FTAI Aviation Beneish M-Score Historical Data
The historical data trend for FTAI Aviation'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 Aviation Beneish M-Score Chart
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FTAI Aviation Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.35 |
-0.94 |
-2.44 |
-1.48 |
-1.50 |
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FTAI Aviation Quarterly Data
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Dec19 |
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Mar21 |
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Sep24 |
| Beneish M-Score |
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-1.37 |
-1.50 |
-1.64 |
-1.83 |
-1.39 |
Competitive Comparison of FTAI Aviation's Beneish M-Score
For the Rental & Leasing Services subindustry, FTAI Aviation'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 Aviation's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, FTAI Aviation's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FTAI Aviation's Beneish M-Score falls into.
FTAI Aviation 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 Aviation 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 * 1.4219 | + | 0.528 * 1.0252 | + | 0.404 * 1.2507 | + | 0.892 * 1.3677 | + | 0.115 * 0.9144 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8189 | + | 4.679 * 0.052109 | - | 0.327 * 1.0074 |
| = | -1.39 |
* 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 $383 Mil.
Revenue was 465.794 + 443.594 + 326.694 + 312.737 = $1,549 Mil.
Gross Profit was 189.523 + 181.046 + 133.97 + 131.036 = $636 Mil.
Total Current Assets was $793 Mil.
Total Assets was $3,739 Mil.
Property, Plant and Equipment(Net PPE) was $2,204 Mil.
Depreciation, Depletion and Amortization(DDA) was $251 Mil.
Selling, General, & Admin. Expense(SGA) was $14 Mil.
Total Current Liabilities was $197 Mil.
Long-Term Debt & Capital Lease Obligation was $3,218 Mil.
Net Income was 86.482 + -219.87 + 39.622 + 118.36 = $25 Mil.
Non Operating Income was -6.87 + -23.131 + -7.174 + 0.876 = $-36 Mil.
Cash Flow from Operations was 41.483 + -187.291 + -0.345 + 12.216 = $-134 Mil.
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Total Receivables was $197 Mil.
Revenue was 291.096 + 274.345 + 292.718 + 274.291 = $1,132 Mil.
Gross Profit was 130.43 + 131.299 + 106.122 + 108.589 = $476 Mil.
Total Current Assets was $263 Mil.
Total Assets was $2,634 Mil.
Property, Plant and Equipment(Net PPE) was $1,953 Mil.
Depreciation, Depletion and Amortization(DDA) was $201 Mil.
Selling, General, & Admin. Expense(SGA) was $13 Mil.
Total Current Liabilities was $109 Mil.
Long-Term Debt & Capital Lease Obligation was $2,279 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) |
| = | (383.338 / 1548.819) | / | (197.125 / 1132.45) |
| = | 0.247503 | / | 0.174069 |
| | = | 1.4219 |
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) |
| = | (476.44 / 1132.45) | / | (635.575 / 1548.819) |
| = | 0.420716 | / | 0.410361 |
| | = | 1.0252 |
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 - (793.388 + 2203.642) / 3738.91) | / | (1 - (263.404 + 1952.552) / 2633.786) |
| = | 0.198421 | / | 0.158642 |
| | = | 1.2507 |
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 |
| = | 1548.819 | / | 1132.45 |
| | = | 1.3677 |
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)) |
| = | (201.36 / (201.36 + 1952.552)) | / | (250.941 / (250.941 + 2203.642)) |
| = | 0.093486 | / | 0.102234 |
| | = | 0.9144 |
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) |
| = | (14.127 / 1548.819) | / | (12.613 / 1132.45) |
| = | 0.009121 | / | 0.011138 |
| | = | 0.8189 |
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) |
| = | ((3218.343 + 196.66) / 3738.91) | / | ((2279.33 + 108.579) / 2633.786) |
| = | 0.913369 | / | 0.906645 |
| | = | 1.0074 |
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 |
| = | (24.594 - -36.299 | - | -133.937) | / | 3738.91 |
| | = | 0.052109 |
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 Aviation has a M-score of -1.39 signals that the company is likely to be a manipulator.
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