Rockwell Collins Beneish M-Score Historical Data
The historical data trend for Rockwell Collins'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.
Rockwell Collins Beneish M-Score Chart
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Rockwell Collins Annual Data
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Trend |
Sep09 |
Sep10 |
Sep11 |
Sep12 |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
| Beneish M-Score |
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-2.51 |
-2.36 |
-2.46 |
-1.96 |
-1.66 |
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Rockwell Collins Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-1.96 |
-1.62 |
-1.64 |
-2.30 |
-1.66 |
Competitive Comparison of Rockwell Collins's Beneish M-Score
For the Aerospace & Defense subindustry, Rockwell Collins'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.
Rockwell Collins's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Rockwell Collins's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rockwell Collins's Beneish M-Score falls into.
Rockwell Collins 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 Rockwell Collins 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 * 1.1644 | + | 0.528 * 1.0871 | + | 0.404 * 0.9443 | + | 0.892 * 1.2702 | + | 0.115 * 0.7524 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8787 | + | 4.679 * 0.075371 | - | 0.327 * 1.0063 |
| = | -1.72 |
* 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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $2,109 Mil.
Revenue was 2266 + 2208 + 2180 + 2011 = $8,665 Mil.
Gross Profit was 570 + 583 + 582 + 548 = $2,283 Mil.
Total Current Assets was $5,778 Mil.
Total Assets was $19,026 Mil.
Property, Plant and Equipment(Net PPE) was $1,429 Mil.
Depreciation, Depletion and Amortization(DDA) was $590 Mil.
Selling, General, & Admin. Expense(SGA) was $817 Mil.
Total Current Liabilities was $4,686 Mil.
Long-Term Debt & Capital Lease Obligation was $5,681 Mil.
Net Income was 240 + 275 + 237 + 280 = $1,032 Mil.
Non Operating Income was -17 + -36 + -16 + -23 = $-92 Mil.
Cash Flow from Operations was -506 + 273 + 182 + -259 = $-310 Mil.
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Total Receivables was $1,426 Mil.
Revenue was 2193 + 2094 + 1342 + 1193 = $6,822 Mil.
Gross Profit was 595 + 570 + 412 + 377 = $1,954 Mil.
Total Current Assets was $4,760 Mil.
Total Assets was $17,997 Mil.
Property, Plant and Equipment(Net PPE) was $1,398 Mil.
Depreciation, Depletion and Amortization(DDA) was $394 Mil.
Selling, General, & Admin. Expense(SGA) was $732 Mil.
Total Current Liabilities was $3,069 Mil.
Long-Term Debt & Capital Lease Obligation was $6,676 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) |
| = | (2109 / 8665) | / | (1426 / 6822) |
| = | 0.243393 | / | 0.20903 |
| | = | 1.1644 |
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) |
| = | (1954 / 6822) | / | (2283 / 8665) |
| = | 0.286426 | / | 0.263474 |
| | = | 1.0871 |
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 - (5778 + 1429) / 19026) | / | (1 - (4760 + 1398) / 17997) |
| = | 0.621203 | / | 0.657832 |
| | = | 0.9443 |
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 |
| = | 8665 | / | 6822 |
| | = | 1.2702 |
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)) |
| = | (394 / (394 + 1398)) | / | (590 / (590 + 1429)) |
| = | 0.219866 | / | 0.292224 |
| | = | 0.7524 |
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) |
| = | (817 / 8665) | / | (732 / 6822) |
| = | 0.094287 | / | 0.1073 |
| | = | 0.8787 |
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) |
| = | ((5681 + 4686) / 19026) | / | ((6676 + 3069) / 17997) |
| = | 0.544886 | / | 0.541479 |
| | = | 1.0063 |
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 |
| = | (1032 - -92 | - | -310) | / | 19026 |
| | = | 0.075371 |
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.
Rockwell Collins has a M-score of -1.72 signals that the company is likely to be a manipulator.
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