Spirit Airlines Beneish M-Score Historical Data
The historical data trend for Spirit Airlines'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 Airlines Beneish M-Score Chart
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Spirit Airlines Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.94 |
-1.72 |
-4.69 |
-2.52 |
-2.34 |
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Spirit Airlines 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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-2.52 |
-2.14 |
-2.11 |
-2.37 |
-2.34 |
Competitive Comparison of Spirit Airlines's Beneish M-Score
For the Airlines subindustry, Spirit Airlines'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 Airlines's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Spirit Airlines's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Spirit Airlines's Beneish M-Score falls into.
Spirit Airlines 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 Airlines 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 * 0.8318 | + | 0.528 * 1.3684 | + | 0.404 * 1.3209 | + | 0.892 * 1.0275 | + | 0.115 * 1.0577 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0165 | + | 4.679 * -0.011845 | - | 0.327 * 1.0793 |
| = | -2.36 |
* 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 €188 Mil.
Revenue was 1212.054 + 1179.255 + 1322.172 + 1260.689 = €4,974 Mil.
Gross Profit was 73.624 + 51.479 + 274.851 + 147.442 = €547 Mil.
Total Current Assets was €1,387 Mil.
Total Assets was €8,636 Mil.
Property, Plant and Equipment(Net PPE) was €6,933 Mil.
Depreciation, Depletion and Amortization(DDA) was €298 Mil.
Selling, General, & Admin. Expense(SGA) was €177 Mil.
Total Current Liabilities was €1,533 Mil.
Long-Term Debt & Capital Lease Obligation was €5,827 Mil.
Net Income was -168.409 + -147.626 + -2.168 + -97.053 = €-415 Mil.
Non Operating Income was -35.043 + -10.098 + -19.881 + -20.198 = €-85 Mil.
Cash Flow from Operations was -167.605 + -182.338 + -9.29 + 131.486 = €-228 Mil.
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Total Receivables was €220 Mil.
Revenue was 1313.397 + 1356.611 + 1292.844 + 878.322 = €4,841 Mil.
Gross Profit was 272.567 + 231.199 + 205.137 + 20.116 = €729 Mil.
Total Current Assets was €1,882 Mil.
Total Assets was €8,670 Mil.
Property, Plant and Equipment(Net PPE) was €6,548 Mil.
Depreciation, Depletion and Amortization(DDA) was €298 Mil.
Selling, General, & Admin. Expense(SGA) was €170 Mil.
Total Current Liabilities was €1,507 Mil.
Long-Term Debt & Capital Lease Obligation was €5,339 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) |
| = | (188.414 / 4974.17) | / | (220.459 / 4841.174) |
| = | 0.037878 | / | 0.045538 |
| | = | 0.8318 |
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) |
| = | (729.019 / 4841.174) | / | (547.396 / 4974.17) |
| = | 0.150587 | / | 0.110048 |
| | = | 1.3684 |
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 - (1386.62 + 6933.321) / 8635.606) | / | (1 - (1882.32 + 6548.174) / 8670.427) |
| = | 0.036554 | / | 0.027673 |
| | = | 1.3209 |
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 |
| = | 4974.17 | / | 4841.174 |
| | = | 1.0275 |
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)) |
| = | (298.127 / (298.127 + 6548.174)) | / | (297.704 / (297.704 + 6933.321)) |
| = | 0.043546 | / | 0.04117 |
| | = | 1.0577 |
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) |
| = | (177.094 / 4974.17) | / | (169.567 / 4841.174) |
| = | 0.035603 | / | 0.035026 |
| | = | 1.0165 |
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) |
| = | ((5826.702 + 1532.85) / 8635.606) | / | ((5339.259 + 1507.172) / 8670.427) |
| = | 0.852233 | / | 0.78963 |
| | = | 1.0793 |
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 |
| = | (-415.256 - -85.22 | - | -227.747) | / | 8635.606 |
| | = | -0.011845 |
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 Airlines has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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