Finnair Oyj Beneish M-Score Historical Data
The historical data trend for Finnair Oyj'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.
Finnair Oyj Beneish M-Score Chart
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Finnair Oyj Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.81 |
-1.66 |
21.17 |
-2.75 |
-3.03 |
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Finnair Oyj Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.75 |
-2.43 |
-2.40 |
-2.39 |
-3.03 |
Competitive Comparison of Finnair Oyj's Beneish M-Score
For the Airlines subindustry, Finnair Oyj'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.
Finnair Oyj's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Finnair Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Finnair Oyj's Beneish M-Score falls into.
Finnair Oyj 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 Finnair Oyj 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 * 1.0454 | + | 0.528 * 1.1057 | + | 0.404 * 1.0236 | + | 0.892 * 1.0218 | + | 0.115 * 0.9845 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0301 | + | 4.679 * -0.158278 | - | 0.327 * 0.9862 |
| = | -3.10 |
* 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 $191 Mil.
Revenue was 819.791 + 908.102 + 824.65 + 740.761 = $3,293 Mil.
Gross Profit was 92.984 + 133.185 + 99.354 + 34.565 = $360 Mil.
Total Current Assets was $1,259 Mil.
Total Assets was $3,896 Mil.
Property, Plant and Equipment(Net PPE) was $2,241 Mil.
Depreciation, Depletion and Amortization(DDA) was $356 Mil.
Selling, General, & Admin. Expense(SGA) was $133 Mil.
Total Current Liabilities was $1,462 Mil.
Long-Term Debt & Capital Lease Obligation was $1,649 Mil.
Net Income was -8.796 + 63.707 + 19.268 + -32.5 = $42 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 211.309 + 109.767 + 186.329 + 150.978 = $658 Mil.
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Total Receivables was $179 Mil.
Revenue was 795.202 + 872.359 + 811.701 + 743.79 = $3,223 Mil.
Gross Profit was 66.194 + 145.571 + 123.294 + 54.604 = $390 Mil.
Total Current Assets was $1,333 Mil.
Total Assets was $4,033 Mil.
Property, Plant and Equipment(Net PPE) was $2,298 Mil.
Depreciation, Depletion and Amortization(DDA) was $359 Mil.
Selling, General, & Admin. Expense(SGA) was $126 Mil.
Total Current Liabilities was $1,367 Mil.
Long-Term Debt & Capital Lease Obligation was $1,899 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) |
| = | (190.681 / 3293.304) | / | (178.517 / 3223.052) |
| = | 0.0579 | / | 0.055388 |
| | = | 1.0454 |
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) |
| = | (389.663 / 3223.052) | / | (360.088 / 3293.304) |
| = | 0.120899 | / | 0.109339 |
| | = | 1.1057 |
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 - (1259.058 + 2240.733) / 3896.335) | / | (1 - (1333.37 + 2298.364) / 4032.715) |
| = | 0.101774 | / | 0.099432 |
| | = | 1.0236 |
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 |
| = | 3293.304 | / | 3223.052 |
| | = | 1.0218 |
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)) |
| = | (358.655 / (358.655 + 2298.364)) | / | (356.048 / (356.048 + 2240.733)) |
| = | 0.134984 | / | 0.137111 |
| | = | 0.9845 |
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) |
| = | (132.737 / 3293.304) | / | (126.104 / 3223.052) |
| = | 0.040305 | / | 0.039126 |
| | = | 1.0301 |
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) |
| = | ((1649.319 + 1461.99) / 3896.335) | / | ((1898.909 + 1366.521) / 4032.715) |
| = | 0.798522 | / | 0.809735 |
| | = | 0.9862 |
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 |
| = | (41.679 - 0 | - | 658.383) | / | 3896.335 |
| | = | -0.158278 |
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.
Finnair Oyj has a M-score of -3.10 suggests that the company is unlikely to be a manipulator.
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