TransDigm Group Beneish M-Score Historical Data
The historical data trend for TransDigm Group'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.
TransDigm Group Beneish M-Score Chart
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TransDigm Group Annual Data
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Sep14 |
Sep15 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.09 |
-2.99 |
-2.41 |
-2.32 |
-2.21 |
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TransDigm Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.27 |
-2.20 |
-2.21 |
-2.08 |
-2.11 |
Competitive Comparison of TransDigm Group's Beneish M-Score
For the Aerospace & Defense subindustry, TransDigm Group'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.
TransDigm Group's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, TransDigm Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TransDigm Group's Beneish M-Score falls into.
TransDigm Group 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 TransDigm Group 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 * 0.9604 | + | 0.528 * 0.9827 | + | 0.404 * 0.9532 | + | 0.892 * 1.1745 | + | 0.115 * 1.6218 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9257 | + | 4.679 * 0.031504 | - | 0.327 * 0.9991 |
| = | -2.16 |
* 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 R$5,981 Mil.
Revenue was 9556.236 + 8765.742 + 9146.472 + 8464.853 = R$35,933 Mil.
Gross Profit was 5736.73 + 5105.592 + 5393.06 + 4994.457 = R$21,230 Mil.
Total Current Assets was R$41,243 Mil.
Total Assets was R$107,449 Mil.
Property, Plant and Equipment(Net PPE) was R$6,414 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,036 Mil.
Selling, General, & Admin. Expense(SGA) was R$4,236 Mil.
Total Current Liabilities was R$11,130 Mil.
Long-Term Debt & Capital Lease Obligation was R$106,224 Mil.
Net Income was 2006.859 + 1871.724 + 2049.561 + 1703.649 = R$7,632 Mil.
Non Operating Income was -24.899 + 4.9 + -9.877 + 24.269 = R$-6 Mil.
Cash Flow from Operations was 0 + 0 + 2281.679 + 1970.602 = R$4,252 Mil.
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Total Receivables was R$5,302 Mil.
Revenue was 8292.091 + 7327.824 + 7917.836 + 7056.685 = R$30,594 Mil.
Gross Profit was 4838.789 + 4159.602 + 4645.83 + 4118.923 = R$17,763 Mil.
Total Current Assets was R$38,835 Mil.
Total Assets was R$104,214 Mil.
Property, Plant and Equipment(Net PPE) was R$4,542 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,323 Mil.
Selling, General, & Admin. Expense(SGA) was R$3,896 Mil.
Total Current Liabilities was R$13,136 Mil.
Long-Term Debt & Capital Lease Obligation was R$100,781 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) |
| = | (5980.74 / 35933.303) | / | (5302.355 / 30594.436) |
| = | 0.16644 | / | 0.173311 |
| | = | 0.9604 |
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) |
| = | (17763.144 / 30594.436) | / | (21229.839 / 35933.303) |
| = | 0.5806 | / | 0.590812 |
| | = | 0.9827 |
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 - (41242.704 + 6413.982) / 107449.145) | / | (1 - (38835.322 + 4541.899) / 104213.669) |
| = | 0.556472 | / | 0.583766 |
| | = | 0.9532 |
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 |
| = | 35933.303 | / | 30594.436 |
| | = | 1.1745 |
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)) |
| = | (1322.972 / (1322.972 + 4541.899)) | / | (1036.275 / (1036.275 + 6413.982)) |
| = | 0.225576 | / | 0.139093 |
| | = | 1.6218 |
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) |
| = | (4235.979 / 35933.303) | / | (3895.929 / 30594.436) |
| = | 0.117884 | / | 0.127341 |
| | = | 0.9257 |
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) |
| = | ((106224.114 + 11129.853) / 107449.145) | / | ((100781.201 + 13136.089) / 104213.669) |
| = | 1.092181 | / | 1.093113 |
| | = | 0.9991 |
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 |
| = | (7631.793 - -5.607 | - | 4252.281) | / | 107449.145 |
| | = | 0.031504 |
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.
TransDigm Group has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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