Linc Beneish M-Score Historical Data
The historical data trend for Linc'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.
Linc Beneish M-Score Chart
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Linc Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.01 |
-3.33 |
-2.60 |
-2.51 |
-1.63 |
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Linc 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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-2.51 |
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-1.63 |
Competitive Comparison of Linc's Beneish M-Score
For the Business Equipment & Supplies subindustry, Linc'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.
Linc's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Linc's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Linc's Beneish M-Score falls into.
Linc 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 Linc 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 * 1.2706 | + | 0.528 * 0.9671 | + | 0.404 * 2.3683 | + | 0.892 * 1.0532 | + | 0.115 * 1.2018 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.012279 | - | 0.327 * 1.3575 |
| = | -1.63 |
* 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 ₹529 Mil.
Revenue was ₹5,078 Mil.
Gross Profit was ₹2,039 Mil.
Total Current Assets was ₹1,740 Mil.
Total Assets was ₹3,096 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,225 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹150 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹784 Mil.
Long-Term Debt & Capital Lease Obligation was ₹184 Mil.
Net Income was ₹342 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹380 Mil.
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Total Receivables was ₹395 Mil.
Revenue was ₹4,822 Mil.
Gross Profit was ₹1,872 Mil.
Total Current Assets was ₹1,396 Mil.
Total Assets was ₹2,375 Mil.
Property, Plant and Equipment(Net PPE) was ₹937 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹141 Mil.
Selling, General, & Admin. Expense(SGA) was ₹395 Mil.
Total Current Liabilities was ₹545 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3 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) |
| = | (528.843 / 5078.483) | / | (395.196 / 4821.982) |
| = | 0.104134 | / | 0.081957 |
| | = | 1.2706 |
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) |
| = | (1872.229 / 4821.982) | / | (2038.84 / 5078.483) |
| = | 0.38827 | / | 0.401466 |
| | = | 0.9671 |
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 - (1740.31 + 1225.098) / 3096.195) | / | (1 - (1395.509 + 936.714) / 2374.577) |
| = | 0.042241 | / | 0.017836 |
| | = | 2.3683 |
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 |
| = | 5078.483 | / | 4821.982 |
| | = | 1.0532 |
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)) |
| = | (141.144 / (141.144 + 936.714)) | / | (149.818 / (149.818 + 1225.098)) |
| = | 0.130949 | / | 0.108965 |
| | = | 1.2018 |
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) |
| = | (0 / 5078.483) | / | (394.781 / 4821.982) |
| = | 0 | / | 0.081871 |
| | = | 0 |
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) |
| = | ((184.274 + 784.489) / 3096.195) | / | ((2.563 + 544.744) / 2374.577) |
| = | 0.312888 | / | 0.230486 |
| | = | 1.3575 |
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 |
| = | (342.073 - 0 | - | 380.09) | / | 3096.195 |
| | = | -0.012279 |
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.
Linc has a M-score of -1.63 signals that the company is likely to be a manipulator.
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