L3Harris Technologies Beneish M-Score Historical Data
The historical data trend for L3Harris 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.
L3Harris Technologies Beneish M-Score Chart
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L3Harris Technologies Annual Data
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| Beneish M-Score |
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-2.64 |
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-2.69 |
-2.44 |
-2.53 |
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L3Harris Technologies Quarterly Data
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Mar19 |
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| Beneish M-Score |
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-2.44 |
-2.51 |
-2.41 |
-2.37 |
-2.53 |
Competitive Comparison of L3Harris Technologies's Beneish M-Score
For the Aerospace & Defense subindustry, L3Harris 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.
L3Harris Technologies's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, L3Harris Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where L3Harris Technologies's Beneish M-Score falls into.
L3Harris 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 L3Harris 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 * 0.9152 | + | 0.528 * 1.0996 | + | 0.404 * 1.0032 | + | 0.892 * 1.1085 | + | 0.115 * 1.0629 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0208 | + | 4.679 * -0.013343 | - | 0.327 * 1.2842 |
| = | -2.56 |
* 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 €4,059 Mil.
Revenue was 4896.78 + 4605.355 + 4331.639 + 4175.914 = €18,010 Mil.
Gross Profit was 1288.385 + 1224.659 + 1123.291 + 1089.044 = €4,725 Mil.
Total Current Assets was €7,386 Mil.
Total Assets was €38,227 Mil.
Property, Plant and Equipment(Net PPE) was €2,624 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,081 Mil.
Selling, General, & Admin. Expense(SGA) was €1,725 Mil.
Total Current Liabilities was €7,340 Mil.
Long-Term Debt & Capital Lease Obligation was €10,234 Mil.
Net Income was 144.886 + 358.871 + 322.127 + 314.758 = €1,141 Mil.
Non Operating Income was -416.318 + 74.96 + -25.844 + 76.588 = €-291 Mil.
Cash Flow from Operations was 723.513 + 508.791 + 382.122 + 326.9 = €1,941 Mil.
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Total Receivables was €4,001 Mil.
Revenue was 4321.632 + 4288.46 + 3911.71 + 3725.524 = €16,247 Mil.
Gross Profit was 1191.328 + 1205.94 + 1161.688 + 1128.644 = €4,688 Mil.
Total Current Assets was €6,376 Mil.
Total Assets was €31,647 Mil.
Property, Plant and Equipment(Net PPE) was €1,986 Mil.
Depreciation, Depletion and Amortization(DDA) was €893 Mil.
Selling, General, & Admin. Expense(SGA) was €1,524 Mil.
Total Current Liabilities was €5,453 Mil.
Long-Term Debt & Capital Lease Obligation was €5,876 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) |
| = | (4058.642 / 18009.688) | / | (4000.672 / 16247.326) |
| = | 0.225359 | / | 0.246236 |
| | = | 0.9152 |
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) |
| = | (4687.6 / 16247.326) | / | (4725.379 / 18009.688) |
| = | 0.288515 | / | 0.26238 |
| | = | 1.0996 |
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 - (7386.435 + 2624.454) / 38226.979) | / | (1 - (6375.776 + 1986.176) / 31646.656) |
| = | 0.73812 | / | 0.735771 |
| | = | 1.0032 |
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 |
| = | 18009.688 | / | 16247.326 |
| | = | 1.1085 |
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)) |
| = | (892.898 / (892.898 + 1986.176)) | / | (1081.208 / (1081.208 + 2624.454)) |
| = | 0.310134 | / | 0.291772 |
| | = | 1.0629 |
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) |
| = | (1724.885 / 18009.688) | / | (1524.378 / 16247.326) |
| = | 0.095775 | / | 0.093823 |
| | = | 1.0208 |
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) |
| = | ((10233.72 + 7339.668) / 38226.979) | / | ((5876.4 + 5452.544) / 31646.656) |
| = | 0.459712 | / | 0.357982 |
| | = | 1.2842 |
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 |
| = | (1140.642 - -290.614 | - | 1941.326) | / | 38226.979 |
| | = | -0.013343 |
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.
L3Harris Technologies has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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