Elbit Systems Beneish M-Score Historical Data
The historical data trend for Elbit Systems'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.
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Elbit Systems Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.11 |
-2.35 |
-2.10 |
-2.27 |
-2.41 |
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Elbit Systems Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.11 |
-2.11 |
-2.10 |
-2.41 |
Competitive Comparison
For the Aerospace & Defense subindustry, Elbit Systems'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.
Elbit Systems Beneish M-Score Distribution
For the Aerospace & Defense industry and Industrials sector, Elbit Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Elbit Systems's Beneish M-Score falls into.
Elbit Systems 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 Elbit Systems 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 * 0.9701 | + | 0.528 * 1.0039 | + | 0.404 * 0.9089 | + | 0.892 * 1.084 | + | 0.115 * 1.0837 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9976 | + | 4.679 * 0.010228 | - | 0.327 * 0.9942 |
| = | -2.41 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $2,859 Mil.
Revenue was 1625.794 + 1501.567 + 1453.895 + 1393.488 = $5,975 Mil.
Gross Profit was 382.108 + 367.174 + 372.156 + 361.516 = $1,483 Mil.
Total Current Assets was $5,508 Mil.
Total Assets was $9,740 Mil.
Property, Plant and Equipment(Net PPE) was $1,514 Mil.
Depreciation, Depletion and Amortization(DDA) was $165 Mil.
Selling, General, & Admin. Expense(SGA) was $696 Mil.
Total Current Liabilities was $4,824 Mil.
Long-Term Debt & Capital Lease Obligation was $747 Mil.
Net Income was 30.008 + 60.703 + 62.351 + 62.069 = $215 Mil.
Non Operating Income was 7.184 + -1.851 + -1.678 + -1.846 = $2 Mil.
Cash Flow from Operations was 313.74 + 10.698 + -137.704 + -73.025 = $114 Mil.
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Total Receivables was $2,718 Mil.
Revenue was 1506.43 + 1348.94 + 1303.374 + 1352.806 = $5,512 Mil.
Gross Profit was 380.63 + 325.981 + 339.727 + 326.945 = $1,373 Mil.
Total Current Assets was $5,032 Mil.
Total Assets was $9,216 Mil.
Property, Plant and Equipment(Net PPE) was $1,355 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General, & Admin. Expense(SGA) was $644 Mil.
Total Current Liabilities was $4,277 Mil.
Long-Term Debt & Capital Lease Obligation was $1,025 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) |
| = | (2858.763 / 5974.744) | / | (2718.405 / 5511.55) |
| = | 0.478475 | / | 0.49322 |
| | = | 0.9701 |
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) |
| = | (1373.283 / 5511.55) | / | (1482.954 / 5974.744) |
| = | 0.249165 | / | 0.248204 |
| | = | 1.0039 |
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 - (5508.08 + 1513.834) / 9739.582) | / | (1 - (5031.777 + 1354.653) / 9215.651) |
| = | 0.279033 | / | 0.307002 |
| | = | 0.9089 |
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 |
| = | 5974.744 | / | 5511.55 |
| | = | 1.084 |
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)) |
| = | (161.29 / (161.29 + 1354.653)) | / | (164.799 / (164.799 + 1513.834)) |
| = | 0.106396 | / | 0.098175 |
| | = | 1.0837 |
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) |
| = | (696.022 / 5974.744) | / | (643.622 / 5511.55) |
| = | 0.116494 | / | 0.116777 |
| | = | 0.9976 |
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) |
| = | ((747.174 + 4823.846) / 9739.582) | / | ((1024.663 + 4277.289) / 9215.651) |
| = | 0.571998 | / | 0.57532 |
| | = | 0.9942 |
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 |
| = | (215.131 - 1.809 | - | 113.709) | / | 9739.582 |
| | = | 0.010228 |
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.
Elbit Systems has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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