Delta Air Lines Beneish M-Score Historical Data
The historical data trend for Delta Air Lines'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.
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Delta Air Lines Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.64 |
-3.50 |
30.70 |
-3.11 |
-2.82 |
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Delta Air Lines 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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|
|
|
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|
|
|
|
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|
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-3.09 |
-3.05 |
-2.96 |
-2.82 |
-2.70 |
Competitive Comparison
For the Airlines subindustry, Delta Air Lines'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.
Delta Air Lines Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Delta Air Lines's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Delta Air Lines's Beneish M-Score falls into.
Delta Air Lines 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 Delta Air Lines 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 * 1.0632 | + | 0.528 * 0.768 | + | 0.404 * 1.0395 | + | 0.892 * 1.0934 | + | 0.115 * 0.5118 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4681 | + | 4.679 * -0.032627 | - | 0.327 * 0.9068 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $3,748 Mil.
Revenue was 13748 + 14223 + 15488 + 15578 = $59,037 Mil.
Gross Profit was 1824 + 2755 + 3600 + 4266 = $12,445 Mil.
Total Current Assets was $11,579 Mil.
Total Assets was $74,969 Mil.
Property, Plant and Equipment(Net PPE) was $42,700 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,183 Mil.
Selling, General, & Admin. Expense(SGA) was $4,002 Mil.
Total Current Liabilities was $28,478 Mil.
Long-Term Debt & Capital Lease Obligation was $22,758 Mil.
Net Income was 37 + 2037 + 1108 + 1827 = $5,009 Mil.
Non Operating Income was -287 + 1221 + -206 + 90 = $818 Mil.
Cash Flow from Operations was 2408 + 545 + 1076 + 2608 = $6,637 Mil.
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Total Receivables was $3,224 Mil.
Revenue was 12759 + 13435 + 13975 + 13824 = $53,993 Mil.
Gross Profit was 858 + 2623 + 2725 + 2535 = $8,741 Mil.
Total Current Assets was $13,401 Mil.
Total Assets was $73,134 Mil.
Property, Plant and Equipment(Net PPE) was $40,316 Mil.
Depreciation, Depletion and Amortization(DDA) was $564 Mil.
Selling, General, & Admin. Expense(SGA) was $2,493 Mil.
Total Current Liabilities was $28,417 Mil.
Long-Term Debt & Capital Lease Obligation was $26,700 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) |
| = | (3748 / 59037) | / | (3224 / 53993) |
| = | 0.063486 | / | 0.059711 |
| | = | 1.0632 |
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) |
| = | (8741 / 53993) | / | (12445 / 59037) |
| = | 0.161891 | / | 0.2108 |
| | = | 0.768 |
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 - (11579 + 42700) / 74969) | / | (1 - (13401 + 40316) / 73134) |
| = | 0.275981 | / | 0.265499 |
| | = | 1.0395 |
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 |
| = | 59037 | / | 53993 |
| | = | 1.0934 |
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)) |
| = | (564 / (564 + 40316)) | / | (1183 / (1183 + 42700)) |
| = | 0.013796 | / | 0.026958 |
| | = | 0.5118 |
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) |
| = | (4002 / 59037) | / | (2493 / 53993) |
| = | 0.067788 | / | 0.046173 |
| | = | 1.4681 |
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) |
| = | ((22758 + 28478) / 74969) | / | ((26700 + 28417) / 73134) |
| = | 0.683429 | / | 0.753644 |
| | = | 0.9068 |
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 |
| = | (5009 - 818 | - | 6637) | / | 74969 |
| | = | -0.032627 |
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.
Delta Air Lines has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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