Hexcel Beneish M-Score Historical Data
The historical data trend for Hexcel'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.
Hexcel Beneish M-Score Chart
|
Hexcel Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.61 |
-2.80 |
-2.71 |
-2.37 |
-2.66 |
|
Hexcel Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.42 |
-2.55 |
-2.52 |
-2.66 |
-2.65 |
Competitive Comparison of Hexcel's Beneish M-Score
For the Aerospace & Defense subindustry, Hexcel'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.
Hexcel's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Hexcel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hexcel's Beneish M-Score falls into.
Hexcel 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 Hexcel 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 * 0.9377 | + | 0.528 * 1.0303 | + | 0.404 * 0.8574 | + | 0.892 * 1.0965 | + | 0.115 * 1.0012 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9587 | + | 4.679 * -0.036297 | - | 0.327 * 0.9766 |
| = | -2.65 |
* 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 $302 Mil.
Revenue was 472.3 + 457.5 + 419.5 + 454.3 = $1,804 Mil.
Gross Profit was 118.2 + 103.1 + 91.6 + 110.8 = $424 Mil.
Total Current Assets was $790 Mil.
Total Assets was $2,821 Mil.
Property, Plant and Equipment(Net PPE) was $1,658 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $162 Mil.
Total Current Liabilities was $289 Mil.
Long-Term Debt & Capital Lease Obligation was $715 Mil.
Net Income was 36.5 + -18.2 + 38.7 + 42.5 = $100 Mil.
Non Operating Income was 0 + -71.6 + 0 + 0 = $-72 Mil.
Cash Flow from Operations was -7 + 159 + 68 + 53.5 = $274 Mil.
|
Total Receivables was $294 Mil.
Revenue was 457.7 + 429.4 + 364.7 + 393 = $1,645 Mil.
Gross Profit was 127.7 + 99.1 + 81.8 + 89.5 = $398 Mil.
Total Current Assets was $808 Mil.
Total Assets was $2,907 Mil.
Property, Plant and Equipment(Net PPE) was $1,651 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $154 Mil.
Total Current Liabilities was $290 Mil.
Long-Term Debt & Capital Lease Obligation was $769 Mil.
|
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) |
| = | (302.2 / 1803.6) | / | (293.9 / 1644.8) |
| = | 0.167554 | / | 0.178684 |
| | = | 0.9377 |
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) |
| = | (398.1 / 1644.8) | / | (423.7 / 1803.6) |
| = | 0.242036 | / | 0.234919 |
| | = | 1.0303 |
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 - (789.7 + 1658.2) / 2821.2) | / | (1 - (807.9 + 1650.7) / 2907.3) |
| = | 0.13232 | / | 0.154336 |
| | = | 0.8574 |
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 |
| = | 1803.6 | / | 1644.8 |
| | = | 1.0965 |
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)) |
| = | (124.7 / (124.7 + 1650.7)) | / | (125.1 / (125.1 + 1658.2)) |
| = | 0.070238 | / | 0.070151 |
| | = | 1.0012 |
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) |
| = | (162 / 1803.6) | / | (154.1 / 1644.8) |
| = | 0.08982 | / | 0.093689 |
| | = | 0.9587 |
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) |
| = | ((714.6 + 288.6) / 2821.2) | / | ((768.5 + 290.1) / 2907.3) |
| = | 0.355593 | / | 0.364118 |
| | = | 0.9766 |
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 |
| = | (99.5 - -71.6 | - | 273.5) | / | 2821.2 |
| | = | -0.036297 |
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.
Hexcel has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
HXL has been successfully added to your