Vertical Aerospace (Vertical Aerospace) Beneish M-Score

: 0.00 (As of Today)

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The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Vertical Aerospace's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Vertical Aerospace was -14.26. The lowest was -14.26. And the median was -14.26.

Vertical Aerospace Beneish M-Score Historical Data

The historical data trend for Vertical 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.

* Premium members only.

Vertical Aerospace Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-14.26

Vertical Aerospace Quarterly Data
	Dec19	Jun20	Dec20	Jun21	Sep21	Dec21	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23
Beneish M-Score								-	-	-	-	-

Competitive Comparison

For the Aerospace & Defense subindustry, Vertical 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.

Vertical Aerospace Beneish M-Score Distribution

For the Aerospace & Defense industry and Industrials sector, Vertical Aerospace's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Vertical Aerospace's Beneish M-Score falls into.

Vertical 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 Vertical Aerospace for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $27.03 Mil.
Revenue was $0.00 Mil.
Gross Profit was $0.00 Mil.
Total Current Assets was $97.21 Mil.
Total Assets was $106.44 Mil.
Property, Plant and Equipment(Net PPE) was $7.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.44 Mil.
Selling, General, & Admin. Expense(SGA) was $51.77 Mil.
Total Current Liabilities was $23.31 Mil.
Long-Term Debt & Capital Lease Obligation was $2.50 Mil.
Net Income was $-75.88 Mil.
Gross Profit was $41.07 Mil.
Cash Flow from Operations was $-94.56 Mil.

Total Receivables was $14.25 Mil.
Revenue was $0.00 Mil.
Gross Profit was $0.00 Mil.
Total Current Assets was $174.64 Mil.
Total Assets was $184.21 Mil.
Property, Plant and Equipment(Net PPE) was $7.08 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.66 Mil.
Selling, General, & Admin. Expense(SGA) was $66.86 Mil.
Total Current Liabilities was $26.20 Mil.
Long-Term Debt & Capital Lease Obligation was $3.22 Mil.

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)
	=	(27.027 / 0)	/	(14.245 / 0)
	=		/
	=

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)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

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 - (97.206 + 7.942) / 106.437)	/	(1 - (174.637 + 7.078) / 184.21)
	=	0.01211	/	0.013544
	=

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
	=	0	/	0
	=

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))
	=	(2.658 / (2.658 + 7.078))	/	(3.435 / (3.435 + 7.942))
	=	0.273007	/	0.301925
	=

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)
	=	(51.773 / 0)	/	(66.856 / 0)
	=		/
	=

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)
	=	((2.503 + 23.314) / 106.437)	/	((3.222 + 26.197) / 184.21)
	=	0.242557	/	0.159704
	=

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
	=	(-75.881 - 41.07	-	-94.557)	/	106.437
	=	-0.210397

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.

Vertical Aerospace Beneish M-Score Related Terms

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Vertical Aerospace (Vertical Aerospace) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Aerospace & Defense » Vertical Aerospace Ltd (NYSE:EVTL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

M00:Germany

Address

Chapel Street, Unit 1 Camwal Court, Bristol, GBR, BS2 0UW

Website

https://www.vertical-aerospace.com

Vertical Aerospace Ltd is engaged in making air travel personal, on-demand, and carbon-free. The VX4, Vertical's flagship aircraft, is a piloted electric vertical take-off and landing (eVTOL) vehicle capable of carrying four passengers.