ANA Holdings Beneish M-Score Historical Data
The historical data trend for ANA 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.
ANA Holdings Beneish M-Score Chart
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ANA Holdings Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.50 |
-2.80 |
-2.88 |
4.15 |
-2.87 |
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ANA Holdings 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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-3.15 |
-2.87 |
-2.82 |
-2.60 |
-2.46 |
Competitive Comparison of ANA Holdings's Beneish M-Score
For the Airlines subindustry, ANA 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.
ANA Holdings's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, ANA Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ANA Holdings's Beneish M-Score falls into.
ANA 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 ANA 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 * 0.9129 | + | 0.528 * 0.6056 | + | 0.404 * 0.8802 | + | 0.892 * 1.2169 | + | 0.115 * 1.2087 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0222 | + | 4.679 * 0.009986 | - | 0.327 * 0.9519 |
| = | -2.54 |
* 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 $1,288 Mil.
Revenue was 3756.399 + 3663.993 + 3261.405 + 3357.882 = $14,040 Mil.
Gross Profit was 897.775 + 920.471 + 643.331 + 556.88 = $3,018 Mil.
Total Current Assets was $11,802 Mil.
Total Assets was $24,205 Mil.
Property, Plant and Equipment(Net PPE) was $8,893 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $580 Mil.
Total Current Liabilities was $6,807 Mil.
Long-Term Debt & Capital Lease Obligation was $8,792 Mil.
Net Income was 387.154 + 422.875 + 217.08 + 201.071 = $1,228 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 986.473 + 0 = $986 Mil.
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Total Receivables was $1,160 Mil.
Revenue was 3468.404 + 3072.891 + 2615.811 + 2380.538 = $11,538 Mil.
Gross Profit was 854.984 + 526.541 + 288.791 + -168.194 = $1,502 Mil.
Total Current Assets was $10,671 Mil.
Total Assets was $24,348 Mil.
Property, Plant and Equipment(Net PPE) was $9,666 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General, & Admin. Expense(SGA) was $466 Mil.
Total Current Liabilities was $5,778 Mil.
Long-Term Debt & Capital Lease Obligation was $10,706 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) |
| = | (1288.325 / 14039.679) | / | (1159.776 / 11537.644) |
| = | 0.091763 | / | 0.100521 |
| | = | 0.9129 |
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) |
| = | (1502.122 / 11537.644) | / | (3018.457 / 14039.679) |
| = | 0.130193 | / | 0.214995 |
| | = | 0.6056 |
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 - (11801.877 + 8893.469) / 24205.158) | / | (1 - (10671.402 + 9665.544) / 24348.011) |
| = | 0.145003 | / | 0.164739 |
| | = | 0.8802 |
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 |
| = | 14039.679 | / | 11537.644 |
| | = | 1.2169 |
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)) |
| = | (174.883 / (174.883 + 9665.544)) | / | (132.714 / (132.714 + 8893.469)) |
| = | 0.017772 | / | 0.014703 |
| | = | 1.2087 |
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) |
| = | (579.813 / 14039.679) | / | (466.124 / 11537.644) |
| = | 0.041298 | / | 0.0404 |
| | = | 1.0222 |
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) |
| = | ((8792.088 + 6807.256) / 24205.158) | / | ((10706.112 + 5778.336) / 24348.011) |
| = | 0.644464 | / | 0.677035 |
| | = | 0.9519 |
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 |
| = | (1228.18 - 0 | - | 986.473) | / | 24205.158 |
| | = | 0.009986 |
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.
ANA Holdings has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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