AirTrip Beneish M-Score Historical Data
The historical data trend for AirTrip'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.
AirTrip Beneish M-Score Chart
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AirTrip Annual Data
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Trend |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.87 |
-4.75 |
-3.13 |
-2.09 |
-2.48 |
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AirTrip 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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-2.33 |
-2.30 |
-2.48 |
-2.71 |
-2.45 |
Competitive Comparison of AirTrip's Beneish M-Score
For the Travel Services subindustry, AirTrip'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.
AirTrip's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, AirTrip's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AirTrip's Beneish M-Score falls into.
AirTrip 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 AirTrip 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 * 0.8113 | + | 0.528 * 0.8507 | + | 0.404 * 1.4907 | + | 0.892 * 1.2358 | + | 0.115 * 0.9823 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0924 | + | 4.679 * -0.036044 | - | 0.327 * 0.8222 |
| = | -2.45 |
* 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 円2,703 Mil.
Revenue was 6088 + 6397 + 6634 + 5164 = 円24,283 Mil.
Gross Profit was 3453 + 3786 + 4201 + 3423 = 円14,863 Mil.
Total Current Assets was 円20,181 Mil.
Total Assets was 円28,798 Mil.
Property, Plant and Equipment(Net PPE) was 円1,661 Mil.
Depreciation, Depletion and Amortization(DDA) was 円677 Mil.
Selling, General, & Admin. Expense(SGA) was 円11,312 Mil.
Total Current Liabilities was 円10,979 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,712 Mil.
Net Income was 776 + 238 + -599 + 758 = 円1,173 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 547 + -725 + 639 + 1750 = 円2,211 Mil.
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Total Receivables was 円2,696 Mil.
Revenue was 6556 + 5031 + 5044 + 3018 = 円19,649 Mil.
Gross Profit was 3432 + 2471 + 2448 + 1880 = 円10,231 Mil.
Total Current Assets was 円20,876 Mil.
Total Assets was 円26,933 Mil.
Property, Plant and Equipment(Net PPE) was 円1,693 Mil.
Depreciation, Depletion and Amortization(DDA) was 円673 Mil.
Selling, General, & Admin. Expense(SGA) was 円8,379 Mil.
Total Current Liabilities was 円11,809 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,765 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) |
| = | (2703 / 24283) | / | (2696 / 19649) |
| = | 0.111312 | / | 0.137208 |
| | = | 0.8113 |
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) |
| = | (10231 / 19649) | / | (14863 / 24283) |
| = | 0.520688 | / | 0.612074 |
| | = | 0.8507 |
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 - (20181 + 1661) / 28798) | / | (1 - (20876 + 1693) / 26933) |
| = | 0.241545 | / | 0.162032 |
| | = | 1.4907 |
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 |
| = | 24283 | / | 19649 |
| | = | 1.2358 |
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)) |
| = | (673 / (673 + 1693)) | / | (677 / (677 + 1661)) |
| = | 0.284446 | / | 0.289564 |
| | = | 0.9823 |
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) |
| = | (11312 / 24283) | / | (8379 / 19649) |
| = | 0.46584 | / | 0.426434 |
| | = | 1.0924 |
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) |
| = | ((2712 + 10979) / 28798) | / | ((3765 + 11809) / 26933) |
| = | 0.475415 | / | 0.57825 |
| | = | 0.8222 |
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 |
| = | (1173 - 0 | - | 2211) | / | 28798 |
| | = | -0.036044 |
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.
AirTrip has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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