Triumph Group Beneish M-Score Historical Data
The historical data trend for Triumph 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.
Triumph Group Beneish M-Score Chart
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Triumph Group Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.60 |
-2.93 |
-2.99 |
-2.28 |
-2.28 |
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Triumph Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.28 |
-2.43 |
-2.37 |
-2.67 |
Competitive Comparison of Triumph Group's Beneish M-Score
For the Aerospace & Defense subindustry, Triumph 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.
Triumph Group's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Triumph Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Triumph Group's Beneish M-Score falls into.
Triumph 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 Triumph 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 * 0.6335 | + | 0.528 * 0.9878 | + | 0.404 * 0.9435 | + | 0.892 * 1.1548 | + | 0.115 * 0.9463 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8976 | + | 4.679 * -0.002945 | - | 0.327 * 0.9537 |
| = | -2.70 |
* 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 €199 Mil.
Revenue was 261.304 + 331.755 + 301.955 + 536.138 = €1,431 Mil.
Gross Profit was 64.174 + 86.831 + 79.758 + 159.185 = €390 Mil.
Total Current Assets was €852 Mil.
Total Assets was €1,537 Mil.
Property, Plant and Equipment(Net PPE) was €130 Mil.
Depreciation, Depletion and Amortization(DDA) was €32 Mil.
Selling, General, & Admin. Expense(SGA) was €199 Mil.
Total Current Liabilities was €320 Mil.
Long-Term Debt & Capital Lease Obligation was €1,493 Mil.
Net Income was -14.582 + -1.214 + -16.764 + -16.385 = €-49 Mil.
Non Operating Income was 1.672 + -0.767 + -0.374 + -37.391 = €-37 Mil.
Cash Flow from Operations was 25.373 + -30.191 + -58.817 + 56.077 = €-8 Mil.
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Total Receivables was €272 Mil.
Revenue was 247.009 + 310.676 + 330.517 + 351.079 = €1,239 Mil.
Gross Profit was 67.636 + 100.533 + 72.827 + 92.552 = €334 Mil.
Total Current Assets was €777 Mil.
Total Assets was €1,508 Mil.
Property, Plant and Equipment(Net PPE) was €153 Mil.
Depreciation, Depletion and Amortization(DDA) was €35 Mil.
Selling, General, & Admin. Expense(SGA) was €192 Mil.
Total Current Liabilities was €349 Mil.
Long-Term Debt & Capital Lease Obligation was €1,515 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) |
| = | (198.897 / 1431.152) | / | (271.888 / 1239.281) |
| = | 0.138977 | / | 0.219392 |
| | = | 0.6335 |
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) |
| = | (333.548 / 1239.281) | / | (389.948 / 1431.152) |
| = | 0.269146 | / | 0.272471 |
| | = | 0.9878 |
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 - (852.083 + 129.832) / 1537.426) | / | (1 - (777.235 + 153.19) / 1507.844) |
| = | 0.361325 | / | 0.382943 |
| | = | 0.9435 |
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 |
| = | 1431.152 | / | 1239.281 |
| | = | 1.1548 |
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)) |
| = | (34.906 / (34.906 + 153.19)) | / | (31.672 / (31.672 + 129.832)) |
| = | 0.185575 | / | 0.196107 |
| | = | 0.9463 |
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) |
| = | (199.041 / 1431.152) | / | (192.018 / 1239.281) |
| = | 0.139077 | / | 0.154943 |
| | = | 0.8976 |
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) |
| = | ((1492.702 + 320.383) / 1537.426) | / | ((1515.185 + 349.389) / 1507.844) |
| = | 1.179299 | / | 1.236583 |
| | = | 0.9537 |
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 |
| = | (-48.945 - -36.86 | - | -7.558) | / | 1537.426 |
| | = | -0.002945 |
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.
Triumph Group has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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