FTAI Infrastructure Beneish M-Score Historical Data
The historical data trend for FTAI Infrastructure'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.
FTAI Infrastructure Beneish M-Score Chart
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FTAI Infrastructure Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.00 |
-2.72 |
-2.84 |
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FTAI Infrastructure Quarterly Data
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Dec19 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.72 |
-2.91 |
-2.77 |
-2.84 |
-2.84 |
Competitive Comparison of FTAI Infrastructure's Beneish M-Score
For the Conglomerates subindustry, FTAI Infrastructure'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.
FTAI Infrastructure's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, FTAI Infrastructure's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FTAI Infrastructure's Beneish M-Score falls into.
FTAI Infrastructure 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 FTAI Infrastructure 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 * 0.915 | + | 0.528 * 1 | + | 0.404 * 0.8659 | + | 0.892 * 1.0344 | + | 0.115 * 1.0318 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1148 | + | 4.679 * -0.039213 | - | 0.327 * 1.1937 |
| = | -2.84 |
* 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 $53.0 Mil.
Revenue was 80.764 + 83.311 + 84.887 + 82.535 = $331.5 Mil.
Gross Profit was 80.764 + 83.311 + 84.887 + 82.535 = $331.5 Mil.
Total Current Assets was $219.9 Mil.
Total Assets was $2,374.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,758.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $79.4 Mil.
Selling, General, & Admin. Expense(SGA) was $14.8 Mil.
Total Current Liabilities was $250.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,600.1 Mil.
Net Income was -117.985 + -32.993 + -36.74 + -39.607 = $-227.3 Mil.
Non Operating Income was -85.606 + -6.792 + -16.066 + -10.476 = $-118.9 Mil.
Cash Flow from Operations was -8.055 + 14.247 + -17.587 + -3.883 = $-15.3 Mil.
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Total Receivables was $56.0 Mil.
Revenue was 81.44 + 80.706 + 81.832 + 76.494 = $320.5 Mil.
Gross Profit was 81.44 + 80.706 + 81.832 + 76.494 = $320.5 Mil.
Total Current Assets was $185.5 Mil.
Total Assets was $2,379.6 Mil.
Property, Plant and Equipment(Net PPE) was $1,736.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $81.0 Mil.
Selling, General, & Admin. Expense(SGA) was $12.8 Mil.
Total Current Liabilities was $150.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,403.4 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) |
| = | (52.994 / 331.497) | / | (55.99 / 320.472) |
| = | 0.159863 | / | 0.174711 |
| | = | 0.915 |
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) |
| = | (320.472 / 320.472) | / | (331.497 / 331.497) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (219.851 + 1758.858) / 2374.388) | / | (1 - (185.503 + 1736.164) / 2379.609) |
| = | 0.166645 | / | 0.192444 |
| | = | 0.8659 |
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 |
| = | 331.497 | / | 320.472 |
| | = | 1.0344 |
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)) |
| = | (80.992 / (80.992 + 1736.164)) | / | (79.41 / (79.41 + 1758.858)) |
| = | 0.044571 | / | 0.043198 |
| | = | 1.0318 |
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) |
| = | (14.798 / 331.497) | / | (12.833 / 320.472) |
| = | 0.04464 | / | 0.040044 |
| | = | 1.1148 |
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) |
| = | ((1600.134 + 250.794) / 2374.388) | / | ((1403.351 + 150.637) / 2379.609) |
| = | 0.779539 | / | 0.653043 |
| | = | 1.1937 |
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 |
| = | (-227.325 - -118.94 | - | -15.278) | / | 2374.388 |
| | = | -0.039213 |
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.
FTAI Infrastructure has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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