Allegiant Travel Co Beneish M-Score Historical Data
The historical data trend for Allegiant Travel Co'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.
Allegiant Travel Co Beneish M-Score Chart
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Allegiant Travel Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.10 |
-27.31 |
-3.33 |
-2.24 |
-3.18 |
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Allegiant Travel Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.24 |
-2.93 |
-3.26 |
-3.33 |
-3.18 |
Competitive Comparison of Allegiant Travel Co's Beneish M-Score
For the Airlines subindustry, Allegiant Travel Co'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.
Allegiant Travel Co's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Allegiant Travel Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Allegiant Travel Co's Beneish M-Score falls into.
Allegiant Travel Co 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 Allegiant Travel Co 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 * 0.6088 | + | 0.528 * 0.7458 | + | 0.404 * 0.9436 | + | 0.892 * 1.0904 | + | 0.115 * 1.0701 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0441 | + | 4.679 * -0.056754 | - | 0.327 * 0.9919 |
| = | -3.18 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $71 Mil.
Revenue was 611.002 + 565.359 + 683.81 + 649.687 = $2,510 Mil.
Gross Profit was 90.524 + 72.665 + 183.772 + 150.784 = $498 Mil.
Total Current Assets was $1,001 Mil.
Total Assets was $4,869 Mil.
Property, Plant and Equipment(Net PPE) was $3,548 Mil.
Depreciation, Depletion and Amortization(DDA) was $223 Mil.
Selling, General, & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $1,212 Mil.
Long-Term Debt & Capital Lease Obligation was $1,902 Mil.
Net Income was -1.956 + -25.066 + 88.469 + 56.149 = $118 Mil.
Non Operating Income was -9.123 + -32.783 + 11.163 + 1.605 = $-29 Mil.
Cash Flow from Operations was 53.634 + 22.846 + 131.212 + 215.4 = $423 Mil.
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Total Receivables was $107 Mil.
Revenue was 611.549 + 560.325 + 629.847 + 500.109 = $2,302 Mil.
Gross Profit was 143.996 + 60.338 + 80.212 + 55.923 = $340 Mil.
Total Current Assets was $1,274 Mil.
Total Assets was $4,511 Mil.
Property, Plant and Equipment(Net PPE) was $2,922 Mil.
Depreciation, Depletion and Amortization(DDA) was $198 Mil.
Selling, General, & Admin. Expense(SGA) was $101 Mil.
Total Current Liabilities was $870 Mil.
Long-Term Debt & Capital Lease Obligation was $2,039 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) |
| = | (70.743 / 2509.858) | / | (106.578 / 2301.83) |
| = | 0.028186 | / | 0.046301 |
| | = | 0.6088 |
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) |
| = | (340.469 / 2301.83) | / | (497.745 / 2509.858) |
| = | 0.147912 | / | 0.198316 |
| | = | 0.7458 |
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 - (1001.13 + 3547.818) / 4869.41) | / | (1 - (1274.269 + 2922.372) / 4511.297) |
| = | 0.065811 | / | 0.069748 |
| | = | 0.9436 |
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 |
| = | 2509.858 | / | 2301.83 |
| | = | 1.0904 |
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)) |
| = | (197.542 / (197.542 + 2922.372)) | / | (223.13 / (223.13 + 3547.818)) |
| = | 0.063316 | / | 0.059171 |
| | = | 1.0701 |
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) |
| = | (114.615 / 2509.858) | / | (100.678 / 2301.83) |
| = | 0.045666 | / | 0.043738 |
| | = | 1.0441 |
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) |
| = | ((1902.127 + 1212.307) / 4869.41) | / | ((2039.05 + 869.831) / 4511.297) |
| = | 0.639592 | / | 0.644799 |
| | = | 0.9919 |
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 |
| = | (117.596 - -29.138 | - | 423.092) | / | 4869.41 |
| | = | -0.056754 |
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.
Allegiant Travel Co has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
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