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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Trend |
Sep14 |
Sep15 |
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Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.09 |
-2.99 |
-2.41 |
-2.32 |
-2.21 |
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TransDigm Group 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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-2.27 |
-2.27 |
-2.20 |
-2.21 |
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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 * 1.0487 | + | 0.528 * 0.9781 | + | 0.404 * 0.9321 | + | 0.892 * 1.2129 | + | 0.115 * 1.3564 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8674 | + | 4.679 * -0.004006 | - | 0.327 * 0.9117 |
| = | -2.21 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $1,230 Mil.
Revenue was 1852 + 1744 + 1592 + 1397 = $6,585 Mil.
Gross Profit was 1092 + 1029 + 929 + 793 = $3,843 Mil.
Total Current Assets was $6,738 Mil.
Total Assets was $19,970 Mil.
Property, Plant and Equipment(Net PPE) was $1,255 Mil.
Depreciation, Depletion and Amortization(DDA) was $268 Mil.
Selling, General, & Admin. Expense(SGA) was $768 Mil.
Total Current Liabilities was $1,579 Mil.
Long-Term Debt & Capital Lease Obligation was $19,330 Mil.
Net Income was 415 + 351 + 304 + 228 = $1,298 Mil.
Non Operating Income was -2 + 5 + -1 + 1 = $3 Mil.
Cash Flow from Operations was 462 + 406 + 130 + 377 = $1,375 Mil.
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Total Receivables was $967 Mil.
Revenue was 1510 + 1398 + 1327 + 1194 = $5,429 Mil.
Gross Profit was 886 + 816 + 736 + 661 = $3,099 Mil.
Total Current Assets was $5,649 Mil.
Total Assets was $18,107 Mil.
Property, Plant and Equipment(Net PPE) was $807 Mil.
Depreciation, Depletion and Amortization(DDA) was $253 Mil.
Selling, General, & Admin. Expense(SGA) was $730 Mil.
Total Current Liabilities was $1,426 Mil.
Long-Term Debt & Capital Lease Obligation was $19,369 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) |
| = | (1230 / 6585) | / | (967 / 5429) |
| = | 0.186788 | / | 0.178118 |
| | = | 1.0487 |
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) |
| = | (3099 / 5429) | / | (3843 / 6585) |
| = | 0.570823 | / | 0.583599 |
| | = | 0.9781 |
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 - (6738 + 1255) / 19970) | / | (1 - (5649 + 807) / 18107) |
| = | 0.59975 | / | 0.643453 |
| | = | 0.9321 |
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 |
| = | 6585 | / | 5429 |
| | = | 1.2129 |
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 + 807)) | / | (268 / (268 + 1255)) |
| = | 0.238679 | / | 0.175968 |
| | = | 1.3564 |
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) |
| = | (768 / 6585) | / | (730 / 5429) |
| = | 0.116629 | / | 0.134463 |
| | = | 0.8674 |
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) |
| = | ((19330 + 1579) / 19970) | / | ((19369 + 1426) / 18107) |
| = | 1.047021 | / | 1.148451 |
| | = | 0.9117 |
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 |
| = | (1298 - 3 | - | 1375) | / | 19970 |
| | = | -0.004006 |
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 -2.21 suggests that the company is unlikely to be a manipulator.
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