V2X Beneish M-Score Historical Data
The historical data trend for V2X'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.
V2X Beneish M-Score Chart
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V2X Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.48 |
-2.46 |
-1.87 |
-2.56 |
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V2X Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.47 |
-2.56 |
-2.52 |
-2.36 |
-2.42 |
Competitive Comparison of V2X's Beneish M-Score
For the Aerospace & Defense subindustry, V2X'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.
V2X's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, V2X's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where V2X's Beneish M-Score falls into.
V2X 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 V2X 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 * 0.9939 | + | 0.528 * 1.1405 | + | 0.404 * 0.9708 | + | 0.892 * 1.0779 | + | 0.115 * 0.8653 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7365 | + | 4.679 * -0.019535 | - | 0.327 * 1.007 |
| = | -2.42 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $766 Mil.
Revenue was 1081.656 + 1072.183 + 1010.564 + 1040.307 = $4,205 Mil.
Gross Profit was 91.436 + 73.835 + 70.274 + 97.946 = $333 Mil.
Total Current Assets was $982 Mil.
Total Assets was $3,126 Mil.
Property, Plant and Equipment(Net PPE) was $99 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $187 Mil.
Total Current Liabilities was $906 Mil.
Long-Term Debt & Capital Lease Obligation was $1,126 Mil.
Net Income was 15.051 + -6.544 + 1.144 + -0.492 = $9 Mil.
Non Operating Income was -3.198 + -6.733 + -1.633 + -2.105 = $-14 Mil.
Cash Flow from Operations was 62.654 + 25.675 + -57.226 + 52.793 = $84 Mil.
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Total Receivables was $715 Mil.
Revenue was 1001.507 + 977.852 + 943.46 + 978.167 = $3,901 Mil.
Gross Profit was 70.679 + 87.4 + 78.83 + 115.973 = $353 Mil.
Total Current Assets was $894 Mil.
Total Assets was $3,126 Mil.
Property, Plant and Equipment(Net PPE) was $126 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General, & Admin. Expense(SGA) was $236 Mil.
Total Current Liabilities was $830 Mil.
Long-Term Debt & Capital Lease Obligation was $1,188 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) |
| = | (766.399 / 4204.71) | / | (715.381 / 3900.986) |
| = | 0.182272 | / | 0.183385 |
| | = | 0.9939 |
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) |
| = | (352.882 / 3900.986) | / | (333.491 / 4204.71) |
| = | 0.09046 | / | 0.079314 |
| | = | 1.1405 |
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 - (982.298 + 99.116) / 3126.105) | / | (1 - (894.079 + 125.975) / 3126.495) |
| = | 0.65407 | / | 0.673739 |
| | = | 0.9708 |
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 |
| = | 4204.71 | / | 3900.986 |
| | = | 1.0779 |
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)) |
| = | (109.418 / (109.418 + 125.975)) | / | (115.035 / (115.035 + 99.116)) |
| = | 0.464831 | / | 0.537168 |
| | = | 0.8653 |
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) |
| = | (187.319 / 4204.71) | / | (235.967 / 3900.986) |
| = | 0.04455 | / | 0.060489 |
| | = | 0.7365 |
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) |
| = | ((1126.455 + 906.051) / 3126.105) | / | ((1188.195 + 830.354) / 3126.495) |
| = | 0.650172 | / | 0.645627 |
| | = | 1.007 |
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 |
| = | (9.159 - -13.669 | - | 83.896) | / | 3126.105 |
| | = | -0.019535 |
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.
V2X has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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