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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Allison Transmission Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Allison Transmission Holdings was -2.39. The lowest was -2.88. And the median was -2.62.
The historical data trend for Allison Transmission 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.
Allison Transmission Holdings Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.77 | -2.40 | -2.39 | -2.63 | -2.46 |
Allison Transmission Holdings Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.63 | -2.56 | -2.54 | -2.48 | -2.46 |
For the Auto Parts subindustry, Allison Transmission 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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Allison Transmission Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Allison Transmission Holdings's Beneish M-Score falls into.
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 Allison Transmission 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 * 0.9517 | + | 0.528 * 1.0216 | + | 0.404 * 0.9398 | + | 0.892 * 1.0626 | + | 0.115 * 1.2672 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8884 | + | 4.679 * -0.011994 | - | 0.327 * 0.9112 | |||||||
= | -2.46 |
* 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 $360 Mil. Revenue was 796 + 824 + 816 + 789 = $3,225 Mil. Gross Profit was 373 + 396 + 394 + 366 = $1,529 Mil. Total Current Assets was $1,538 Mil. Total Assets was $5,336 Mil. Property, Plant and Equipment(Net PPE) was $803 Mil. Depreciation, Depletion and Amortization(DDA) was $121 Mil. Selling, General, & Admin. Expense(SGA) was $337 Mil. Total Current Liabilities was $506 Mil. Long-Term Debt & Capital Lease Obligation was $2,395 Mil. Net Income was 175 + 200 + 187 + 169 = $731 Mil. Non Operating Income was -4 + 10 + -7 + -5 = $-6 Mil. Cash Flow from Operations was 211 + 246 + 171 + 173 = $801 Mil. |
Total Receivables was $356 Mil. Revenue was 775 + 736 + 783 + 741 = $3,035 Mil. Gross Profit was 371 + 357 + 381 + 361 = $1,470 Mil. Total Current Assets was $1,250 Mil. Total Assets was $5,025 Mil. Property, Plant and Equipment(Net PPE) was $774 Mil. Depreciation, Depletion and Amortization(DDA) was $154 Mil. Selling, General, & Admin. Expense(SGA) was $357 Mil. Total Current Liabilities was $501 Mil. Long-Term Debt & Capital Lease Obligation was $2,497 Mil. |
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) |
= | (360 / 3225) | / | (356 / 3035) | |
= | 0.111628 | / | 0.117298 | |
= | 0.9517 |
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) | |
= | (1470 / 3035) | / | (1529 / 3225) | |
= | 0.484349 | / | 0.474109 | |
= | 1.0216 |
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 - (1538 + 803) / 5336) | / | (1 - (1250 + 774) / 5025) | |
= | 0.561282 | / | 0.597214 | |
= | 0.9398 |
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 | |
= | 3225 | / | 3035 | |
= | 1.0626 |
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)) |
= | (154 / (154 + 774)) | / | (121 / (121 + 803)) | |
= | 0.165948 | / | 0.130952 | |
= | 1.2672 |
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) |
= | (337 / 3225) | / | (357 / 3035) | |
= | 0.104496 | / | 0.117628 | |
= | 0.8884 |
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) |
= | ((2395 + 506) / 5336) | / | ((2497 + 501) / 5025) | |
= | 0.543666 | / | 0.596617 | |
= | 0.9112 |
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 | |
= | (731 - -6 | - | 801) | / | 5336 | |
= | -0.011994 |
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.
Allison Transmission Holdings has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Allison Transmission Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
David S. Graziosi | officer: Exec VP, CFO and Treasurer | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
John Coll | officer: SVP, Global MSS | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
Eric C. Scroggins | officer: VP, Gen. Counsel and Secretary | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
Thomas Eifert | officer: VP, Program Mgmt & Prod Pln | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
Rafael Basso | officer: VP, Operations | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
Niekerk Teresa Van | officer: VP, Global Purchasing & SQ | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
Ryan A. Milburn | officer: VP, Product Engineering | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
G Frederick Bohley | officer: SVP, CFO & Treasurer | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
Dana Jh Pittard | officer: VP, Defense Programs | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
Gustave Perna | director | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
Philip J Christman | director | 3240 S. CENTRAL AVENUE, CICERO IL 60804 |
Krishna Shivram | director | C/O WEATHERFORD INTERNATIONAL PLC, 2000 ST JAMES PLACE, HOUSTON TX 77056 |
Sasha Ostojic | director | ONE ALLISON WAY, INDIANAPOLIS IN 46222 |
D. Scott Barbour | director | C/O ADVANCED DRAINAGE SYSTEMS, INC., 4640 TRUEMAN BOULEVARD, HILLIARD OH 43026 |
Carolann I Haznedar | director | 350 POPLAR CHURCH ROAD, CAMP HILL PA 17011 |
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