Howmet Aerospace Beneish M-Score Historical Data
The historical data trend for Howmet Aerospace'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.
Howmet Aerospace Beneish M-Score Chart
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Howmet Aerospace Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-3.04 |
-2.24 |
-2.31 |
-2.29 |
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Howmet Aerospace 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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-2.33 |
-2.29 |
-2.41 |
-2.51 |
-2.49 |
Competitive Comparison of Howmet Aerospace's Beneish M-Score
For the Aerospace & Defense subindustry, Howmet Aerospace'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.
Howmet Aerospace's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Howmet Aerospace's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Howmet Aerospace's Beneish M-Score falls into.
Howmet Aerospace 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 Howmet Aerospace 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 * 0.9417 | + | 0.528 * 0.9061 | + | 0.404 * 0.9964 | + | 0.892 * 1.132 | + | 0.115 * 0.9781 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0881 | + | 4.679 * -0.009471 | - | 0.327 * 0.8868 |
| = | -2.49 |
* 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 $775.00 Mil.
Revenue was 1835 + 1880 + 1824 + 1731 = $7,270.00 Mil.
Gross Profit was 582 + 593 + 534 + 501 = $2,210.00 Mil.
Total Current Assets was $3,391.00 Mil.
Total Assets was $10,558.00 Mil.
Property, Plant and Equipment(Net PPE) was $2,358.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $272.00 Mil.
Selling, General, & Admin. Expense(SGA) was $372.00 Mil.
Total Current Liabilities was $1,517.00 Mil.
Long-Term Debt & Capital Lease Obligation was $3,393.00 Mil.
Net Income was 332 + 266 + 243 + 236 = $1,077.00 Mil.
Non Operating Income was -26 + -34 + -22 + -17 = $-99.00 Mil.
Cash Flow from Operations was 244 + 397 + 177 + 458 = $1,276.00 Mil.
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Total Receivables was $727.00 Mil.
Revenue was 1658 + 1648 + 1603 + 1513 = $6,422.00 Mil.
Gross Profit was 475 + 452 + 439 + 403 = $1,769.00 Mil.
Total Current Assets was $3,111.00 Mil.
Total Assets was $10,166.00 Mil.
Property, Plant and Equipment(Net PPE) was $2,408.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $271.00 Mil.
Selling, General, & Admin. Expense(SGA) was $302.00 Mil.
Total Current Liabilities was $1,454.00 Mil.
Long-Term Debt & Capital Lease Obligation was $3,877.00 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) |
| = | (775 / 7270) | / | (727 / 6422) |
| = | 0.106602 | / | 0.113205 |
| | = | 0.9417 |
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) |
| = | (1769 / 6422) | / | (2210 / 7270) |
| = | 0.275459 | / | 0.303989 |
| | = | 0.9061 |
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 - (3391 + 2358) / 10558) | / | (1 - (3111 + 2408) / 10166) |
| = | 0.455484 | / | 0.457112 |
| | = | 0.9964 |
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 |
| = | 7270 | / | 6422 |
| | = | 1.132 |
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)) |
| = | (271 / (271 + 2408)) | / | (272 / (272 + 2358)) |
| = | 0.101157 | / | 0.103422 |
| | = | 0.9781 |
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) |
| = | (372 / 7270) | / | (302 / 6422) |
| = | 0.051169 | / | 0.047026 |
| | = | 1.0881 |
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) |
| = | ((3393 + 1517) / 10558) | / | ((3877 + 1454) / 10166) |
| = | 0.46505 | / | 0.524395 |
| | = | 0.8868 |
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 |
| = | (1077 - -99 | - | 1276) | / | 10558 |
| | = | -0.009471 |
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.
Howmet Aerospace has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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