SkyWest Beneish M-Score Historical Data
The historical data trend for SkyWest'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.
SkyWest Beneish M-Score Chart
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SkyWest Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.94 |
-25.13 |
-2.69 |
-2.57 |
-2.95 |
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SkyWest Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.95 |
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Competitive Comparison of SkyWest's Beneish M-Score
For the Airlines subindustry, SkyWest'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.
SkyWest's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, SkyWest's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SkyWest's Beneish M-Score falls into.
SkyWest 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 SkyWest 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 * 0.8437 | + | 0.528 * 1.3105 | + | 0.404 * 0.9994 | + | 0.892 * 0.9769 | + | 0.115 * 1.0058 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.103217 | - | 0.327 * 0.9751 |
| = | -2.95 |
* 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 $83 Mil.
Revenue was $2,935 Mil.
Gross Profit was $372 Mil.
Total Current Assets was $1,132 Mil.
Total Assets was $7,026 Mil.
Property, Plant and Equipment(Net PPE) was $5,570 Mil.
Depreciation, Depletion and Amortization(DDA) was $383 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,254 Mil.
Long-Term Debt & Capital Lease Obligation was $2,630 Mil.
Net Income was $34 Mil.
Gross Profit was $23 Mil.
Cash Flow from Operations was $736 Mil.
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Total Receivables was $101 Mil.
Revenue was $3,005 Mil.
Gross Profit was $499 Mil.
Total Current Assets was $1,371 Mil.
Total Assets was $7,415 Mil.
Property, Plant and Equipment(Net PPE) was $5,700 Mil.
Depreciation, Depletion and Amortization(DDA) was $395 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,173 Mil.
Long-Term Debt & Capital Lease Obligation was $3,030 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) |
| = | (82.854 / 2935.432) | / | (100.523 / 3004.925) |
| = | 0.028225 | / | 0.033453 |
| | = | 0.8437 |
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) |
| = | (499.307 / 3004.925) | / | (372.189 / 2935.432) |
| = | 0.166163 | / | 0.126792 |
| | = | 1.3105 |
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 - (1131.896 + 5569.694) / 7026.293) | / | (1 - (1371.281 + 5700.408) / 7414.553) |
| = | 0.046213 | / | 0.046242 |
| | = | 0.9994 |
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 |
| = | 2935.432 | / | 3004.925 |
| | = | 0.9769 |
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)) |
| = | (394.552 / (394.552 + 5700.408)) | / | (383.115 / (383.115 + 5569.694)) |
| = | 0.064734 | / | 0.064359 |
| | = | 1.0058 |
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) |
| = | (0 / 2935.432) | / | (0 / 3004.925) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((2629.575 + 1254.292) / 7026.293) | / | ((3030.394 + 1172.543) / 7414.553) |
| = | 0.552762 | / | 0.56685 |
| | = | 0.9751 |
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 |
| = | (34.342 - 23.242 | - | 736.334) | / | 7026.293 |
| | = | -0.103217 |
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.
SkyWest has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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