Air France-KLM Beneish M-Score Historical Data
The historical data trend for Air France-KLM'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.
Air France-KLM Beneish M-Score Chart
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Air France-KLM Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.02 |
1,872.25 |
-3.55 |
-2.70 |
-2.71 |
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Air France-KLM Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.57 |
-2.64 |
-2.82 |
-2.71 |
-2.54 |
Competitive Comparison of Air France-KLM's Beneish M-Score
For the Airlines subindustry, Air France-KLM'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.
Air France-KLM's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Air France-KLM's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air France-KLM's Beneish M-Score falls into.
Air France-KLM 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 Air France-KLM 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 * 1.0995 | + | 0.528 * 0.7327 | + | 0.404 * 1.0334 | + | 0.892 * 1.0731 | + | 0.115 * 1.0715 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9883 | + | 4.679 * -0.03881 | - | 0.327 * 0.7476 |
| = | -2.54 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €2,492 Mil.
Revenue was 6654 + 7407 + 8659 + 7624 = €30,344 Mil.
Gross Profit was 1053 + 2149 + 4347 + 2208 = €9,757 Mil.
Total Current Assets was €11,628 Mil.
Total Assets was €34,733 Mil.
Property, Plant and Equipment(Net PPE) was €18,986 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,703 Mil.
Selling, General, & Admin. Expense(SGA) was €1,050 Mil.
Total Current Liabilities was €17,586 Mil.
Long-Term Debt & Capital Lease Obligation was €3,563 Mil.
Net Income was -522 + -256 + 930 + 604 = €756 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 769 + -310 + 589 + 1056 = €2,104 Mil.
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Total Receivables was €2,112 Mil.
Revenue was 6329 + 7129 + 8112 + 6707 = €28,277 Mil.
Gross Profit was 1078 + 2192 + 2133 + 1259 = €6,662 Mil.
Total Current Assets was €10,734 Mil.
Total Assets was €32,041 Mil.
Property, Plant and Equipment(Net PPE) was €17,630 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,717 Mil.
Selling, General, & Admin. Expense(SGA) was €990 Mil.
Total Current Liabilities was €15,904 Mil.
Long-Term Debt & Capital Lease Obligation was €10,194 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) |
| = | (2492 / 30344) | / | (2112 / 28277) |
| = | 0.082125 | / | 0.07469 |
| | = | 1.0995 |
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) |
| = | (6662 / 28277) | / | (9757 / 30344) |
| = | 0.235598 | / | 0.321546 |
| | = | 0.7327 |
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 - (11628 + 18986) / 34733) | / | (1 - (10734 + 17630) / 32041) |
| = | 0.11859 | / | 0.114759 |
| | = | 1.0334 |
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 |
| = | 30344 | / | 28277 |
| | = | 1.0731 |
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)) |
| = | (2717 / (2717 + 17630)) | / | (2703 / (2703 + 18986)) |
| = | 0.133533 | / | 0.124625 |
| | = | 1.0715 |
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) |
| = | (1050 / 30344) | / | (990 / 28277) |
| = | 0.034603 | / | 0.035011 |
| | = | 0.9883 |
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) |
| = | ((3563 + 17586) / 34733) | / | ((10194 + 15904) / 32041) |
| = | 0.608902 | / | 0.814519 |
| | = | 0.7476 |
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 |
| = | (756 - 0 | - | 2104) | / | 34733 |
| | = | -0.03881 |
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.
Air France-KLM has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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