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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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
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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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
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Mar21 |
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Sep21 |
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Sep22 |
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Mar23 |
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Sep23 |
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Mar24 |
| Beneish M-Score |
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-1.45 |
-1.29 |
-1.37 |
-1.50 |
-1.64 |
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 * 1.1817 | + | 0.528 * 0.9354 | + | 0.404 * 1.2263 | + | 0.892 * 1.3249 | + | 0.115 * 1.1082 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7353 | + | 4.679 * 0.055669 | - | 0.327 * 0.9868 |
| = | -1.64 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $270 Mil.
Revenue was 326.694 + 312.737 + 291.096 + 274.345 = $1,205 Mil.
Gross Profit was 133.97 + 131.036 + 130.43 + 131.299 = $527 Mil.
Total Current Assets was $378 Mil.
Total Assets was $3,176 Mil.
Property, Plant and Equipment(Net PPE) was $2,250 Mil.
Depreciation, Depletion and Amortization(DDA) was $224 Mil.
Selling, General, & Admin. Expense(SGA) was $13 Mil.
Total Current Liabilities was $139 Mil.
Long-Term Debt & Capital Lease Obligation was $2,694 Mil.
Net Income was 39.622 + 118.36 + 41.307 + 54.753 = $254 Mil.
Non Operating Income was -7.174 + 0.876 + -3.754 + -2.644 = $-13 Mil.
Cash Flow from Operations was -0.345 + 12.216 + 49.525 + 28.544 = $90 Mil.
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Total Receivables was $173 Mil.
Revenue was 292.718 + 274.291 + 230.365 + 112.064 = $909 Mil.
Gross Profit was 106.122 + 108.589 + 99.564 + 57.62 = $372 Mil.
Total Current Assets was $225 Mil.
Total Assets was $2,441 Mil.
Property, Plant and Equipment(Net PPE) was $1,873 Mil.
Depreciation, Depletion and Amortization(DDA) was $209 Mil.
Selling, General, & Admin. Expense(SGA) was $14 Mil.
Total Current Liabilities was $105 Mil.
Long-Term Debt & Capital Lease Obligation was $2,102 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) |
| = | (270.299 / 1204.872) | / | (172.647 / 909.438) |
| = | 0.224338 | / | 0.189839 |
| | = | 1.1817 |
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) |
| = | (371.895 / 909.438) | / | (526.735 / 1204.872) |
| = | 0.408928 | / | 0.437171 |
| | = | 0.9354 |
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 - (377.873 + 2250.23) / 3175.906) | / | (1 - (225.341 + 1872.7) / 2441.444) |
| = | 0.172487 | / | 0.140656 |
| | = | 1.2263 |
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 |
| = | 1204.872 | / | 909.438 |
| | = | 1.3249 |
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)) |
| = | (208.827 / (208.827 + 1872.7)) | / | (223.993 / (223.993 + 2250.23)) |
| = | 0.100324 | / | 0.090531 |
| | = | 1.1082 |
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) |
| = | (13.316 / 1204.872) | / | (13.67 / 909.438) |
| = | 0.011052 | / | 0.015031 |
| | = | 0.7353 |
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) |
| = | ((2693.754 + 139.25) / 3175.906) | / | ((2101.907 + 105.066) / 2441.444) |
| = | 0.89203 | / | 0.903962 |
| | = | 0.9868 |
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 |
| = | (254.042 - -12.696 | - | 89.94) | / | 3175.906 |
| | = | 0.055669 |
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 -1.64 signals that the company is likely to be a manipulator.
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