Esterline Technologies Beneish M-Score Historical Data
The historical data trend for Esterline Technologies'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.
Esterline Technologies Beneish M-Score Chart
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Esterline Technologies Annual Data
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| Beneish M-Score |
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-2.60 |
-2.67 |
-2.50 |
-2.56 |
-2.68 |
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Esterline Technologies Quarterly Data
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Dec18 |
| Beneish M-Score |
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-2.66 |
-2.65 |
-2.65 |
-2.68 |
-2.52 |
Competitive Comparison of Esterline Technologies's Beneish M-Score
For the Aerospace & Defense subindustry, Esterline Technologies'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.
Esterline Technologies's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Esterline Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Esterline Technologies's Beneish M-Score falls into.
Esterline Technologies 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 Esterline Technologies 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 * 1.1666 | + | 0.528 * 0.9785 | + | 0.404 * 0.9575 | + | 0.892 * 1.0068 | + | 0.115 * 0.9156 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.026 | + | 4.679 * -0.010778 | - | 0.327 * 0.9167 |
| = | -2.39 |
* 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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was $450 Mil.
Revenue was 484.987 + 535.294 + 499.871 + 517.629 = $2,038 Mil.
Gross Profit was 166.13 + 184.325 + 169.92 + 163.727 = $684 Mil.
Total Current Assets was $1,322 Mil.
Total Assets was $3,017 Mil.
Property, Plant and Equipment(Net PPE) was $310 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $392 Mil.
Total Current Liabilities was $378 Mil.
Long-Term Debt & Capital Lease Obligation was $647 Mil.
Net Income was 33.798 + 52.739 + 27.823 + 23.877 = $138 Mil.
Non Operating Income was 2.143 + 1.483 + 0.097 + -5.31 = $-2 Mil.
Cash Flow from Operations was 20.701 + 94.687 + 29.676 + 27.28 = $172 Mil.
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Total Receivables was $383 Mil.
Revenue was 482.045 + 528.65 + 504.107 + 509.131 = $2,024 Mil.
Gross Profit was 147.729 + 166.228 + 173.699 + 177.206 = $665 Mil.
Total Current Assets was $1,275 Mil.
Total Assets was $3,115 Mil.
Property, Plant and Equipment(Net PPE) was $347 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $380 Mil.
Total Current Liabilities was $372 Mil.
Long-Term Debt & Capital Lease Obligation was $782 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) |
| = | (450.098 / 2037.781) | / | (383.187 / 2023.933) |
| = | 0.220877 | / | 0.189328 |
| | = | 1.1666 |
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) |
| = | (664.862 / 2023.933) | / | (684.102 / 2037.781) |
| = | 0.3285 | / | 0.335709 |
| | = | 0.9785 |
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 - (1322.135 + 309.734) / 3017.381) | / | (1 - (1274.567 + 346.633) / 3115.056) |
| = | 0.459177 | / | 0.47956 |
| | = | 0.9575 |
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 |
| = | 2037.781 | / | 2023.933 |
| | = | 1.0068 |
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)) |
| = | (104.361 / (104.361 + 346.633)) | / | (104.754 / (104.754 + 309.734)) |
| = | 0.231402 | / | 0.252731 |
| | = | 0.9156 |
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) |
| = | (392.296 / 2037.781) | / | (379.768 / 2023.933) |
| = | 0.192511 | / | 0.187639 |
| | = | 1.026 |
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) |
| = | ((646.845 + 378.046) / 3017.381) | / | ((782.287 + 371.954) / 3115.056) |
| = | 0.339662 | / | 0.370536 |
| | = | 0.9167 |
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 |
| = | (138.237 - -1.587 | - | 172.344) | / | 3017.381 |
| | = | -0.010778 |
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.
Esterline Technologies has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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