Air Canada Beneish M-Score Historical Data
The historical data trend for Air Canada'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.
Air Canada Beneish M-Score Chart
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Air Canada Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-3.12 |
-2.13 |
-3.16 |
-2.94 |
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Air Canada Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.92 |
-2.91 |
-2.81 |
-2.94 |
-2.94 |
Competitive Comparison of Air Canada's Beneish M-Score
For the Airlines subindustry, Air Canada'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.
Air Canada's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Air Canada's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air Canada's Beneish M-Score falls into.
Air Canada 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 Air Canada 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 * 0.9398 | + | 0.528 * 0.6884 | + | 0.404 * 0.9953 | + | 0.892 * 1.1683 | + | 0.115 * 0.9869 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9943 | + | 4.679 * -0.087898 | - | 0.327 * 0.9231 |
| = | -2.94 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $875 Mil.
Revenue was 3860.816 + 3857.335 + 4688.493 + 4084.751 = $16,491 Mil.
Gross Profit was 783.836 + 778.921 + 1805.484 + 1299.865 = $4,668 Mil.
Total Current Assets was $7,204 Mil.
Total Assets was $21,952 Mil.
Property, Plant and Equipment(Net PPE) was $8,879 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,277 Mil.
Selling, General, & Admin. Expense(SGA) was $1,253 Mil.
Total Current Liabilities was $8,503 Mil.
Long-Term Debt & Capital Lease Obligation was $8,310 Mil.
Net Income was -59.84 + 137.15 + 923.805 + 630.739 = $1,632 Mil.
Non Operating Income was 6.649 + 112.552 + 16.259 + 92.579 = $228 Mil.
Cash Flow from Operations was 1176.123 + 734.198 + 301.53 + 1121.481 = $3,333 Mil.
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Total Receivables was $797 Mil.
Revenue was 3571.585 + 3444.976 + 3989.804 + 3109.185 = $14,116 Mil.
Gross Profit was 683.33 + 618.329 + 1102.032 + 346.767 = $2,750 Mil.
Total Current Assets was $7,509 Mil.
Total Assets was $22,273 Mil.
Property, Plant and Equipment(Net PPE) was $8,781 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,244 Mil.
Selling, General, & Admin. Expense(SGA) was $1,079 Mil.
Total Current Liabilities was $7,590 Mil.
Long-Term Debt & Capital Lease Obligation was $10,890 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) |
| = | (875.443 / 16491.395) | / | (797.34 / 14115.55) |
| = | 0.053085 | / | 0.056487 |
| | = | 0.9398 |
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) |
| = | (2750.458 / 14115.55) | / | (4668.106 / 16491.395) |
| = | 0.194853 | / | 0.283063 |
| | = | 0.6884 |
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 - (7203.753 + 8879.285) / 21951.832) | / | (1 - (7509.318 + 8780.969) / 22272.893) |
| = | 0.267349 | / | 0.268605 |
| | = | 0.9953 |
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 |
| = | 16491.395 | / | 14115.55 |
| | = | 1.1683 |
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)) |
| = | (1244.296 / (1244.296 + 8780.969)) | / | (1277.314 / (1277.314 + 8879.285)) |
| = | 0.124116 | / | 0.125762 |
| | = | 0.9869 |
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) |
| = | (1252.997 / 16491.395) | / | (1078.597 / 14115.55) |
| = | 0.075979 | / | 0.076412 |
| | = | 0.9943 |
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) |
| = | ((8309.693 + 8503.251) / 21951.832) | / | ((10890.156 + 7590.441) / 22272.893) |
| = | 0.765902 | / | 0.829735 |
| | = | 0.9231 |
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 |
| = | (1631.854 - 228.039 | - | 3333.332) | / | 21951.832 |
| | = | -0.087898 |
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.
Air Canada has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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