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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score -1.03 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for CPI Aerostructures's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of CPI Aerostructures was -0.75. The lowest was -4.60. And the median was -2.59.
The historical data trend for CPI Aerostructures'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.
CPI Aerostructures Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.23 | -2.83 | -2.34 | -0.75 | -1.03 |
CPI Aerostructures Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -0.75 | -1.06 | -0.95 | -0.66 | -1.03 |
For the Aerospace & Defense subindustry, CPI Aerostructures'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.
For the Aerospace & Defense industry and Industrials sector, CPI Aerostructures's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CPI Aerostructures's Beneish M-Score falls into.
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 CPI Aerostructures 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 * 1.0664 | + | 0.528 * 0.9913 | + | 0.404 * 2.0374 | + | 0.892 * 1.0376 | + | 0.115 * 1.0498 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9087 | + | 4.679 * 0.178483 | - | 0.327 * 0.7564 | |||||||
= | -1.03 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $39.70 Mil. Revenue was 23.503 + 20.399 + 20.548 + 22.017 = $86.47 Mil. Gross Profit was 4.093 + 3.706 + 4.604 + 4.663 = $17.07 Mil. Total Current Assets was $46.91 Mil. Total Assets was $74.36 Mil. Property, Plant and Equipment(Net PPE) was $5.53 Mil. Depreciation, Depletion and Amortization(DDA) was $0.47 Mil. Selling, General, & Admin. Expense(SGA) was $10.76 Mil. Total Current Liabilities was $31.51 Mil. Long-Term Debt & Capital Lease Obligation was $20.77 Mil. Net Income was 14.759 + 0.301 + 1.157 + 0.983 = $17.20 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil. Cash Flow from Operations was 3.088 + -0.035 + -0.018 + 0.893 = $3.93 Mil. |
Total Receivables was $35.88 Mil. Revenue was 24.078 + 20.197 + 18.925 + 20.135 = $83.34 Mil. Gross Profit was 3.882 + 5.328 + 3.66 + 3.435 = $16.31 Mil. Total Current Assets was $43.20 Mil. Total Assets was $59.45 Mil. Property, Plant and Equipment(Net PPE) was $7.65 Mil. Depreciation, Depletion and Amortization(DDA) was $0.69 Mil. Selling, General, & Admin. Expense(SGA) was $11.41 Mil. Total Current Liabilities was $30.30 Mil. Long-Term Debt & Capital Lease Obligation was $24.95 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) |
= | (39.704 / 86.467) | / | (35.882 / 83.335) | |
= | 0.459181 | / | 0.430575 | |
= | 1.0664 |
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) | |
= | (16.305 / 83.335) | / | (17.066 / 86.467) | |
= | 0.195656 | / | 0.19737 | |
= | 0.9913 |
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 - (46.914 + 5.534) / 74.36) | / | (1 - (43.198 + 7.651) / 59.447) | |
= | 0.294675 | / | 0.144633 | |
= | 2.0374 |
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 | |
= | 86.467 | / | 83.335 | |
= | 1.0376 |
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)) |
= | (0.688 / (0.688 + 7.651)) | / | (0.472 / (0.472 + 5.534)) | |
= | 0.082504 | / | 0.078588 | |
= | 1.0498 |
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) |
= | (10.758 / 86.467) | / | (11.41 / 83.335) | |
= | 0.124417 | / | 0.136917 | |
= | 0.9087 |
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) |
= | ((20.767 + 31.511) / 74.36) | / | ((24.948 + 30.302) / 59.447) | |
= | 0.703039 | / | 0.929399 | |
= | 0.7564 |
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 | |
= | (17.2 - 0 | - | 3.928) | / | 74.36 | |
= | 0.178483 |
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.
CPI Aerostructures has a M-score of -1.03 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of CPI Aerostructures's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Pamela Levesque | director | 91 HEARTLAND BOULEVARD, EDGEWOOD NY 11717 |
Richard C Rosenjack | director | C/O TRIUMPH GROUP, INC., 899 CASSATT ROAD, SUITE 210, BERWYN PA 19312 |
Paul Packer | 10 percent owner | C/O GLOBIS CAPITAL PARTNERS LP, 60 BROAD ST, NEW YORK NY 10004 |
Richard S Caswell | director | C/O CPI AEROSTRUCTURES, INC., 91 HEARTLAND BOULEVARD, EDGEWOOD NY 11717 |
Terry Dean Stinson | director | C/O LENNOX INTERNATIONAL INC., 2140 LAKE PARK BOULEVARD, RICHARDSON TX 75080-2254 |
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