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.
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Triumph Group Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
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 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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
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 Beneish M-Score Distribution
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 * 0.6382 | + | 0.528 * 0.9847 | + | 0.404 * 0.9436 | + | 0.892 * 1.1799 | + | 0.115 * 0.9494 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9041 | + | 4.679 * -0.003122 | - | 0.327 * 0.9537 |
| = | -2.67 |
* 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 $217 Mil.
Revenue was 284.955 + 354.061 + 327.145 + 574.024 = $1,540 Mil.
Gross Profit was 69.983 + 92.669 + 86.412 + 170.434 = $419 Mil.
Total Current Assets was $929 Mil.
Total Assets was $1,677 Mil.
Property, Plant and Equipment(Net PPE) was $142 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $214 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt & Capital Lease Obligation was $1,628 Mil.
Net Income was -15.902 + -1.296 + -18.163 + -17.543 = $-53 Mil.
Non Operating Income was 1.823 + -0.819 + -0.405 + -40.033 = $-39 Mil.
Cash Flow from Operations was 27.67 + -32.221 + -63.724 + 60.04 = $-8 Mil.
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Total Receivables was $288 Mil.
Revenue was 261.662 + 307.6 + 349.384 + 386.651 = $1,305 Mil.
Gross Profit was 71.648 + 99.538 + 76.984 + 101.929 = $350 Mil.
Total Current Assets was $823 Mil.
Total Assets was $1,597 Mil.
Property, Plant and Equipment(Net PPE) was $162 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $201 Mil.
Total Current Liabilities was $370 Mil.
Long-Term Debt & Capital Lease Obligation was $1,605 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) |
| = | (216.9 / 1540.185) | / | (288.017 / 1305.297) |
| = | 0.140827 | / | 0.220652 |
| | = | 0.6382 |
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) |
| = | (350.099 / 1305.297) | / | (419.498 / 1540.185) |
| = | 0.268214 | / | 0.272369 |
| | = | 0.9847 |
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 - (929.207 + 141.583) / 1676.582) | / | (1 - (823.342 + 162.278) / 1597.292) |
| = | 0.361326 | / | 0.382943 |
| | = | 0.9436 |
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 |
| = | 1540.185 | / | 1305.297 |
| | = | 1.1799 |
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)) |
| = | (36.715 / (36.715 + 162.278)) | / | (34.154 / (34.154 + 141.583)) |
| = | 0.184504 | / | 0.194347 |
| | = | 0.9494 |
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) |
| = | (214.388 / 1540.185) | / | (200.955 / 1305.297) |
| = | 0.139196 | / | 0.153953 |
| | = | 0.9041 |
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) |
| = | ((1627.81 + 349.382) / 1676.582) | / | ((1605.069 + 370.115) / 1597.292) |
| = | 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 |
| = | (-52.904 - -39.434 | - | -8.235) | / | 1676.582 |
| | = | -0.003122 |
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 -2.67 suggests that the company is unlikely to be a manipulator.
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