Lexmark International Beneish M-Score Historical Data
The historical data trend for Lexmark International'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.
Lexmark International Beneish M-Score Chart
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Lexmark International Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.63 |
-2.59 |
-2.90 |
-2.89 |
-2.33 |
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Lexmark International Quarterly Data
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Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
| Beneish M-Score |
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-2.38 |
-2.33 |
-2.50 |
-3.10 |
-2.97 |
Competitive Comparison of Lexmark International's Beneish M-Score
For the Computer Hardware subindustry, Lexmark International'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.
Lexmark International's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Lexmark International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lexmark International's Beneish M-Score falls into.
Lexmark International 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 Lexmark International 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 * 0.9319 | + | 0.528 * 0.9751 | + | 0.404 * 1.0486 | + | 0.892 * 0.9657 | + | 0.115 * 0.9281 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0503 | + | 4.679 * -0.081324 | - | 0.327 * 1.008 |
| = | -2.97 |
* 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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $398 Mil.
Revenue was 843.9 + 862.6 + 806.2 + 968.8 = $3,482 Mil.
Gross Profit was 329.4 + 337 + 306.4 + 385.2 = $1,358 Mil.
Total Current Assets was $923 Mil.
Total Assets was $3,637 Mil.
Property, Plant and Equipment(Net PPE) was $683 Mil.
Depreciation, Depletion and Amortization(DDA) was $293 Mil.
Selling, General, & Admin. Expense(SGA) was $1,021 Mil.
Total Current Liabilities was $1,044 Mil.
Long-Term Debt & Capital Lease Obligation was $1,018 Mil.
Net Income was 18.3 + -35.4 + -39.4 + -10.7 = $-67 Mil.
Non Operating Income was -1.3 + -0.7 + -0.4 + -0.2 = $-3 Mil.
Cash Flow from Operations was 25.5 + 23.5 + 79.1 + 103.1 = $231 Mil.
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Total Receivables was $442 Mil.
Revenue was 851.1 + 879.3 + 852 + 1022.9 = $3,605 Mil.
Gross Profit was 319.6 + 362.1 + 329.9 + 359.7 = $1,371 Mil.
Total Current Assets was $1,120 Mil.
Total Assets was $3,983 Mil.
Property, Plant and Equipment(Net PPE) was $742 Mil.
Depreciation, Depletion and Amortization(DDA) was $286 Mil.
Selling, General, & Admin. Expense(SGA) was $1,007 Mil.
Total Current Liabilities was $1,144 Mil.
Long-Term Debt & Capital Lease Obligation was $1,097 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) |
| = | (397.5 / 3481.5) | / | (441.7 / 3605.3) |
| = | 0.114175 | / | 0.122514 |
| | = | 0.9319 |
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) |
| = | (1371.3 / 3605.3) | / | (1358 / 3481.5) |
| = | 0.380357 | / | 0.390062 |
| | = | 0.9751 |
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 - (923.3 + 683.2) / 3637.3) | / | (1 - (1120.3 + 742) / 3983.1) |
| = | 0.558326 | / | 0.53245 |
| | = | 1.0486 |
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 |
| = | 3481.5 | / | 3605.3 |
| | = | 0.9657 |
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)) |
| = | (286.4 / (286.4 + 742)) | / | (292.9 / (292.9 + 683.2)) |
| = | 0.278491 | / | 0.300072 |
| | = | 0.9281 |
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) |
| = | (1021.2 / 3481.5) | / | (1006.9 / 3605.3) |
| = | 0.293322 | / | 0.279283 |
| | = | 1.0503 |
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) |
| = | ((1017.9 + 1044.3) / 3637.3) | / | ((1096.8 + 1143.6) / 3983.1) |
| = | 0.566959 | / | 0.562476 |
| | = | 1.008 |
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 |
| = | (-67.2 - -2.6 | - | 231.2) | / | 3637.3 |
| | = | -0.081324 |
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.
