment(Net PPE) was $4,228 Mil.
Depreciation, Depletion and Amortization(DDA) was $605 Mil.
Selling, General, & Admin. Expense(SGA) was $2,257 Mil.
Total Current Liabilities was $9,791 Mil.
Long-Term Debt & Capital Lease Obligation was $3,967 Mil.
Net Income was 885 + 860 + 817 + 781 = $3,343 Mil.
Non Operating Income was -181 + -135 + -173 + -161 = $-650 Mil.
Cash Flow from Operations was 2791 + 1277 + 823 + -411 = $4,480 Mil.
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Total Receivables was $7,242 Mil.
Revenue was 7360 + 6806 + 6625 + 6267 = $27,058 Mil.
Gross Profit was 1967 + 1935 + 1848 + 1735 = $7,485 Mil.
Total Current Assets was $12,137 Mil.
Total Assets was $32,670 Mil.
Property, Plant and Equipment(Net PPE) was $3,645 Mil.
Depreciation, Depletion and Amortization(DDA) was $568 Mil.
Selling, General, & Admin. Expense(SGA) was $2,106 Mil.
Total Current Liabilities was $8,463 Mil.
Long-Term Debt & Capital Lease Obligation was $5,402 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) |
| = | (7486 / 29176) | / | (7242 / 27058) |
| = | 0.256581 | / | 0.267647 |
| | = | 0.9587 |
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) |
| = | (7485 / 27058) | / | (7763 / 29176) |
| = | 0.276628 | / | 0.266075 |
| | = | 1.0397 |
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 - (13082 + 4228) / 34566) | / | (1 - (12137 + 3645) / 32670) |
| = | 0.499219 | / | 0.516927 |
| | = | 0.9657 |
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 |
| = | 29176 | / | 27058 |
| | = | 1.0783 |
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)) |
| = | (568 / (568 + 3645)) | / | (605 / (605 + 4228)) |
| = | 0.134821 | / | 0.125181 |
| | = | 1.077 |
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) |
| = | (2257 / 29176) | / | (2106 / 27058) |
| = | 0.077358 | / | 0.077833 |
| | = | 0.9939 |
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) |
| = | ((3967 + 9791) / 34566) | / | ((5402 + 8463) / 32670) |
| = | 0.398021 | / | 0.424395 |
| | = | 0.9379 |
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 |
| = | (3343 - -650 | - | 4480) | / | 34566 |
| | = | -0.014089 |
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.
Raytheon Co has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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