Grupo Aeromexico SAB DE CV - Sponsored ADR
AERO Industrials Airlines
Grupo Aeromexico SAB DE CV - Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $5.4 billion, down 4.61% from fiscal 2024. In the quarter to June 2026, revenue grew 6.26%, EPS fell 127.9%, free cash flow grew 81.6% and total debt rose 9.95%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Grupo Aeromexico SAB DE CV - Sponsored ADR (AERO) Beneish M-score
Grupo Aeromexico SAB DE CV - Sponsored ADR's Beneish M-score for fiscal 2025 is −2.70; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.70 | 0.43 |
| FY2024 | −3.13 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.24 | — | 1.14 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.89 | — | 0.36 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.08) | — | −0.37 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.70 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ALGT Allegiant Travel Company compare | −3.3× |
| ALK Alaska Air Group, Inc. compare | −2.8× |
| CPA Copa Holdings, S.A. compare | −2.7× |
| AERO Grupo Aeromexico SAB DE CV - Sponsored ADR | −2.7× |
| JBLU JetBlue Airways Corporation compare | −2.5× |
| SKYW SkyWest, Inc. compare | −2.5× |
| VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. compare | −2.4× |
| ULCC Frontier Group Holdings, Inc. compare | −2.0× |
| RJET Republic Airways Holdings Inc. compare | −1.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI