LCI Industries Beneish M-Score Historical Data
The historical data trend for LCI Industries'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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LCI Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.23 |
-2.44 |
-1.65 |
-2.99 |
-2.99 |
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LCI Industries 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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|
|
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|
|
|
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-2.99 |
-3.25 |
-3.23 |
-2.89 |
-2.99 |
Competitive Comparison
For the Recreational Vehicles subindustry, LCI Industries'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.
LCI Industries Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, LCI Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LCI Industries's Beneish M-Score falls into.
LCI Industries 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 LCI Industries 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 * 1.3674 | + | 0.528 * 1.1885 | + | 0.404 * 1.1014 | + | 0.892 * 0.7119 | + | 0.115 * 0.9605 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2435 | + | 4.679 * -0.157917 | - | 0.327 * 0.9236 |
| = | -3.02 |
* 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 €197 Mil.
Revenue was 768.028 + 898.878 + 936.512 + 909.072 = €3,512 Mil.
Gross Profit was 147.684 + 197.658 + 201.325 + 173.79 = €720 Mil.
Total Current Assets was €1,024 Mil.
Total Assets was €2,714 Mil.
Property, Plant and Equipment(Net PPE) was €652 Mil.
Depreciation, Depletion and Amortization(DDA) was €122 Mil.
Selling, General, & Admin. Expense(SGA) was €606 Mil.
Total Current Liabilities was €362 Mil.
Long-Term Debt & Capital Lease Obligation was €981 Mil.
Net Income was -2.18 + 24.256 + 30.852 + 6.78 = €60 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 126.515 + 108.409 + 183.575 + 69.747 = €488 Mil.
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Total Receivables was €202 Mil.
Revenue was 844.263 + 1143.4 + 1453.198 + 1493.268 = €4,934 Mil.
Gross Profit was 138.68 + 255.585 + 386.994 + 421.533 = €1,203 Mil.
Total Current Assets was €1,313 Mil.
Total Assets was €3,065 Mil.
Property, Plant and Equipment(Net PPE) was €688 Mil.
Depreciation, Depletion and Amortization(DDA) was €123 Mil.
Selling, General, & Admin. Expense(SGA) was €684 Mil.
Total Current Liabilities was €398 Mil.
Long-Term Debt & Capital Lease Obligation was €1,245 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) |
| = | (196.886 / 3512.49) | / | (202.263 / 4934.129) |
| = | 0.056053 | / | 0.040993 |
| | = | 1.3674 |
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) |
| = | (1202.792 / 4934.129) | / | (720.457 / 3512.49) |
| = | 0.24377 | / | 0.205113 |
| | = | 1.1885 |
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 - (1024.17 + 652.142) / 2713.696) | / | (1 - (1312.893 + 688.357) / 3065.085) |
| = | 0.382277 | / | 0.347082 |
| | = | 1.1014 |
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 |
| = | 3512.49 | / | 4934.129 |
| | = | 0.7119 |
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)) |
| = | (123.022 / (123.022 + 688.357)) | / | (122.247 / (122.247 + 652.142)) |
| = | 0.151621 | / | 0.157863 |
| | = | 0.9605 |
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) |
| = | (605.689 / 3512.49) | / | (684.225 / 4934.129) |
| = | 0.172439 | / | 0.138672 |
| | = | 1.2435 |
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) |
| = | ((980.744 + 362.208) / 2713.696) | / | ((1244.538 + 397.707) / 3065.085) |
| = | 0.494879 | / | 0.535791 |
| | = | 0.9236 |
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 |
| = | (59.708 - 0 | - | 488.246) | / | 2713.696 |
| | = | -0.157917 |
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.
LCI Industries has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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