Westinghouse Air Brake Technologies Beneish M-Score Historical Data
The historical data trend for Westinghouse Air Brake Technologies'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.
|
Westinghouse Air Brake Technologies Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-1.68 |
-2.70 |
-2.63 |
-2.58 |
-2.49 |
|
Westinghouse Air Brake Technologies Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.58 |
-2.42 |
-2.31 |
-2.34 |
-2.49 |
Competitive Comparison
For the Railroads subindustry, Westinghouse Air Brake Technologies'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.
Westinghouse Air Brake Technologies Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Westinghouse Air Brake Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Westinghouse Air Brake Technologies's Beneish M-Score falls into.
Westinghouse Air Brake Technologies 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 Westinghouse Air Brake Technologies 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 * 0.958 | + | 0.528 * 0.9984 | + | 0.404 * 0.9666 | + | 0.892 * 1.1573 | + | 0.115 * 0.9446 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9565 | + | 4.679 * -0.022646 | - | 0.327 * 0.9922 |
| = | -2.49 |
* 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 $1,684 Mil.
Revenue was 2526 + 2550 + 2407 + 2194 = $9,677 Mil.
Gross Profit was 764 + 792 + 723 + 665 = $2,944 Mil.
Total Current Assets was $4,855 Mil.
Total Assets was $18,988 Mil.
Property, Plant and Equipment(Net PPE) was $1,485 Mil.
Depreciation, Depletion and Amortization(DDA) was $477 Mil.
Selling, General, & Admin. Expense(SGA) was $1,139 Mil.
Total Current Liabilities was $4,056 Mil.
Long-Term Debt & Capital Lease Obligation was $3,288 Mil.
Net Income was 215 + 240 + 191 + 169 = $815 Mil.
Non Operating Income was 27 + 10 + 2 + 5 = $44 Mil.
Cash Flow from Operations was 686 + 425 + 115 + -25 = $1,201 Mil.
|
Total Receivables was $1,519 Mil.
Revenue was 2306 + 2081 + 2048 + 1927 = $8,362 Mil.
Gross Profit was 652 + 648 + 645 + 595 = $2,540 Mil.
Total Current Assets was $4,327 Mil.
Total Assets was $18,516 Mil.
Property, Plant and Equipment(Net PPE) was $1,429 Mil.
Depreciation, Depletion and Amortization(DDA) was $426 Mil.
Selling, General, & Admin. Expense(SGA) was $1,029 Mil.
Total Current Liabilities was $3,467 Mil.
Long-Term Debt & Capital Lease Obligation was $3,751 Mil.
|
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) |
| = | (1684 / 9677) | / | (1519 / 8362) |
| = | 0.174021 | / | 0.181655 |
| | = | 0.958 |
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) |
| = | (2540 / 8362) | / | (2944 / 9677) |
| = | 0.303755 | / | 0.304227 |
| | = | 0.9984 |
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 - (4855 + 1485) / 18988) | / | (1 - (4327 + 1429) / 18516) |
| = | 0.666105 | / | 0.689134 |
| | = | 0.9666 |
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 |
| = | 9677 | / | 8362 |
| | = | 1.1573 |
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)) |
| = | (426 / (426 + 1429)) | / | (477 / (477 + 1485)) |
| = | 0.22965 | / | 0.243119 |
| | = | 0.9446 |
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) |
| = | (1139 / 9677) | / | (1029 / 8362) |
| = | 0.117702 | / | 0.123057 |
| | = | 0.9565 |
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) |
| = | ((3288 + 4056) / 18988) | / | ((3751 + 3467) / 18516) |
| = | 0.386771 | / | 0.389825 |
| | = | 0.9922 |
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 |
| = | (815 - 44 | - | 1201) | / | 18988 |
| | = | -0.022646 |
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.
Westinghouse Air Brake Technologies has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
WAB has been successfully added to your