Aon Beneish M-Score Historical Data
The historical data trend for Aon'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.
Aon Beneish M-Score Chart
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Aon Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.60 |
-2.74 |
-2.61 |
-2.53 |
-0.42 |
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Aon Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.19 |
-2.16 |
-2.18 |
-0.42 |
-0.01 |
Competitive Comparison of Aon's Beneish M-Score
For the Insurance Brokers subindustry, Aon'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.
Aon's Beneish M-Score Distribution in the Insurance Industry
For the Insurance industry and Financial Services sector, Aon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aon's Beneish M-Score falls into.
Aon 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 Aon 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 * 3.1496 | + | 0.528 * 1.0289 | + | 0.404 * 1.8227 | + | 0.892 * 1.2049 | + | 0.115 * 0.4355 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.948 | + | 4.679 * -0.006878 | - | 0.327 * 0.8513 |
| = | -0.01 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $15,385 Mil.
Revenue was 4729 + 4147 + 3721 + 3760 = $16,357 Mil.
Gross Profit was 2480 + 2027 + 1571 + 1630 = $7,708 Mil.
Total Current Assets was $24,414 Mil.
Total Assets was $50,304 Mil.
Property, Plant and Equipment(Net PPE) was $1,366 Mil.
Depreciation, Depletion and Amortization(DDA) was $871 Mil.
Selling, General, & Admin. Expense(SGA) was $2,136 Mil.
Total Current Liabilities was $23,333 Mil.
Long-Term Debt & Capital Lease Obligation was $16,973 Mil.
Net Income was 965 + 716 + 343 + 524 = $2,548 Mil.
Non Operating Income was -97 + 30 + -20 + 115 = $28 Mil.
Cash Flow from Operations was 140 + 1200 + 1013 + 513 = $2,866 Mil.
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Total Receivables was $4,054 Mil.
Revenue was 4070 + 3375 + 2953 + 3177 = $13,575 Mil.
Gross Profit was 2187 + 1704 + 1268 + 1423 = $6,582 Mil.
Total Current Assets was $28,624 Mil.
Total Assets was $40,767 Mil.
Property, Plant and Equipment(Net PPE) was $1,239 Mil.
Depreciation, Depletion and Amortization(DDA) was $253 Mil.
Selling, General, & Admin. Expense(SGA) was $1,870 Mil.
Total Current Liabilities was $21,838 Mil.
Long-Term Debt & Capital Lease Obligation was $16,532 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) |
| = | (15385 / 16357) | / | (4054 / 13575) |
| = | 0.940576 | / | 0.298637 |
| | = | 3.1496 |
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) |
| = | (6582 / 13575) | / | (7708 / 16357) |
| = | 0.484862 | / | 0.471236 |
| | = | 1.0289 |
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 - (24414 + 1366) / 50304) | / | (1 - (28624 + 1239) / 40767) |
| = | 0.487516 | / | 0.267471 |
| | = | 1.8227 |
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 |
| = | 16357 | / | 13575 |
| | = | 1.2049 |
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)) |
| = | (253 / (253 + 1239)) | / | (871 / (871 + 1366)) |
| = | 0.169571 | / | 0.389361 |
| | = | 0.4355 |
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) |
| = | (2136 / 16357) | / | (1870 / 13575) |
| = | 0.130586 | / | 0.137753 |
| | = | 0.948 |
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) |
| = | ((16973 + 23333) / 50304) | / | ((16532 + 21838) / 40767) |
| = | 0.801248 | / | 0.941202 |
| | = | 0.8513 |
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 |
| = | (2548 - 28 | - | 2866) | / | 50304 |
| | = | -0.006878 |
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.
Aon has a M-score of -0.01 signals that the company is likely to be a manipulator.
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