Hawaiian Holdings Beneish M-Score Historical Data
The historical data trend for Hawaiian Holdings'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.
Hawaiian Holdings Beneish M-Score Chart
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Hawaiian Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-1.92 |
-0.48 |
-4.94 |
-0.86 |
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Hawaiian Holdings 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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-4.94 |
-4.01 |
-3.68 |
-3.36 |
-0.86 |
Competitive Comparison of Hawaiian Holdings's Beneish M-Score
For the Airlines subindustry, Hawaiian Holdings'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.
Hawaiian Holdings's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Hawaiian Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hawaiian Holdings's Beneish M-Score falls into.
Hawaiian Holdings 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 Hawaiian Holdings 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 * 0.5628 | + | 0.528 * 4.8813 | + | 0.404 * 1.1773 | + | 0.892 * 1.0284 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0005 | + | 4.679 * -0.021506 | - | 0.327 * 1.0799 |
| = | -0.86 |
* 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 $107 Mil.
Revenue was 669.074 + 727.679 + 706.928 + 612.603 = $2,716 Mil.
Gross Profit was -18.659 + 23.238 + 67.91 + -54.404 = $18 Mil.
Total Current Assets was $1,171 Mil.
Total Assets was $3,734 Mil.
Property, Plant and Equipment(Net PPE) was $2,427 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $1,145 Mil.
Long-Term Debt & Capital Lease Obligation was $1,900 Mil.
Net Income was -101.182 + -48.72 + -12.335 + -98.257 = $-260 Mil.
Non Operating Income was -20.101 + 1.003 + 2.34 + -3.447 = $-20 Mil.
Cash Flow from Operations was -162.068 + -109.59 + -6.629 + 118.291 = $-160 Mil.
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Total Receivables was $184 Mil.
Revenue was 731.034 + 741.154 + 691.865 + 477.214 = $2,641 Mil.
Gross Profit was 62.154 + 78.581 + 36.768 + -91.661 = $86 Mil.
Total Current Assets was $1,678 Mil.
Total Assets was $4,140 Mil.
Property, Plant and Equipment(Net PPE) was $2,333 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $114 Mil.
Total Current Liabilities was $1,120 Mil.
Long-Term Debt & Capital Lease Obligation was $2,007 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) |
| = | (106.527 / 2716.284) | / | (184.066 / 2641.267) |
| = | 0.039218 | / | 0.069689 |
| | = | 0.5628 |
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) |
| = | (85.842 / 2641.267) | / | (18.085 / 2716.284) |
| = | 0.0325 | / | 0.006658 |
| | = | 4.8813 |
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 - (1170.94 + 2426.853) / 3733.525) | / | (1 - (1678.307 + 2333.48) / 4139.623) |
| = | 0.036355 | / | 0.030881 |
| | = | 1.1773 |
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 |
| = | 2716.284 | / | 2641.267 |
| | = | 1.0284 |
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)) |
| = | (0 / (0 + 2333.48)) | / | (0 / (0 + 2426.853)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (117.132 / 2716.284) | / | (113.843 / 2641.267) |
| = | 0.043122 | / | 0.043102 |
| | = | 1.0005 |
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) |
| = | ((1900.387 + 1145.401) / 3733.525) | / | ((2006.836 + 1120.324) / 4139.623) |
| = | 0.815794 | / | 0.755421 |
| | = | 1.0799 |
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 |
| = | (-260.494 - -20.205 | - | -159.996) | / | 3733.525 |
| | = | -0.021506 |
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.
Hawaiian Holdings has a M-score of -0.86 signals that the company is likely to be a manipulator.
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