Huntington Ingalls Industries Beneish M-Score Historical Data
The historical data trend for Huntington Ingalls Industries'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.
Huntington Ingalls Industries Beneish M-Score Chart
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Huntington Ingalls Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.76 |
-2.27 |
-2.59 |
-2.64 |
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Huntington Ingalls Industries 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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-2.59 |
-2.67 |
-2.56 |
-2.82 |
-2.64 |
Competitive Comparison of Huntington Ingalls Industries's Beneish M-Score
For the Aerospace & Defense subindustry, Huntington Ingalls Industries'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.
Huntington Ingalls Industries's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Huntington Ingalls Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huntington Ingalls Industries's Beneish M-Score falls into.
Huntington Ingalls Industries 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 Huntington Ingalls Industries 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 * 0.9936 | + | 0.528 * 0.9386 | + | 0.404 * 0.9986 | + | 0.892 * 1.0729 | + | 0.115 * 1.0497 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0309 | + | 4.679 * -0.043959 | - | 0.327 * 0.9384 |
| = | -2.64 |
* 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 $2,181 Mil.
Revenue was 3177 + 2816 + 2787 + 2674 = $11,454 Mil.
Gross Profit was 491 + 416 + 389 + 350 = $1,646 Mil.
Total Current Assets was $2,880 Mil.
Total Assets was $11,215 Mil.
Property, Plant and Equipment(Net PPE) was $3,558 Mil.
Depreciation, Depletion and Amortization(DDA) was $347 Mil.
Selling, General, & Admin. Expense(SGA) was $1,022 Mil.
Total Current Liabilities was $3,032 Mil.
Long-Term Debt & Capital Lease Obligation was $2,442 Mil.
Net Income was 274 + 148 + 130 + 129 = $681 Mil.
Non Operating Income was 57 + 48 + 41 + 58 = $204 Mil.
Cash Flow from Operations was 562 + 335 + 82 + -9 = $970 Mil.
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Total Receivables was $2,046 Mil.
Revenue was 2812 + 2626 + 2662 + 2576 = $10,676 Mil.
Gross Profit was 339 + 362 + 390 + 349 = $1,440 Mil.
Total Current Assets was $2,746 Mil.
Total Assets was $10,857 Mil.
Property, Plant and Equipment(Net PPE) was $3,480 Mil.
Depreciation, Depletion and Amortization(DDA) was $358 Mil.
Selling, General, & Admin. Expense(SGA) was $924 Mil.
Total Current Liabilities was $2,895 Mil.
Long-Term Debt & Capital Lease Obligation was $2,752 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) |
| = | (2181 / 11454) | / | (2046 / 10676) |
| = | 0.190414 | / | 0.191645 |
| | = | 0.9936 |
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) |
| = | (1440 / 10676) | / | (1646 / 11454) |
| = | 0.134882 | / | 0.143705 |
| | = | 0.9386 |
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 - (2880 + 3558) / 11215) | / | (1 - (2746 + 3480) / 10857) |
| = | 0.425947 | / | 0.426545 |
| | = | 0.9986 |
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 |
| = | 11454 | / | 10676 |
| | = | 1.0729 |
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)) |
| = | (358 / (358 + 3480)) | / | (347 / (347 + 3558)) |
| = | 0.093278 | / | 0.08886 |
| | = | 1.0497 |
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) |
| = | (1022 / 11454) | / | (924 / 10676) |
| = | 0.089226 | / | 0.086549 |
| | = | 1.0309 |
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) |
| = | ((2442 + 3032) / 11215) | / | ((2752 + 2895) / 10857) |
| = | 0.488096 | / | 0.520125 |
| | = | 0.9384 |
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 |
| = | (681 - 204 | - | 970) | / | 11215 |
| | = | -0.043959 |
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.
Huntington Ingalls Industries has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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