Embraer Beneish M-Score Historical Data
The historical data trend for Embraer'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.
Embraer Beneish M-Score Chart
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Embraer Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.42 |
-1.07 |
-2.56 |
-2.90 |
-2.43 |
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Embraer Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.50 |
-2.49 |
-2.43 |
-1.68 |
-1.85 |
Competitive Comparison of Embraer's Beneish M-Score
For the Aerospace & Defense subindustry, Embraer'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.
Embraer's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Embraer's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Embraer's Beneish M-Score falls into.
Embraer 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 Embraer 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 * 1.4708 | + | 0.528 * 1.1329 | + | 0.404 * 1.1071 | + | 0.892 * 0.791 | + | 0.115 * 1.464 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0049 | + | 4.679 * 0.028383 | - | 0.327 * 0.9547 |
| = | -1.92 |
* 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 (Jun24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,079 Mil.
Revenue was 1494.2 + 896.6 + 0 + 1292.3 = $3,683 Mil.
Gross Profit was 240 + 168.7 + 0 + 223.3 = $632 Mil.
Total Current Assets was $5,825 Mil.
Total Assets was $10,876 Mil.
Property, Plant and Equipment(Net PPE) was $1,944 Mil.
Depreciation, Depletion and Amortization(DDA) was $157 Mil.
Selling, General, & Admin. Expense(SGA) was $384 Mil.
Total Current Liabilities was $3,878 Mil.
Long-Term Debt & Capital Lease Obligation was $2,616 Mil.
Net Income was 99.4 + 28.7 + 0 + -18.8 = $109 Mil.
Non Operating Income was -16.4 + 12.2 + 0 + 5 = $1 Mil.
Cash Flow from Operations was -40.2 + -307.2 + 0 + 147.2 = $-200 Mil.
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Total Receivables was $928 Mil.
Revenue was 716.7 + 1991.6 + 929 + 1018.9 = $4,656 Mil.
Gross Profit was 113.7 + 380.8 + 177.4 + 233.3 = $905 Mil.
Total Current Assets was $6,025 Mil.
Total Assets was $10,458 Mil.
Property, Plant and Equipment(Net PPE) was $1,734 Mil.
Depreciation, Depletion and Amortization(DDA) was $213 Mil.
Selling, General, & Admin. Expense(SGA) was $483 Mil.
Total Current Liabilities was $3,444 Mil.
Long-Term Debt & Capital Lease Obligation was $3,096 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) |
| = | (1079.1 / 3683.1) | / | (927.5 / 4656.2) |
| = | 0.292987 | / | 0.199197 |
| | = | 1.4708 |
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) |
| = | (905.2 / 4656.2) | / | (632 / 3683.1) |
| = | 0.194407 | / | 0.171595 |
| | = | 1.1329 |
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 - (5824.8 + 1943.7) / 10876.1) | / | (1 - (6025.1 + 1733.6) / 10457.7) |
| = | 0.285727 | / | 0.258087 |
| | = | 1.1071 |
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 |
| = | 3683.1 | / | 4656.2 |
| | = | 0.791 |
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)) |
| = | (213.4 / (213.4 + 1733.6)) | / | (157.3 / (157.3 + 1943.7)) |
| = | 0.109605 | / | 0.074869 |
| | = | 1.464 |
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) |
| = | (384.1 / 3683.1) | / | (483.2 / 4656.2) |
| = | 0.104287 | / | 0.103776 |
| | = | 1.0049 |
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) |
| = | ((2615.6 + 3878.1) / 10876.1) | / | ((3096.2 + 3444.1) / 10457.7) |
| = | 0.597061 | / | 0.625405 |
| | = | 0.9547 |
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 |
| = | (109.3 - 0.8 | - | -200.2) | / | 10876.1 |
| | = | 0.028383 |
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.
Embraer has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
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