Danaos Beneish M-Score Historical Data
The historical data trend for Danaos'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.
Danaos Beneish M-Score Chart
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Danaos Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.56 |
-2.55 |
-1.90 |
-2.19 |
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Danaos Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.08 |
-2.19 |
-2.16 |
-2.14 |
-2.39 |
Competitive Comparison of Danaos's Beneish M-Score
For the Marine Shipping subindustry, Danaos'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.
Danaos's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Danaos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Danaos's Beneish M-Score falls into.
Danaos 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 Danaos 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 * 1.3575 | + | 0.528 * 1.0869 | + | 0.404 * 0.802 | + | 0.892 * 1.0094 | + | 0.115 * 0.9008 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.479 | + | 4.679 * -0.020432 | - | 0.327 * 1.2065 |
| = | -2.43 |
* 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 €78.6 Mil.
Revenue was 230.815 + 228.818 + 233.173 + 228.622 = €921.4 Mil.
Gross Profit was 135.677 + 140.426 + 143.64 + 146.628 = €566.4 Mil.
Total Current Assets was €567.6 Mil.
Total Assets was €3,832.7 Mil.
Property, Plant and Equipment(Net PPE) was €3,166.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €121.4 Mil.
Selling, General, & Admin. Expense(SGA) was €50.3 Mil.
Total Current Liabilities was €144.5 Mil.
Long-Term Debt & Capital Lease Obligation was €583.2 Mil.
Net Income was 110.819 + 131.13 + 138.458 + 137.478 = €517.9 Mil.
Non Operating Income was -2.967 + 10.511 + 10.243 + 18.064 = €35.9 Mil.
Cash Flow from Operations was 141.947 + 143.321 + 141.029 + 134.047 = €560.3 Mil.
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Total Receivables was €57.4 Mil.
Revenue was 224.144 + 222.885 + 227.498 + 238.344 = €912.9 Mil.
Gross Profit was 148.455 + 147.042 + 152.73 + 161.64 = €609.9 Mil.
Total Current Assets was €466.8 Mil.
Total Assets was €3,330.0 Mil.
Property, Plant and Equipment(Net PPE) was €2,756.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €94.9 Mil.
Selling, General, & Admin. Expense(SGA) was €33.7 Mil.
Total Current Liabilities was €162.2 Mil.
Long-Term Debt & Capital Lease Obligation was €361.9 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) |
| = | (78.634 / 921.428) | / | (57.388 / 912.871) |
| = | 0.085339 | / | 0.062865 |
| | = | 1.3575 |
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) |
| = | (609.867 / 912.871) | / | (566.371 / 921.428) |
| = | 0.668076 | / | 0.614667 |
| | = | 1.0869 |
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 - (567.616 + 3166.791) / 3832.69) | / | (1 - (466.811 + 2756.754) / 3330.041) |
| = | 0.025643 | / | 0.031974 |
| | = | 0.802 |
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 |
| = | 921.428 | / | 912.871 |
| | = | 1.0094 |
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)) |
| = | (94.855 / (94.855 + 2756.754)) | / | (121.425 / (121.425 + 3166.791)) |
| = | 0.033264 | / | 0.036927 |
| | = | 0.9008 |
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) |
| = | (50.33 / 921.428) | / | (33.713 / 912.871) |
| = | 0.054622 | / | 0.036931 |
| | = | 1.479 |
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) |
| = | ((583.196 + 144.527) / 3832.69) | / | ((361.89 + 162.177) / 3330.041) |
| = | 0.189873 | / | 0.157376 |
| | = | 1.2065 |
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 |
| = | (517.885 - 35.851 | - | 560.344) | / | 3832.69 |
| | = | -0.020432 |
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.
Danaos has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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