Cebu Air Beneish M-Score Historical Data
The historical data trend for Cebu Air'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.
Cebu Air Beneish M-Score Chart
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Cebu Air Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.36 |
-3.32 |
-2.42 |
-3.48 |
3.86 |
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Cebu Air Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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1.75 |
3.86 |
-50.67 |
-5.48 |
-3.62 |
Competitive Comparison of Cebu Air's Beneish M-Score
For the Airlines subindustry, Cebu Air'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.
Cebu Air's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Cebu Air's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cebu Air's Beneish M-Score falls into.
Cebu Air 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 Cebu Air 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 * 0.6296 | + | 0.528 * -1.7053 | + | 0.404 * 0.9991 | + | 0.892 * 1.9516 | + | 0.115 * 1.3271 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7058 | + | 4.679 * -0.064213 | - | 0.327 * 1.0208 |
| = | -3.62 |
* 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 $53 Mil.
Revenue was 404.432 + 392.809 + 361.687 + 332.938 = $1,492 Mil.
Gross Profit was 72.442 + 76.209 + 47.092 + 18.798 = $215 Mil.
Total Current Assets was $524 Mil.
Total Assets was $2,988 Mil.
Property, Plant and Equipment(Net PPE) was $2,277 Mil.
Depreciation, Depletion and Amortization(DDA) was $201 Mil.
Selling, General, & Admin. Expense(SGA) was $112 Mil.
Total Current Liabilities was $846 Mil.
Long-Term Debt & Capital Lease Obligation was $1,932 Mil.
Net Income was 22.109 + 46.287 + 18.668 + -33.501 = $54 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 41.866 + 40.111 + 117.741 + 45.745 = $245 Mil.
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Total Receivables was $43 Mil.
Revenue was 291.945 + 242.068 + 116.225 + 114.187 = $764 Mil.
Gross Profit was -26.364 + -27.434 + -76.422 + -57.241 = $-187 Mil.
Total Current Assets was $552 Mil.
Total Assets was $2,563 Mil.
Property, Plant and Equipment(Net PPE) was $1,850 Mil.
Depreciation, Depletion and Amortization(DDA) was $223 Mil.
Selling, General, & Admin. Expense(SGA) was $81 Mil.
Total Current Liabilities was $753 Mil.
Long-Term Debt & Capital Lease Obligation was $1,582 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) |
| = | (53.439 / 1491.866) | / | (43.488 / 764.425) |
| = | 0.03582 | / | 0.05689 |
| | = | 0.6296 |
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) |
| = | (-187.461 / 764.425) | / | (214.541 / 1491.866) |
| = | -0.245231 | / | 0.143807 |
| | = | -1.7053 |
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 - (523.51 + 2276.999) / 2988.498) | / | (1 - (551.842 + 1850.046) / 2563.268) |
| = | 0.062904 | / | 0.062959 |
| | = | 0.9991 |
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 |
| = | 1491.866 | / | 764.425 |
| | = | 1.9516 |
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)) |
| = | (223.252 / (223.252 + 1850.046)) | / | (201.074 / (201.074 + 2276.999)) |
| = | 0.10768 | / | 0.081141 |
| | = | 1.3271 |
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) |
| = | (112.022 / 1491.866) | / | (81.323 / 764.425) |
| = | 0.075089 | / | 0.106385 |
| | = | 0.7058 |
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) |
| = | ((1931.779 + 846.1) / 2988.498) | / | ((1581.524 + 752.522) / 2563.268) |
| = | 0.929523 | / | 0.910574 |
| | = | 1.0208 |
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 |
| = | (53.563 - 0 | - | 245.463) | / | 2988.498 |
| | = | -0.064213 |
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.
Cebu Air has a M-score of -3.62 suggests that the company is unlikely to be a manipulator.
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