Wesco Aircraft Holdings Beneish M-Score Historical Data
The historical data trend for Wesco Aircraft Holdings'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.
Wesco Aircraft Holdings Beneish M-Score Chart
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Wesco Aircraft Holdings Annual Data
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Trend |
Sep10 |
Sep11 |
Sep12 |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
| Beneish M-Score |
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-2.60 |
-2.60 |
-2.35 |
-2.39 |
-2.47 |
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Wesco Aircraft Holdings Quarterly Data
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Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
| Beneish M-Score |
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-2.39 |
-2.31 |
-2.41 |
-2.48 |
-2.47 |
Competitive Comparison of Wesco Aircraft Holdings's Beneish M-Score
For the Industrial Distribution subindustry, Wesco Aircraft Holdings'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.
Wesco Aircraft Holdings's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Wesco Aircraft Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wesco Aircraft Holdings's Beneish M-Score falls into.
Wesco Aircraft Holdings 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 Wesco Aircraft Holdings 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 * 1.0731 | + | 0.528 * 1.0804 | + | 0.404 * 0.9536 | + | 0.892 * 1.0802 | + | 0.115 * 1.1523 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0231 | + | 4.679 * -0.035763 | - | 0.327 * 0.9924 |
| = | -2.47 |
* 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Total Receivables was $331 Mil.
Revenue was 432.291 + 442.374 + 426.474 + 395.311 = $1,696 Mil.
Gross Profit was 90.134 + 105.87 + 108.747 + 98.342 = $403 Mil.
Total Current Assets was $1,248 Mil.
Total Assets was $1,795 Mil.
Property, Plant and Equipment(Net PPE) was $56 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $325 Mil.
Total Current Liabilities was $344 Mil.
Long-Term Debt & Capital Lease Obligation was $727 Mil.
Net Income was -11.048 + 14.114 + 12.01 + 6.293 = $21 Mil.
Non Operating Income was 0.345 + -0.63 + -0.314 + -0.217 = $-1 Mil.
Cash Flow from Operations was 37.058 + 55.715 + 26.046 + -32.447 = $86 Mil.
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Total Receivables was $286 Mil.
Revenue was 406.817 + 410.359 + 390.183 + 363.091 = $1,570 Mil.
Gross Profit was 98.8 + 104.197 + 105.735 + 94.424 = $403 Mil.
Total Current Assets was $1,232 Mil.
Total Assets was $1,789 Mil.
Property, Plant and Equipment(Net PPE) was $44 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $294 Mil.
Total Current Liabilities was $302 Mil.
Long-Term Debt & Capital Lease Obligation was $774 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) |
| = | (331.288 / 1696.45) | / | (285.792 / 1570.45) |
| = | 0.195283 | / | 0.181981 |
| | = | 1.0731 |
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) |
| = | (403.156 / 1570.45) | / | (403.093 / 1696.45) |
| = | 0.256714 | / | 0.23761 |
| | = | 1.0804 |
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 - (1247.792 + 55.619) / 1794.798) | / | (1 - (1231.517 + 44.205) / 1789.476) |
| = | 0.273784 | / | 0.287097 |
| | = | 0.9536 |
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 |
| = | 1696.45 | / | 1570.45 |
| | = | 1.0802 |
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)) |
| = | (29.256 / (29.256 + 44.205)) | / | (29.376 / (29.376 + 55.619)) |
| = | 0.398252 | / | 0.34562 |
| | = | 1.1523 |
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) |
| = | (324.581 / 1696.45) | / | (293.688 / 1570.45) |
| = | 0.19133 | / | 0.187009 |
| | = | 1.0231 |
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) |
| = | ((726.584 + 344.247) / 1794.798) | / | ((774.106 + 301.761) / 1789.476) |
| = | 0.59663 | / | 0.601219 |
| | = | 0.9924 |
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 |
| = | (21.369 - -0.816 | - | 86.372) | / | 1794.798 |
| | = | -0.035763 |
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.
Wesco Aircraft Holdings has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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