Curtiss-Wright (FRA:CWT) Beneish M-Score : -2.49 (As of Apr. 05, 2025)

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What is Curtiss-Wright 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:CWT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.52 Max: -2.38
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Curtiss-Wright was -2.38. The lowest was -3.04. And the median was -2.52.

Curtiss-Wright Beneish M-Score Historical Data

The historical data trend for Curtiss-Wright'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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Curtiss-Wright Beneish M-Score Chart

Curtiss-Wright Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.49

-2.55

-2.41

-2.57

-2.49

Curtiss-Wright Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.57	-2.57	-2.53	-2.55	-2.49

Competitive Comparison of Curtiss-Wright's Beneish M-Score

For the Aerospace & Defense subindustry, Curtiss-Wright'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.

Curtiss-Wright's Beneish M-Score Distribution in the Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, Curtiss-Wright's Beneish M-Score distribution charts can be found below:

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

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Curtiss-Wright 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 Curtiss-Wright for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0829

0.528 * 1.0144

0.404 * 1.0024

0.892 * 1.0961

0.115 * 1.1656

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9512

4.679 * -0.032633

0.327 * 1.0359

-2.45

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €797 Mil.
Revenue was 787.219 + 719.825 + 729.071 + 656.114 = €2,892 Mil.
Gross Profit was 303.146 + 268.735 + 263.93 + 233.455 = €1,069 Mil.
Total Current Assets was €1,766 Mil.
Total Assets was €4,761 Mil.
Property, Plant and Equipment(Net PPE) was €486 Mil.
Depreciation, Depletion and Amortization(DDA) was €100 Mil.
Selling, General, & Admin. Expense(SGA) was €481 Mil.
Total Current Liabilities was €1,047 Mil.
Long-Term Debt & Capital Lease Obligation was €1,057 Mil.
Net Income was 112.549 + 100.155 + 92.409 + 70.375 = €375 Mil.
Non Operating Income was 1.704 + 6.168 + 5.241 + 8.839 = €22 Mil.
Cash Flow from Operations was 287.741 + 159.724 + 103.43 + -41.982 = €509 Mil.

Total Receivables was €672 Mil.
Revenue was 720.57 + 678.693 + 650.158 + 589.223 = €2,639 Mil.
Gross Profit was 279.436 + 263.736 + 239.586 + 206.795 = €990 Mil.
Total Current Assets was €1,575 Mil.
Total Assets was €4,237 Mil.
Property, Plant and Equipment(Net PPE) was €435 Mil.
Depreciation, Depletion and Amortization(DDA) was €108 Mil.
Selling, General, & Admin. Expense(SGA) was €461 Mil.
Total Current Liabilities was €740 Mil.
Long-Term Debt & Capital Lease Obligation was €1,068 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)
	=	(797.46 / 2892.229)	/	(671.866 / 2638.644)
	=	0.275725	/	0.254625
	=	1.0829

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)
	=	(989.553 / 2638.644)	/	(1069.266 / 2892.229)
	=	0.375023	/	0.369703
	=	1.0144

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 - (1766.362 + 485.587) / 4761.347)	/	(1 - (1574.562 + 434.87) / 4237.429)
	=	0.527035	/	0.52579
	=	1.0024

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
	=	2892.229	/	2638.644
	=	1.0961

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))
	=	(107.773 / (107.773 + 434.87))	/	(99.729 / (99.729 + 485.587))
	=	0.198608	/	0.170385
	=	1.1656

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)
	=	(480.562 / 2892.229)	/	(460.898 / 2638.644)
	=	0.166156	/	0.174672
	=	0.9512

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)
	=	((1057.303 + 1046.63) / 4761.347)	/	((1067.911 + 739.601) / 4237.429)
	=	0.441878	/	0.426559
	=	1.0359

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
	=	(375.488 - 21.952	-	508.913)	/	4761.347
	=	-0.032633

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.

Curtiss-Wright has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Curtiss-Wright Beneish M-Score Related Terms

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Curtiss-Wright Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Aerospace & Defense » Curtiss-Wright Corp (FRA:CWT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CW:USA CWT:Germany

Address

130 Harbour Place Drive, Suite 300, Davidson, NC, USA, 28036

Website

https://www.curtisswright.com

Curtiss-Wright Corporation delivers engineered products and services to commercial, defence, power generation, and other industrial markets. It offers industrial vehicle components, control systems, weapons handling systems, pumps, valves, and other solutions. The company has three reportable segments based on the markets serviced: Naval & Power, which provides coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, valves, control rod drive mechanisms, and fastening systems that also generate maximum revenue for the company; Its others segments are Aerospace & Industrial and Defense Electronics. Geographically, the company generates its key revenue from the United States of America, followed by the United Kingdom and other countries.