Logitech International Beneish M-Score Historical Data
The historical data trend for Logitech 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.
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Logitech International Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.93 |
-2.35 |
-2.84 |
-1.98 |
-2.52 |
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Logitech International 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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-2.29 |
-2.52 |
-3.17 |
-3.38 |
-3.47 |
Competitive Comparison
For the Computer Hardware subindustry, Logitech 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.
Logitech International Beneish M-Score Distribution
For the Hardware industry and Technology sector, Logitech International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Logitech International's Beneish M-Score falls into.
Logitech 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 Logitech 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 * 0.9832 | + | 0.528 * 0.98 | + | 0.404 * 1.0124 | + | 0.892 * 0.8832 | + | 0.115 * 1.0601 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9868 | + | 4.679 * -0.165967 | - | 0.327 * 1.0263 |
| = | -3.38 |
* 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 $742 Mil.
Revenue was 1255.473 + 1057.008 + 974.499 + 960.077 = $4,247 Mil.
Gross Profit was 526.78 + 438.622 + 375.642 + 343.864 = $1,685 Mil.
Total Current Assets was $2,696 Mil.
Total Assets was $3,660 Mil.
Property, Plant and Equipment(Net PPE) was $181 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $875 Mil.
Total Current Liabilities was $1,201 Mil.
Long-Term Debt & Capital Lease Obligation was $63 Mil.
Net Income was 244.684 + 137.117 + 62.727 + 41.495 = $486 Mil.
Non Operating Income was -0.65 + 0.744 + -16.483 + -13.013 = $-29 Mil.
Cash Flow from Operations was 442.952 + 223.264 + 239.795 + 216.843 = $1,123 Mil.
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Total Receivables was $854 Mil.
Revenue was 1269.925 + 1148.951 + 1159.865 + 1229.994 = $4,809 Mil.
Gross Profit was 477.268 + 438.78 + 459.603 + 493.907 = $1,870 Mil.
Total Current Assets was $2,761 Mil.
Total Assets was $3,739 Mil.
Property, Plant and Equipment(Net PPE) was $188 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $1,004 Mil.
Total Current Liabilities was $1,197 Mil.
Long-Term Debt & Capital Lease Obligation was $61 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) |
| = | (741.697 / 4247.057) | / | (854.116 / 4808.735) |
| = | 0.174638 | / | 0.177618 |
| | = | 0.9832 |
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) |
| = | (1869.558 / 4808.735) | / | (1684.908 / 4247.057) |
| = | 0.388784 | / | 0.396724 |
| | = | 0.98 |
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 - (2696.443 + 180.921) / 3659.939) | / | (1 - (2761.349 + 188.136) / 3739.246) |
| = | 0.213822 | / | 0.211209 |
| | = | 1.0124 |
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 |
| = | 4247.057 | / | 4808.735 |
| | = | 0.8832 |
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)) |
| = | (103.801 / (103.801 + 188.136)) | / | (91.302 / (91.302 + 180.921)) |
| = | 0.35556 | / | 0.335394 |
| | = | 1.0601 |
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) |
| = | (874.759 / 4247.057) | / | (1003.711 / 4808.735) |
| = | 0.205968 | / | 0.208727 |
| | = | 0.9868 |
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) |
| = | ((62.8 + 1201.423) / 3659.939) | / | ((61.414 + 1197.057) / 3739.246) |
| = | 0.345422 | / | 0.336557 |
| | = | 1.0263 |
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 |
| = | (486.023 - -29.402 | - | 1122.854) | / | 3659.939 |
| | = | -0.165967 |
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.
Logitech International has a M-score of -3.38 suggests that the company is unlikely to be a manipulator.
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