Leidos Holdings Beneish M-Score Historical Data
The historical data trend for Leidos Holdings'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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Leidos Holdings Annual Data
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Trend |
Jan14 |
Jan15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.54 |
-2.56 |
-2.52 |
-2.56 |
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Leidos Holdings 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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-2.52 |
-2.44 |
-2.45 |
-2.44 |
-2.56 |
Competitive Comparison
For the Information Technology Services subindustry, Leidos Holdings'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.
Leidos Holdings Beneish M-Score Distribution
For the Software industry and Technology sector, Leidos Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Leidos Holdings's Beneish M-Score falls into.
Leidos Holdings 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 Leidos Holdings 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 * 0.9639 | + | 0.528 * 0.9959 | + | 0.404 * 0.9247 | + | 0.892 * 1.0724 | + | 0.115 * 1.0521 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9237 | + | 4.679 * -0.021977 | - | 0.327 * 0.9961 |
| = | -2.56 |
* 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 $2,429 Mil.
Revenue was 3980 + 3921 + 3838 + 3699 = $15,438 Mil.
Gross Profit was 595 + 587 + 567 + 495 = $2,244 Mil.
Total Current Assets was $4,005 Mil.
Total Assets was $12,695 Mil.
Property, Plant and Equipment(Net PPE) was $1,473 Mil.
Depreciation, Depletion and Amortization(DDA) was $331 Mil.
Selling, General, & Admin. Expense(SGA) was $942 Mil.
Total Current Liabilities was $2,990 Mil.
Long-Term Debt & Capital Lease Obligation was $5,180 Mil.
Net Income was 229 + -399 + 207 + 162 = $199 Mil.
Non Operating Income was -3 + -683 + 0 + -1 = $-687 Mil.
Cash Flow from Operations was 304 + 795 + 164 + -98 = $1,165 Mil.
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Total Receivables was $2,350 Mil.
Revenue was 3697 + 3608 + 3597 + 3494 = $14,396 Mil.
Gross Profit was 521 + 513 + 538 + 512 = $2,084 Mil.
Total Current Assets was $3,643 Mil.
Total Assets was $13,071 Mil.
Property, Plant and Equipment(Net PPE) was $1,392 Mil.
Depreciation, Depletion and Amortization(DDA) was $333 Mil.
Selling, General, & Admin. Expense(SGA) was $951 Mil.
Total Current Liabilities was $3,947 Mil.
Long-Term Debt & Capital Lease Obligation was $4,498 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) |
| = | (2429 / 15438) | / | (2350 / 14396) |
| = | 0.157339 | / | 0.16324 |
| | = | 0.9639 |
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) |
| = | (2084 / 14396) | / | (2244 / 15438) |
| = | 0.144762 | / | 0.145356 |
| | = | 0.9959 |
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 - (4005 + 1473) / 12695) | / | (1 - (3643 + 1392) / 13071) |
| = | 0.568492 | / | 0.614796 |
| | = | 0.9247 |
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 |
| = | 15438 | / | 14396 |
| | = | 1.0724 |
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)) |
| = | (333 / (333 + 1392)) | / | (331 / (331 + 1473)) |
| = | 0.193043 | / | 0.183481 |
| | = | 1.0521 |
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) |
| = | (942 / 15438) | / | (951 / 14396) |
| = | 0.061018 | / | 0.06606 |
| | = | 0.9237 |
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) |
| = | ((5180 + 2990) / 12695) | / | ((4498 + 3947) / 13071) |
| = | 0.64356 | / | 0.646087 |
| | = | 0.9961 |
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 |
| = | (199 - -687 | - | 1165) | / | 12695 |
| | = | -0.021977 |
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.
Leidos Holdings has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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