GE Aerospace Beneish M-Score Historical Data
The historical data trend for GE Aerospace'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.
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GE Aerospace Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.55 |
-2.50 |
-2.76 |
-2.64 |
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GE Aerospace Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.76 |
-2.76 |
-2.74 |
-2.75 |
-2.64 |
Competitive Comparison
For the Aerospace & Defense subindustry, GE Aerospace'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.
GE Aerospace Beneish M-Score Distribution
For the Aerospace & Defense industry and Industrials sector, GE Aerospace's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GE Aerospace's Beneish M-Score falls into.
GE Aerospace 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 GE Aerospace 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 * 0.8394 | + | 0.528 * 0.9209 | + | 0.404 * 0.8887 | + | 0.892 * 1.1696 | + | 0.115 * 1.3476 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8781 | + | 4.679 * -0.016529 | - | 0.327 * 1.1699 |
| = | -2.64 |
* 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 $17,432 Mil.
Revenue was 19423 + 17346 + 16698 + 14485 = $67,952 Mil.
Gross Profit was 5027 + 4442 + 4336 + 3756 = $17,561 Mil.
Total Current Assets was $59,798 Mil.
Total Assets was $163,045 Mil.
Property, Plant and Equipment(Net PPE) was $12,494 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,079 Mil.
Selling, General, & Admin. Expense(SGA) was $12,081 Mil.
Total Current Liabilities was $50,876 Mil.
Long-Term Debt & Capital Lease Obligation was $21,684 Mil.
Net Income was 1592 + 348 + 35 + 7506 = $9,481 Mil.
Non Operating Income was 906 + -696 + 713 + 6074 = $6,997 Mil.
Cash Flow from Operations was 3141 + 1823 + 474 + -259 = $5,179 Mil.
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Total Receivables was $17,755 Mil.
Revenue was 16826 + 14471 + 14128 + 12674 = $58,099 Mil.
Gross Profit was 4387 + 2937 + 3603 + 2900 = $13,827 Mil.
Total Current Assets was $58,382 Mil.
Total Assets was $188,851 Mil.
Property, Plant and Equipment(Net PPE) was $12,193 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,902 Mil.
Selling, General, & Admin. Expense(SGA) was $11,763 Mil.
Total Current Liabilities was $49,428 Mil.
Long-Term Debt & Capital Lease Obligation was $22,409 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) |
| = | (17432 / 67952) | / | (17755 / 58099) |
| = | 0.256534 | / | 0.305599 |
| | = | 0.8394 |
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) |
| = | (13827 / 58099) | / | (17561 / 67952) |
| = | 0.23799 | / | 0.258432 |
| | = | 0.9209 |
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 - (59798 + 12494) / 163045) | / | (1 - (58382 + 12193) / 188851) |
| = | 0.556613 | / | 0.626293 |
| | = | 0.8887 |
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 |
| = | 67952 | / | 58099 |
| | = | 1.1696 |
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)) |
| = | (2902 / (2902 + 12193)) | / | (2079 / (2079 + 12494)) |
| = | 0.192249 | / | 0.142661 |
| | = | 1.3476 |
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) |
| = | (12081 / 67952) | / | (11763 / 58099) |
| = | 0.177787 | / | 0.202465 |
| | = | 0.8781 |
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) |
| = | ((21684 + 50876) / 163045) | / | ((22409 + 49428) / 188851) |
| = | 0.445031 | / | 0.38039 |
| | = | 1.1699 |
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 |
| = | (9481 - 6997 | - | 5179) | / | 163045 |
| | = | -0.016529 |
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.
GE Aerospace has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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