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FLYX (flyExclusive) Beneish M-Score : -324.13 (As of Mar. 16, 2025)


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What is flyExclusive Beneish M-Score?

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 -324.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for flyExclusive's Beneish M-Score or its related term are showing as below:

FLYX' s Beneish M-Score Range Over the Past 10 Years
Min: -324.13   Med: -163.2   Max: -2.27
Current: -324.13

During the past 4 years, the highest Beneish M-Score of flyExclusive was -2.27. The lowest was -324.13. And the median was -163.20.


flyExclusive Beneish M-Score Historical Data

The historical data trend for flyExclusive'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.

* Premium members only.

flyExclusive Beneish M-Score Chart

flyExclusive Annual Data
Trend Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - - -

flyExclusive Quarterly Data
Dec20 Dec21 Mar22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only - - -2.27 - -324.13

Competitive Comparison of flyExclusive's Beneish M-Score

For the Airlines subindustry, flyExclusive'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.


flyExclusive's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, flyExclusive's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where flyExclusive's Beneish M-Score falls into.



flyExclusive 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 flyExclusive 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 * 1.2048+0.528 * -608.9375+0.404 * 0.7814+0.892 * 1.3027+0.115 * 0.7014
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3318+4.679 * 0.021624-0.327 * 0.9437
=-324.13

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $10.4 Mil.
Revenue was 76.923 + 79.013 + 79.972 + 75.965 = $311.9 Mil.
Gross Profit was 2.575 + -0.424 + -0.753 + -1.453 = $-0.1 Mil.
Total Current Assets was $133.3 Mil.
Total Assets was $487.1 Mil.
Property, Plant and Equipment(Net PPE) was $303.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.1 Mil.
Selling, General, & Admin. Expense(SGA) was $90.1 Mil.
Total Current Liabilities was $266.1 Mil.
Long-Term Debt & Capital Lease Obligation was $190.5 Mil.
Net Income was -6.274 + -5.153 + -5.841 + -23.146 = $-40.4 Mil.
Non Operating Income was -2.07 + -1.436 + -3.677 + 5.621 = $-1.6 Mil.
Cash Flow from Operations was -12.264 + -16.205 + -25.965 + 5.048 = $-49.4 Mil.
Total Receivables was $6.6 Mil.
Revenue was 62.027 + 100.338 + 77.032 + 0 = $239.4 Mil.
Gross Profit was -7.962 + 28.192 + 5.427 + 0 = $25.7 Mil.
Total Current Assets was $116.1 Mil.
Total Assets was $529.4 Mil.
Property, Plant and Equipment(Net PPE) was $343.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.2 Mil.
Selling, General, & Admin. Expense(SGA) was $52.0 Mil.
Total Current Liabilities was $242.5 Mil.
Long-Term Debt & Capital Lease Obligation was $283.3 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)
=(10.36 / 311.873) / (6.601 / 239.397)
=0.033219 / 0.027573
=1.2048

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)
=(25.657 / 239.397) / (-0.055 / 311.873)
=0.107173 / -0.000176
=-608.9375

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 - (133.284 + 303.432) / 487.147) / (1 - (116.058 + 343.164) / 529.351)
=0.103523 / 0.132481
=0.7814

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
=311.873 / 239.397
=1.3027

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))
=(20.176 / (20.176 + 343.164)) / (26.089 / (26.089 + 303.432))
=0.055529 / 0.079172
=0.7014

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)
=(90.147 / 311.873) / (51.957 / 239.397)
=0.28905 / 0.217033
=1.3318

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)
=((190.494 + 266.141) / 487.147) / ((283.287 + 242.527) / 529.351)
=0.937366 / 0.993318
=0.9437

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
=(-40.414 - -1.562 - -49.386) / 487.147
=0.021624

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.

flyExclusive has a M-score of -324.13 suggests that the company is unlikely to be a manipulator.


flyExclusive Beneish M-Score Related Terms

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flyExclusive Business Description

Traded in Other Exchanges
N/A
Address
2860 Jetport Road, Kinston, NC, USA, 28504
flyExclusive Inc is an owner and operator of curated private aviation experiences dedicated to surpassing passenger expectations for quality, convenience, and safety. Its mission is to be the world's majority vertically integrated private aviation company through capital-efficient program growth, an industry pricing model, optimal dispatch availability, in-house training, and a controlled premium customer experience on modernized aircraft. The company has over 90 aircraft in its owned and leased fleet which includes light, midsize, super-midsize, and large jets. As one of the nation's Citation operators, it has curated a versatile fleet of Citation CJ3/CJ3 plus, Citation Excel/XLS/XLS plus, Citation Encore/Encore plus, Citation Sovereign, and Citation X aircraft.

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