Lexmark International has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
Lexmark International (Lexmark International) Business Description
Traded in Other Exchanges
N/A
Address
Lexmark International Inc is a Delaware corporation, formed in July 1990. On November 15, 1995, it completed its initial public offering of Class A Common Stock. The Company is a developer, manufacturer and supplier of printing, imaging, device management, managed print services (MPS), document workflow and, more recently, business process and content management solutions. The Company operates in the office printing and imaging, enterprise content management (ECM), business process management (BPM), document output management (DOM), intelligent data capture and search software markets. Its products include laser printers and multifunction devices, dot matrix printers and the associated supplies/solutions/services, as well as ECM, BPM, DOM, intelligent data capture, search and web-based document imaging and workflow software solutions and services. It develops and ownsof the technology for its printing and imaging products and its software related to MPS and content and process management solutions. The Company is managed along two segments: Imaging Solutions and Services (ISS) and Perceptive Software. ISS offers a portfolio of monochrome and color laser printers and laser MFPs, as well as supplies, software applications, software solutions and MPS to help businesses efficiently capture, manage and access information. ISS laser products are core building blocks for enabling information on demand. They are designed to enable intelligent document capture in addition to delivering high-quality printed output on a variety of media types and sizes. When combined with document management and business process workflow software, from Perceptive Software, these products accelerate productivity by connecting people with the information they need. Its products include Monochrome Laser, Color Laser, Inkjet MFPs and AIOs, Dot Matrix Products, and MPS and Customer Support Services. Its competitors in this segment include Hewlett-Packard, Canon, Ricoh, Xerox, Brother, Konica Minolta, Kyocera, Okidata and Samsung. ISS operates manufacturing control centers in Lexington, Kentucky; Shenzhen, China; and Geneva, Switzerland; and has company-owned manufacturing sites in Boulder, Colorado and Juarez, Mexico. The Perceptive Software sgment offers a complete suite of ECM, BPM, DOM, intelligent data capture, search software and medical imaging VNA software products and solutions. Perceptive Software capture, content, search and BPM software products and solutions, enable users to capture, manage, and collaborate on important documents, information, and business processes, protect data integrity throughout its lifecycle and access precise content in the context of the users everyday business processes. These components are developed and maintained by Perceptive Software. Its solutions are Designed from Perceptive Softwares software platform, including the capture, content, process and search suites, Perceptive Software offers industry specific solutions of
Executives
| Stephen R Hardis |
director |
C/O MARSH & MCLENNAN COMPANIES, INC., 1166 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
| Michael J Maples |
director |
2208 WINDSOR ROAD, AUSTIN TX 78703 |
| Reynolds Bish |
officer: Vice President |
C/O IOMEGA CORPORATION, 10955 VISTA SORRENTO PARKWAY, SAN DIEGO CA 92130 |
| Jeri L Isbell |
officer: VP of Human Resources |
ONE LEXMARK CENTRE DR, 740 WEST NEW CIRCLE RD, LEXINGTON KY 40550 |
| Paul A Rooke |
director, officer: Chairman and CEO |
ONE LEXMARK CENTRE DR, 740 WEST NEW CIRCLE RD, LEXINGTON KY 40550 |
| William R Fields |
director |
740 WEST NEW CIRCLE ROAD, LEXINGTON KY 40550 |
| Kathi P Seifert |
director |
ONE LEXMARK CENTRE DR, 740 WEST NEW CIRCLE RD, LEXINGTON KY 40550 |
| Jared L Cohon |
director |
|
| Robert Jr Holland |
director |
ONE LEXMARK CENTRE DR, 740 WEST NEW CIRCLE RD, LEXINGTON KY 40550 |
| Webster Roy Dunbar |
director |
5757 N. GREEN BAY AVENUE, MILWAUKEE WI 53209 |
| Sandra L Helton |
director |
711 HIGH STREET, DES MOINES IA 50392-0300 |
| J Edward Coleman |
director |
UNISYS CORPORATION, 801 LAKEVIEW DRIVE, SUITE 100, BLUE BELL PA 19422 |
| Montupet Jean Paul L |
director |
PARTNERRE LTD, WELLESLEY HOUSE 90 PITTS BAY RD, PEMBROKE BERMUDA D0 HM 08 |
| Gamble John W Jr |
officer: EVP & CFO |
ONE LEXMARK CENTRE DR, 740 WEST NEW CIRCLE RD, LEXINGTON KY 40550 |
| Teresa Beck |
director |
1681 SOUTH MOHAWK WAY, SALT LAKE CITY UT 84108 |
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