Hawaiian Beneish M Score

HA
 Stock
  

USD 14.85  0.09  0.61%   

This module uses fundamental data of Hawaiian Hlds to approximate the value of its Beneish M Score. Hawaiian Hlds M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Please check Hawaiian Hlds Piotroski F Score and Hawaiian Hlds Altman Z Score analysis.
  
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Hawaiian Hlds Total Debt is projected to increase significantly based on the last few years of reporting. The past year's Total Debt was at 2.43 Billion. The current year Debt Non Current is expected to grow to about 2.4 B, whereas Debt Current is forecasted to decline to about 170.5 M. Hawaiian Hlds Interest Coverage is projected to increase significantly based on the last few years of reporting. The past year's Interest Coverage was at 27.32. The current year Long Term Debt to Equity is expected to grow to 3.42, whereas Calculated Tax Rate is forecasted to decline to 22.85.
At this time, it appears that Hawaiian Hlds is an unlikely manipulator. The earnings manipulation may begin if Hawaiian Hlds' top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by Hawaiian Hlds executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of Hawaiian Hlds' earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.
-2.47
Beneish M Score - Unlikely Manipulator
Elasticity of Receivables1.01Focus
Asset Quality1.77Focus
Expense Coverage0.93Focus
Gross Margin Strengs1.02Focus
Accruals Factor0.93Focus
Depreciation Resistance0.95Focus
Net Sales Growth1.09Focus
Financial Leverage Condition1.06Focus

Hawaiian Hlds Beneish M-Score Indicator Trends

The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if Hawaiian Hlds' auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.
Current ValueLast YearChange From Last Year 10 Year Trend
Revenues1.7 B1.6 B
Significantly Up
Decreasing
Very volatile
Selling General and Administrative Expense782.4 M770.6 M
Fairly Up
Increasing
Slightly volatile
Net Cash Flow from Operations255.2 M251.3 M
Fairly Up
Decreasing
Very volatile
Depreciation Amortization and Accretion139.2 M138.3 M
Slightly Up
Increasing
Slightly volatile
Total Assets4.1 B4.6 B
Fairly Down
Increasing
Slightly volatile
Investments1.3 B1.2 B
Significantly Up
Increasing
Slightly volatile
Investments Current1.3 B1.2 B
Significantly Up
Increasing
Slightly volatile
Property Plant and Equipment Net2.4 B2.5 B
Sufficiently Down
Increasing
Slightly volatile
Trade and Non Trade Receivables102.4 M92.9 M
Significantly Up
Increasing
Stable
Total Liabilities3.5 B4.1 B
Fairly Down
Increasing
Slightly volatile
Current Assets2.2 BB
Significantly Up
Increasing
Slightly volatile
Assets Non Current2.6 B2.6 B
Fairly Down
Increasing
Slightly volatile
Current Liabilities1.1 B1.1 B
Sufficiently Down
Increasing
Slightly volatile
Liabilities Non Current2.4 BB
Significantly Down
Increasing
Slightly volatile
Total Debt2.6 B2.4 B
Significantly Up
Increasing
Slightly volatile
Debt Current170.5 M200.4 M
Fairly Down
Increasing
Slightly volatile
Debt Non Current2.4 B2.2 B
Significantly Up
Increasing
Slightly volatile
Operating Income(84.7 M)(82.6 M)
Fairly Down
Decreasing
Stable
Gross Margin0.40.394
Fairly Up
Decreasing
Very volatile

Hawaiian Hlds Beneish M-Score Driver Matrix

One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between Hawaiian Hlds' different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards Hawaiian Hlds in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find Hawaiian Hlds' degree of accounting gimmicks and manipulations.

About Hawaiian Hlds Beneish M Score

M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.

Deferred Revenue

945.68 Million

Hawaiian Hlds Deferred Revenue is projected to increase significantly based on the last few years of reporting. The past year's Deferred Revenue was at 927.64 Million

Hawaiian Hlds Earnings Manipulation Drivers

Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as Hawaiian Hlds. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.
201720182019202020212022 (projected)
Revenues2.68 B2.84 B2.83 B844.81 M1.6 B1.74 B
Total Assets2.87 B3.2 B4.13 B3.98 B4.63 B4.13 B
Current Assets716.08 M705.17 M874.71 M1.12 B2.01 B2.17 B
Assets Non Current2.16 B2.49 B3.25 B2.86 B2.62 B2.58 B
Total Liabilities2.03 B2.25 B3.04 B3.38 B4.06 B3.49 B
Current Liabilities936.96 M1.01 B1.08 B1 B1.11 B1.08 B
Total Debt570.67 M709.78 M1.36 B1.88 B2.43 B2.62 B
Debt Current59.47 M101.1 M158.35 M218.76 M200.4 M170.51 M
Debt Non Current511.2 M608.68 M1.2 B1.66 B2.23 B2.4 B
Operating Income464.04 M314.37 M327.48 M(647.61 M)(82.56 M)(84.74 M)
Investments269.3 M232.24 M245.6 M354.78 M1.24 B1.34 B
Investments Current269.3 M232.24 M245.6 M354.78 M1.24 B1.34 B
Gross Margin0.560.510.530.270.390.4

About Hawaiian Hlds Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Hawaiian Hlds's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Hawaiian Hlds using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Hawaiian Hlds based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.
Please read more on our fundamental analysis page.
Hawaiian Holdings, Inc., through its subsidiary, Hawaiian Airlines, Inc., engages in the scheduled air transportation of passengers and cargo. Hawaiian Holdings, Inc. was incorporated in 1929 and is headquartered in Honolulu, Hawaii. Hawaiian Hlds operates under Airlines classification in the United States and is traded on NASDAQ Exchange. It employs 6656 people.

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Please check Hawaiian Hlds Piotroski F Score and Hawaiian Hlds Altman Z Score analysis. Note that the Hawaiian Hlds information on this page should be used as a complementary analysis to other Hawaiian Hlds' statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.

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Is Hawaiian Hlds' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Hawaiian Hlds. If investors know Hawaiian will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Hawaiian Hlds listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth YOY
-0.076
Market Capitalization
757.6 M
Quarterly Revenue Growth YOY
1.62
Return On Assets
-0.0612
Return On Equity
-0.4
The market value of Hawaiian Hlds is measured differently than its book value, which is the value of Hawaiian that is recorded on the company's balance sheet. Investors also form their own opinion of Hawaiian Hlds' value that differs from its market value or its book value, called intrinsic value, which is Hawaiian Hlds' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Hawaiian Hlds' market value can be influenced by many factors that don't directly affect Hawaiian Hlds' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Hawaiian Hlds' value and its price as these two are different measures arrived at by different means. Investors typically determine Hawaiian Hlds value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Hawaiian Hlds' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.