Air Methods Beneish M-Score Historical Data
The historical data trend for Air Methods'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 Methods Beneish M-Score Chart
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Air Methods Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.57 |
-2.67 |
-2.63 |
-2.38 |
-2.71 |
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Air Methods Quarterly Data
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Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
| Beneish M-Score |
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-2.38 |
-2.22 |
-2.21 |
-2.61 |
-2.71 |
Competitive Comparison of Air Methods's Beneish M-Score
For the Airports & Air Services subindustry, Air Methods'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 Methods's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Air Methods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air Methods's Beneish M-Score falls into.
Air Methods 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 Methods 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 * 0.989 | + | 0.528 * 1.0366 | + | 0.404 * 1.3009 | + | 0.892 * 1.0781 | + | 0.115 * 0.9846 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0393 | + | 4.679 * -0.07316 | - | 0.327 * 1.0987 |
| = | -2.66 |
* 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 (Dec16) TTM: | Last Year (Dec15) TTM: |
Total Receivables was $408 Mil.
Revenue was 297.473 + 311.012 + 292.572 + 269.398 = $1,170 Mil.
Gross Profit was 109.545 + 122.304 + 115.739 + 102.644 = $450 Mil.
Total Current Assets was $486 Mil.
Total Assets was $1,789 Mil.
Property, Plant and Equipment(Net PPE) was $878 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $164 Mil.
Total Current Liabilities was $186 Mil.
Long-Term Debt & Capital Lease Obligation was $811 Mil.
Net Income was 19.856 + 30.614 + 26.982 + 20.453 = $98 Mil.
Non Operating Income was 0.36 + 0.585 + 0.464 + 0.31 = $2 Mil.
Cash Flow from Operations was 53.785 + 80.964 + 49.969 + 42.37 = $227 Mil.
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Total Receivables was $382 Mil.
Revenue was 272.443 + 311.342 + 263.602 + 238.299 = $1,086 Mil.
Gross Profit was 102.436 + 145.119 + 104.043 + 81.294 = $433 Mil.
Total Current Assets was $473 Mil.
Total Assets was $1,557 Mil.
Property, Plant and Equipment(Net PPE) was $800 Mil.
Depreciation, Depletion and Amortization(DDA) was $83 Mil.
Selling, General, & Admin. Expense(SGA) was $146 Mil.
Total Current Liabilities was $150 Mil.
Long-Term Debt & Capital Lease Obligation was $640 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) |
| = | (407.703 / 1170.455) | / | (382.376 / 1085.686) |
| = | 0.348329 | / | 0.352198 |
| | = | 0.989 |
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) |
| = | (432.892 / 1085.686) | / | (450.232 / 1170.455) |
| = | 0.398727 | / | 0.384664 |
| | = | 1.0366 |
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 - (486.38 + 878.009) / 1789.265) | / | (1 - (473.359 + 799.656) / 1557.281) |
| = | 0.237458 | / | 0.18254 |
| | = | 1.3009 |
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 |
| = | 1170.455 | / | 1085.686 |
| | = | 1.0781 |
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)) |
| = | (83.354 / (83.354 + 799.656)) | / | (93.107 / (93.107 + 878.009)) |
| = | 0.094398 | / | 0.095876 |
| | = | 0.9846 |
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) |
| = | (164.016 / 1170.455) | / | (146.391 / 1085.686) |
| = | 0.14013 | / | 0.134837 |
| | = | 1.0393 |
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) |
| = | ((810.944 + 185.896) / 1789.265) | / | ((639.994 + 149.664) / 1557.281) |
| = | 0.557123 | / | 0.507075 |
| | = | 1.0987 |
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 |
| = | (97.905 - 1.719 | - | 227.088) | / | 1789.265 |
| | = | -0.07316 |
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 Methods has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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