Alaska Air Group Beneish M-Score Historical Data
The historical data trend for Alaska Air Group'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.
Alaska Air Group Beneish M-Score Chart
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Alaska Air Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.01 |
-2.26 |
-3.12 |
-2.73 |
-2.36 |
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Alaska Air Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.83 |
-2.68 |
-2.66 |
-2.36 |
-2.53 |
Competitive Comparison of Alaska Air Group's Beneish M-Score
For the Airlines subindustry, Alaska Air Group'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.
Alaska Air Group's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Alaska Air Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alaska Air Group's Beneish M-Score falls into.
Alaska Air Group 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 Alaska Air Group 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 * 1.0969 | + | 0.528 * 0.9222 | + | 0.404 * 0.9271 | + | 0.892 * 1.0296 | + | 0.115 * 1.2686 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0065 | + | 4.679 * -0.027948 | - | 0.327 * 0.9751 |
| = | -2.53 |
* 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 $384 Mil.
Revenue was 2232 + 2553 + 2839 + 2838 = $10,462 Mil.
Gross Profit was 150 + 326 + 636 + 786 = $1,898 Mil.
Total Current Assets was $3,129 Mil.
Total Assets was $14,813 Mil.
Property, Plant and Equipment(Net PPE) was $9,368 Mil.
Depreciation, Depletion and Amortization(DDA) was $347 Mil.
Selling, General, & Admin. Expense(SGA) was $314 Mil.
Total Current Liabilities was $4,829 Mil.
Long-Term Debt & Capital Lease Obligation was $3,362 Mil.
Net Income was -132 + -2 + 139 + 240 = $245 Mil.
Non Operating Income was -34 + -58 + -170 + -199 = $-461 Mil.
Cash Flow from Operations was 292 + -53 + 271 + 610 = $1,120 Mil.
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Total Receivables was $340 Mil.
Revenue was 2196 + 2479 + 2828 + 2658 = $10,161 Mil.
Gross Profit was 121 + 395 + 596 + 588 = $1,700 Mil.
Total Current Assets was $3,099 Mil.
Total Assets was $14,296 Mil.
Property, Plant and Equipment(Net PPE) was $8,786 Mil.
Depreciation, Depletion and Amortization(DDA) was $417 Mil.
Selling, General, & Admin. Expense(SGA) was $303 Mil.
Total Current Liabilities was $4,857 Mil.
Long-Term Debt & Capital Lease Obligation was $3,250 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) |
| = | (384 / 10462) | / | (340 / 10161) |
| = | 0.036704 | / | 0.033461 |
| | = | 1.0969 |
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) |
| = | (1700 / 10161) | / | (1898 / 10462) |
| = | 0.167306 | / | 0.181418 |
| | = | 0.9222 |
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 - (3129 + 9368) / 14813) | / | (1 - (3099 + 8786) / 14296) |
| = | 0.156349 | / | 0.168649 |
| | = | 0.9271 |
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 |
| = | 10462 | / | 10161 |
| | = | 1.0296 |
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)) |
| = | (417 / (417 + 8786)) | / | (347 / (347 + 9368)) |
| = | 0.045311 | / | 0.035718 |
| | = | 1.2686 |
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) |
| = | (314 / 10462) | / | (303 / 10161) |
| = | 0.030013 | / | 0.02982 |
| | = | 1.0065 |
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) |
| = | ((3362 + 4829) / 14813) | / | ((3250 + 4857) / 14296) |
| = | 0.55296 | / | 0.567082 |
| | = | 0.9751 |
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 |
| = | (245 - -461 | - | 1120) | / | 14813 |
| | = | -0.027948 |
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.
Alaska Air Group has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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