TransDigm Group Beneish M-Score Historical Data
The historical data trend for TransDigm 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.
TransDigm Group Beneish M-Score Chart
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TransDigm Group Annual Data
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Sep15 |
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Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.99 |
-2.43 |
-2.33 |
-2.21 |
-2.50 |
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TransDigm Group Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Mar24 |
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Dec24 |
Mar25 |
| Beneish M-Score |
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-2.33 |
-2.39 |
-2.50 |
-2.44 |
-2.32 |
Competitive Comparison of TransDigm Group's Beneish M-Score
For the Aerospace & Defense subindustry, TransDigm 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.
TransDigm Group's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, TransDigm Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TransDigm Group's Beneish M-Score falls into.
TransDigm 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 TransDigm 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 * 1.0455 | + | 0.528 * 0.9935 | + | 0.404 * 1.1467 | + | 0.892 * 1.1484 | + | 0.115 * 0.9636 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9306 | + | 4.679 * -0.008491 | - | 0.327 * 1.1026 |
| = | -2.32 |
* 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 $1,442 Mil.
Revenue was 2150 + 2006 + 2186 + 2046 = $8,388 Mil.
Gross Profit was 1274 + 1235 + 1259 + 1220 = $4,988 Mil.
Total Current Assets was $6,408 Mil.
Total Assets was $21,905 Mil.
Property, Plant and Equipment(Net PPE) was $1,519 Mil.
Depreciation, Depletion and Amortization(DDA) was $348 Mil.
Selling, General, & Admin. Expense(SGA) was $917 Mil.
Total Current Liabilities was $2,074 Mil.
Long-Term Debt & Capital Lease Obligation was $24,306 Mil.
Net Income was 479 + 493 + 468 + 461 = $1,901 Mil.
Non Operating Income was 4 + 19 + -9 + -7 = $7 Mil.
Cash Flow from Operations was 148 + 752 + 572 + 608 = $2,080 Mil.
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Total Receivables was $1,201 Mil.
Revenue was 1919 + 1789 + 1852 + 1744 = $7,304 Mil.
Gross Profit was 1152 + 1042 + 1092 + 1029 = $4,315 Mil.
Total Current Assets was $8,282 Mil.
Total Assets was $21,577 Mil.
Property, Plant and Equipment(Net PPE) was $1,288 Mil.
Depreciation, Depletion and Amortization(DDA) was $282 Mil.
Selling, General, & Admin. Expense(SGA) was $858 Mil.
Total Current Liabilities was $2,235 Mil.
Long-Term Debt & Capital Lease Obligation was $21,331 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) |
| = | (1442 / 8388) | / | (1201 / 7304) |
| = | 0.171912 | / | 0.16443 |
| | = | 1.0455 |
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) |
| = | (4315 / 7304) | / | (4988 / 8388) |
| = | 0.590772 | / | 0.594659 |
| | = | 0.9935 |
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 - (6408 + 1519) / 21905) | / | (1 - (8282 + 1288) / 21577) |
| = | 0.638119 | / | 0.556472 |
| | = | 1.1467 |
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 |
| = | 8388 | / | 7304 |
| | = | 1.1484 |
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)) |
| = | (282 / (282 + 1288)) | / | (348 / (348 + 1519)) |
| = | 0.179618 | / | 0.186395 |
| | = | 0.9636 |
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) |
| = | (917 / 8388) | / | (858 / 7304) |
| = | 0.109323 | / | 0.11747 |
| | = | 0.9306 |
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) |
| = | ((24306 + 2074) / 21905) | / | ((21331 + 2235) / 21577) |
| = | 1.204291 | / | 1.092181 |
| | = | 1.1026 |
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 |
| = | (1901 - 7 | - | 2080) | / | 21905 |
| | = | -0.008491 |
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.
TransDigm Group has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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