Alaska Air Group Beneish M-Score Historical Data
The historical data trend for Alaska Air Group'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.
Alaska Air Group Beneish M-Score Chart
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Alaska Air Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.26 |
-3.12 |
-2.73 |
-2.36 |
-2.22 |
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Alaska Air Group Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.36 |
-2.57 |
-2.57 |
-2.02 |
-2.22 |
Competitive Comparison of Alaska Air Group's Beneish M-Score
For the Airlines subindustry, Alaska Air Group'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.
Alaska Air Group's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Alaska Air Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alaska Air Group's Beneish M-Score falls into.
Alaska Air Group 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 Alaska Air Group 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 * 1.2944 | + | 0.528 * 0.9932 | + | 0.404 * 1.2498 | + | 0.892 * 1.1256 | + | 0.115 * 0.976 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0233 | + | 4.679 * -0.037434 | - | 0.327 * 1.1309 |
| = | -2.22 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $558 Mil.
Revenue was 3534 + 3072 + 2897 + 2232 = $11,735 Mil.
Gross Profit was 531 + 699 + 738 + 150 = $2,118 Mil.
Total Current Assets was $3,760 Mil.
Total Assets was $19,768 Mil.
Property, Plant and Equipment(Net PPE) was $12,077 Mil.
Depreciation, Depletion and Amortization(DDA) was $583 Mil.
Selling, General, & Admin. Expense(SGA) was $349 Mil.
Total Current Liabilities was $6,145 Mil.
Long-Term Debt & Capital Lease Obligation was $5,736 Mil.
Net Income was 71 + 236 + 220 + -132 = $395 Mil.
Non Operating Income was -71 + -78 + -146 + -34 = $-329 Mil.
Cash Flow from Operations was 274 + 318 + 580 + 292 = $1,464 Mil.
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Total Receivables was $383 Mil.
Revenue was 2553 + 2839 + 2838 + 2196 = $10,426 Mil.
Gross Profit was 326 + 636 + 786 + 121 = $1,869 Mil.
Total Current Assets was $2,705 Mil.
Total Assets was $14,613 Mil.
Property, Plant and Equipment(Net PPE) was $9,583 Mil.
Depreciation, Depletion and Amortization(DDA) was $451 Mil.
Selling, General, & Admin. Expense(SGA) was $303 Mil.
Total Current Liabilities was $4,459 Mil.
Long-Term Debt & Capital Lease Obligation was $3,307 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) |
| = | (558 / 11735) | / | (383 / 10426) |
| = | 0.04755 | / | 0.036735 |
| | = | 1.2944 |
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) |
| = | (1869 / 10426) | / | (2118 / 11735) |
| = | 0.179263 | / | 0.180486 |
| | = | 0.9932 |
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 - (3760 + 12077) / 19768) | / | (1 - (2705 + 9583) / 14613) |
| = | 0.198857 | / | 0.159105 |
| | = | 1.2498 |
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 |
| = | 11735 | / | 10426 |
| | = | 1.1256 |
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)) |
| = | (451 / (451 + 9583)) | / | (583 / (583 + 12077)) |
| = | 0.044947 | / | 0.046051 |
| | = | 0.976 |
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) |
| = | (349 / 11735) | / | (303 / 10426) |
| = | 0.02974 | / | 0.029062 |
| | = | 1.0233 |
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) |
| = | ((5736 + 6145) / 19768) | / | ((3307 + 4459) / 14613) |
| = | 0.601022 | / | 0.531445 |
| | = | 1.1309 |
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 |
| = | (395 - -329 | - | 1464) | / | 19768 |
| | = | -0.037434 |
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.
Alaska Air Group has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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