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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score -1.6 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Boeing Co's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Boeing Co was 18.48. The lowest was -8.36. And the median was -2.71.
The historical data trend for Boeing Co'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.
Boeing Co Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.38 | -3.51 | -3.94 | -2.90 | -3.04 |
Boeing Co Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.42 | -3.04 | -2.84 | -2.64 | -1.60 |
For the Aerospace & Defense subindustry, Boeing Co'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.
For the Aerospace & Defense industry and Industrials sector, Boeing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Boeing Co's Beneish M-Score falls into.
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 Boeing Co 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 * 1.0675 | + | 0.528 * 2.905 | + | 0.404 * 0.966 | + | 0.892 * 0.9675 | + | 0.115 * 1.125 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.053 | + | 4.679 * -0.028251 | - | 0.327 * 1.0449 | |||||||
= | -1.60 |
* 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 $12,707 Mil. Revenue was 17840 + 16866 + 16569 + 22018 = $73,293 Mil. Gross Profit was -3507 + 1229 + 1876 + 2697 = $2,295 Mil. Total Current Assets was $109,436 Mil. Total Assets was $137,695 Mil. Property, Plant and Equipment(Net PPE) was $11,557 Mil. Depreciation, Depletion and Amortization(DDA) was $1,808 Mil. Selling, General, & Admin. Expense(SGA) was $5,158 Mil. Total Current Liabilities was $97,300 Mil. Long-Term Debt & Capital Lease Obligation was $53,176 Mil. Net Income was -6170 + -1439 + -343 + -23 = $-7,975 Mil. Non Operating Income was 250 + 260 + 344 + 310 = $1,164 Mil. Cash Flow from Operations was -1345 + -3923 + -3362 + 3381 = $-5,249 Mil. |
Total Receivables was $12,304 Mil. Revenue was 18104 + 19751 + 17921 + 19980 = $75,756 Mil. Gross Profit was 1165 + 1939 + 1923 + 1864 = $6,891 Mil. Total Current Assets was $106,935 Mil. Total Assets was $134,281 Mil. Property, Plant and Equipment(Net PPE) was $10,484 Mil. Depreciation, Depletion and Amortization(DDA) was $1,882 Mil. Selling, General, & Admin. Expense(SGA) was $5,063 Mil. Total Current Liabilities was $93,062 Mil. Long-Term Debt & Capital Lease Obligation was $47,381 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) |
= | (12707 / 73293) | / | (12304 / 75756) | |
= | 0.173373 | / | 0.162416 | |
= | 1.0675 |
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) | |
= | (6891 / 75756) | / | (2295 / 73293) | |
= | 0.090963 | / | 0.031313 | |
= | 2.905 |
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 - (109436 + 11557) / 137695) | / | (1 - (106935 + 10484) / 134281) | |
= | 0.121297 | / | 0.125572 | |
= | 0.966 |
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 | |
= | 73293 | / | 75756 | |
= | 0.9675 |
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)) |
= | (1882 / (1882 + 10484)) | / | (1808 / (1808 + 11557)) | |
= | 0.152191 | / | 0.135279 | |
= | 1.125 |
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) |
= | (5158 / 73293) | / | (5063 / 75756) | |
= | 0.070375 | / | 0.066833 | |
= | 1.053 |
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) |
= | ((53176 + 97300) / 137695) | / | ((47381 + 93062) / 134281) | |
= | 1.092821 | / | 1.045889 | |
= | 1.0449 |
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 | |
= | (-7975 - 1164 | - | -5249) | / | 137695 | |
= | -0.028251 |
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.
Boeing Co has a M-score of -1.60 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Boeing Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Theodore Iii Colbert | officer: CIO & SVP, Info & Analytics | C/O THE BOEING COMPANY, 100 RIVERSIDE PLAZA, CHICAGO IL 60606-1596 |
Steven M Mollenkopf | director | 5775 MOREHOUSE DRIVE, SAN DIEGO CA 92121 |
Howard E Mckenzie | officer: Chief Engineer & EVP, ET&T | C/O THE BOEING COMPANY, 929 LONG BRIDGE DRIVE, ARLINGTON VA 22202 |
Sabrina Soussan | director | BUHLMATTSTRASSE 3, MEGGEN V8 6045 |
Stephen E Biegun | officer: SVP, Global Public Policy | C/O THE BOEING COMPANY, 929 LONG BRIDGE DRIVE, ARLINGTON VA 22202 |
Michael J Cleary | officer: Controller | C/O THE BOEING COMPANY, 929 LONG BRIDGE DRIVE, ARLINGTON VA 22202 |
Brendan J. Nelson | officer: President, Boeing Intn'l | C/O THE BOEING COMPANY, 929 LONG BRIDGE DRIVE, ARLINGTON VA 22202 |
David L Calhoun | director | |
Brian R Besanceney | officer: SVP, Chief Comm Officer | C/O THE BOEING COMPANY, 100 N. RIVERSIDE, MC 5003-1001, CHICAGO IL 60606-1596 |
David L. Gitlin | director | UNITED TECHNOLOGIES CORPORATION, 10 FARM SPRINGS ROAD, FARMINGTON CT 06032 |
Stephanie F Pope | officer: President & CEO, BGS | C/O THE BOEING COMPANY, 100 RIVERSIDE PLAZA, MC 5003-1001, CHICAGO IL 60606-1596 |
Lawrence W Kellner | director | 1600 SMITH ST., HQSEO, HOUSTON TX 77002 |
Edward Lee Dandridge | officer: SVP, Communications | C/O THE BOEING COMPANY, 100 RIVERSIDE PLAZA, MC 5003-1001, CHICAGO IL 60606-1596 |
Ziad S Ojakli | officer: EVP, Gov't Ops | FORD MOTOR COMPANY, 1350 I ST. NW, WASHINGTON D.C. DC 20005 |
David Leon Joyce | director | GENERAL ELECTRIC COMPANY, 5 NECCO STREET, BOSTON MA 02210 |
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