Spirit AeroSystems Holdings Beneish M-Score Historical Data
The historical data trend for Spirit AeroSystems 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.
Spirit AeroSystems Holdings Beneish M-Score Chart
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Spirit AeroSystems Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-2.63 |
-1.24 |
-4.68 |
-2.98 |
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Spirit AeroSystems Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-4.68 |
-4.63 |
-14.74 |
-3.76 |
-2.98 |
Competitive Comparison of Spirit AeroSystems Holdings's Beneish M-Score
For the Aerospace & Defense subindustry, Spirit AeroSystems 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.
Spirit AeroSystems Holdings's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Spirit AeroSystems Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Spirit AeroSystems Holdings's Beneish M-Score falls into.
Spirit AeroSystems 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 Spirit AeroSystems 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 * 0.9314 | + | 0.528 * 0.2834 | + | 0.404 * 0.8117 | + | 0.892 * 1.2025 | + | 0.115 * 1.0092 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8397 | + | 4.679 * -0.038503 | - | 0.327 * 1.0327 |
| = | -2.98 |
* 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 $1,114 Mil.
Revenue was 1812.9 + 1438.9 + 1364.7 + 1431.4 = $6,048 Mil.
Gross Profit was 291.4 + -53.6 + -30.8 + -0.8 = $206 Mil.
Total Current Assets was $3,752 Mil.
Total Assets was $6,950 Mil.
Property, Plant and Equipment(Net PPE) was $2,176 Mil.
Depreciation, Depletion and Amortization(DDA) was $316 Mil.
Selling, General, & Admin. Expense(SGA) was $282 Mil.
Total Current Liabilities was $2,198 Mil.
Long-Term Debt & Capital Lease Obligation was $4,103 Mil.
Net Income was 75.4 + -204.1 + -206.3 + -281.2 = $-616 Mil.
Non Operating Income was -23.5 + 4.9 + -13.5 + -90.7 = $-123 Mil.
Cash Flow from Operations was 113.7 + -110.5 + -182.8 + -46.2 = $-226 Mil.
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Total Receivables was $994 Mil.
Revenue was 1320.1 + 1276.9 + 1257.9 + 1174.7 = $5,030 Mil.
Gross Profit was -49.5 + 82.9 + -19.6 + 34.8 = $49 Mil.
Total Current Assets was $3,158 Mil.
Total Assets was $6,666 Mil.
Property, Plant and Equipment(Net PPE) was $2,300 Mil.
Depreciation, Depletion and Amortization(DDA) was $337 Mil.
Selling, General, & Admin. Expense(SGA) was $279 Mil.
Total Current Liabilities was $1,953 Mil.
Long-Term Debt & Capital Lease Obligation was $3,900 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) |
| = | (1113.7 / 6047.9) | / | (994.4 / 5029.6) |
| = | 0.184147 | / | 0.19771 |
| | = | 0.9314 |
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) |
| = | (48.6 / 5029.6) | / | (206.2 / 6047.9) |
| = | 0.009663 | / | 0.034094 |
| | = | 0.2834 |
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 - (3751.8 + 2176.3) / 6950.1) | / | (1 - (3158.3 + 2300.2) / 6666.2) |
| = | 0.147048 | / | 0.181168 |
| | = | 0.8117 |
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 |
| = | 6047.9 | / | 5029.6 |
| | = | 1.2025 |
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)) |
| = | (337.1 / (337.1 + 2300.2)) | / | (315.6 / (315.6 + 2176.3)) |
| = | 0.12782 | / | 0.12665 |
| | = | 1.0092 |
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) |
| = | (281.9 / 6047.9) | / | (279.2 / 5029.6) |
| = | 0.046611 | / | 0.055511 |
| | = | 0.8397 |
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) |
| = | ((4103 + 2198.3) / 6950.1) | / | ((3900.3 + 1952.5) / 6666.2) |
| = | 0.906649 | / | 0.877981 |
| | = | 1.0327 |
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 |
| = | (-616.2 - -122.8 | - | -225.8) | / | 6950.1 |
| | = | -0.038503 |
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.
Spirit AeroSystems Holdings has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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