GE Aerospace Beneish M-Score Historical Data
The historical data trend for GE Aerospace'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.
GE Aerospace Beneish M-Score Chart
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GE Aerospace Annual Data
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Dec15 |
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Dec20 |
Dec21 |
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Dec23 |
Dec24 |
| Beneish M-Score |
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-2.55 |
-2.50 |
-2.50 |
-2.51 |
-2.62 |
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GE Aerospace Quarterly Data
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Jun20 |
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Dec20 |
Mar21 |
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Mar24 |
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Mar25 |
| Beneish M-Score |
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-2.65 |
-2.67 |
-2.21 |
-2.62 |
-2.68 |
Competitive Comparison of GE Aerospace's Beneish M-Score
For the Aerospace & Defense subindustry, GE Aerospace'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.
GE Aerospace's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, GE Aerospace's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GE Aerospace's Beneish M-Score falls into.
GE Aerospace 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 GE Aerospace 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 * 0.6572 | + | 0.528 * 0.9197 | + | 0.404 * 1.1358 | + | 0.892 * 1.0881 | + | 0.115 * 0.5223 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8579 | + | 4.679 * 0.009628 | - | 0.327 * 0.9811 |
| = | -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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $11,904 Mil.
Revenue was 9934 + 10811 + 9842 + 9093 = $39,680 Mil.
Gross Profit was 3939 + 4049 + 3616 + 3518 = $15,122 Mil.
Total Current Assets was $37,577 Mil.
Total Assets was $124,123 Mil.
Property, Plant and Equipment(Net PPE) was $7,426 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,193 Mil.
Selling, General, & Admin. Expense(SGA) was $6,271 Mil.
Total Current Liabilities was $34,941 Mil.
Long-Term Debt & Capital Lease Obligation was $17,487 Mil.
Net Income was 1978 + 1899 + 1852 + 1266 = $6,995 Mil.
Non Operating Income was 279 + -287 + 717 + -134 = $575 Mil.
Cash Flow from Operations was 1509 + 1297 + 1508 + 911 = $5,225 Mil.
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Total Receivables was $16,647 Mil.
Revenue was 8955 + 9456 + 9302 + 8754 = $36,467 Mil.
Gross Profit was 3209 + 3200 + 3310 + 3062 = $12,781 Mil.
Total Current Assets was $59,591 Mil.
Total Assets was $163,942 Mil.
Property, Plant and Equipment(Net PPE) was $12,345 Mil.
Depreciation, Depletion and Amortization(DDA) was $962 Mil.
Selling, General, & Admin. Expense(SGA) was $6,718 Mil.
Total Current Liabilities was $51,086 Mil.
Long-Term Debt & Capital Lease Obligation was $19,493 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) |
| = | (11904 / 39680) | / | (16647 / 36467) |
| = | 0.3 | / | 0.456495 |
| | = | 0.6572 |
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) |
| = | (12781 / 36467) | / | (15122 / 39680) |
| = | 0.350481 | / | 0.381099 |
| | = | 0.9197 |
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 - (37577 + 7426) / 124123) | / | (1 - (59591 + 12345) / 163942) |
| = | 0.637432 | / | 0.561211 |
| | = | 1.1358 |
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 |
| = | 39680 | / | 36467 |
| | = | 1.0881 |
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)) |
| = | (962 / (962 + 12345)) | / | (1193 / (1193 + 7426)) |
| = | 0.072293 | / | 0.138415 |
| | = | 0.5223 |
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) |
| = | (6271 / 39680) | / | (6718 / 36467) |
| = | 0.158039 | / | 0.184221 |
| | = | 0.8579 |
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) |
| = | ((17487 + 34941) / 124123) | / | ((19493 + 51086) / 163942) |
| = | 0.422387 | / | 0.430512 |
| | = | 0.9811 |
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 |
| = | (6995 - 575 | - | 5225) | / | 124123 |
| | = | 0.009628 |
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.
GE Aerospace has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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