Air France-KLM Beneish M-Score Historical Data
The historical data trend for Air France-KLM'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.
Air France-KLM Beneish M-Score Chart
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Air France-KLM Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.02 |
1,872.25 |
-3.55 |
-2.58 |
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Air France-KLM 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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-2.58 |
-2.60 |
-2.65 |
-2.83 |
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Competitive Comparison of Air France-KLM's Beneish M-Score
For the Airlines subindustry, Air France-KLM'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 France-KLM's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Air France-KLM's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air France-KLM's Beneish M-Score falls into.
Air France-KLM 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 France-KLM 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 * 1.0703 | + | 0.528 * 0.7634 | + | 0.404 * 0.9461 | + | 0.892 * 1.1736 | + | 0.115 * 1.0997 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0185 | + | 4.679 * -0.062607 | - | 0.327 * 0.9541 |
| = | -2.68 |
* 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 $2,387 Mil.
Revenue was 8077.426 + 9241.195 + 8260.022 + 6776.231 = $32,355 Mil.
Gross Profit was 2343.511 + 4639.274 + 1927.411 + 1613.49 = $10,524 Mil.
Total Current Assets was $12,884 Mil.
Total Assets was $37,612 Mil.
Property, Plant and Equipment(Net PPE) was $20,598 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,837 Mil.
Selling, General, & Admin. Expense(SGA) was $1,109 Mil.
Total Current Liabilities was $17,393 Mil.
Long-Term Debt & Capital Lease Obligation was $10,874 Mil.
Net Income was -279.171 + 992.529 + 654.388 + -368.308 = $999 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -338.059 + 628.602 + 1404.117 + 1659.529 = $3,354 Mil.
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Total Receivables was $1,900 Mil.
Revenue was 7551.907 + 8031.683 + 7089.852 + 4895.374 = $27,569 Mil.
Gross Profit was 2322.034 + 2111.881 + 1330.867 + 1080.396 = $6,845 Mil.
Total Current Assets was $11,800 Mil.
Total Assets was $34,221 Mil.
Property, Plant and Equipment(Net PPE) was $18,450 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,833 Mil.
Selling, General, & Admin. Expense(SGA) was $928 Mil.
Total Current Liabilities was $14,472 Mil.
Long-Term Debt & Capital Lease Obligation was $12,483 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) |
| = | (2387.132 / 32354.874) | / | (1900.424 / 27568.816) |
| = | 0.07378 | / | 0.068934 |
| | = | 1.0703 |
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) |
| = | (6845.178 / 27568.816) | / | (10523.686 / 32354.874) |
| = | 0.248294 | / | 0.325258 |
| | = | 0.7634 |
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 - (12884.406 + 20597.601) / 37611.778) | / | (1 - (11799.788 + 18450.212) / 34221.398) |
| = | 0.1098 | / | 0.11605 |
| | = | 0.9461 |
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 |
| = | 32354.874 | / | 27568.816 |
| | = | 1.1736 |
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)) |
| = | (2833.422 / (2833.422 + 18450.212)) | / | (2836.919 / (2836.919 + 20597.601)) |
| = | 0.133127 | / | 0.121057 |
| | = | 1.0997 |
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) |
| = | (1108.939 / 32354.874) | / | (927.781 / 27568.816) |
| = | 0.034274 | / | 0.033653 |
| | = | 1.0185 |
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) |
| = | ((10873.501 + 17392.585) / 37611.778) | / | ((12483.051 + 14472.458) / 34221.398) |
| = | 0.751522 | / | 0.78768 |
| | = | 0.9541 |
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 |
| = | (999.438 - 0 | - | 3354.189) | / | 37611.778 |
| | = | -0.062607 |
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 France-KLM has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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