RTX Beneish M-Score Historical Data
The historical data trend for RTX'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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RTX Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-1.69 |
-2.50 |
-2.62 |
-2.55 |
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RTX Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.45 |
-2.49 |
-2.52 |
-2.55 |
Competitive Comparison
For the Aerospace & Defense subindustry, RTX'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.
RTX Beneish M-Score Distribution
For the Aerospace & Defense industry and Industrials sector, RTX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RTX's Beneish M-Score falls into.
RTX 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 RTX 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 * 1.0833 | + | 0.528 * 1.1617 | + | 0.404 * 0.9483 | + | 0.892 * 1.0275 | + | 0.115 * 0.9982 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0655 | + | 4.679 * -0.029802 | - | 0.327 * 1.2445 |
| = | -2.55 |
* 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 $22,977 Mil.
Revenue was 19927 + 13464 + 18315 + 17214 = $68,920 Mil.
Gross Profit was 4009 + 714 + 3797 + 3569 = $12,089 Mil.
Total Current Assets was $48,417 Mil.
Total Assets was $161,869 Mil.
Property, Plant and Equipment(Net PPE) was $17,386 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,211 Mil.
Selling, General, & Admin. Expense(SGA) was $4,099 Mil.
Total Current Liabilities was $46,761 Mil.
Long-Term Debt & Capital Lease Obligation was $43,767 Mil.
Net Income was 1426 + -984 + 1327 + 1426 = $3,195 Mil.
Non Operating Income was -1325 + 446 + 469 + 546 = $136 Mil.
Cash Flow from Operations was 4711 + 3316 + 719 + -863 = $7,883 Mil.
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Total Receivables was $20,642 Mil.
Revenue was 18093 + 16951 + 16314 + 15716 = $67,074 Mil.
Gross Profit was 3567 + 3487 + 3458 + 3156 = $13,668 Mil.
Total Current Assets was $42,443 Mil.
Total Assets was $158,864 Mil.
Property, Plant and Equipment(Net PPE) was $16,999 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,108 Mil.
Selling, General, & Admin. Expense(SGA) was $3,744 Mil.
Total Current Liabilities was $39,114 Mil.
Long-Term Debt & Capital Lease Obligation was $32,280 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) |
| = | (22977 / 68920) | / | (20642 / 67074) |
| = | 0.333387 | / | 0.30775 |
| | = | 1.0833 |
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) |
| = | (13668 / 67074) | / | (12089 / 68920) |
| = | 0.203775 | / | 0.175406 |
| | = | 1.1617 |
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 - (48417 + 17386) / 161869) | / | (1 - (42443 + 16999) / 158864) |
| = | 0.59348 | / | 0.625831 |
| | = | 0.9483 |
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 |
| = | 68920 | / | 67074 |
| | = | 1.0275 |
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)) |
| = | (4108 / (4108 + 16999)) | / | (4211 / (4211 + 17386)) |
| = | 0.194627 | / | 0.194981 |
| | = | 0.9982 |
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) |
| = | (4099 / 68920) | / | (3744 / 67074) |
| = | 0.059475 | / | 0.055819 |
| | = | 1.0655 |
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) |
| = | ((43767 + 46761) / 161869) | / | ((32280 + 39114) / 158864) |
| = | 0.559267 | / | 0.449403 |
| | = | 1.2445 |
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 |
| = | (3195 - 136 | - | 7883) | / | 161869 |
| | = | -0.029802 |
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.
RTX has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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