LSI Beneish M-Score Historical Data
The historical data trend for LSI'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.
LSI Beneish M-Score Chart
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LSI Annual Data
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Trend |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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-2.62 |
-3.08 |
-2.70 |
-2.68 |
-2.94 |
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LSI Quarterly Data
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Jun09 |
Sep09 |
Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
| Beneish M-Score |
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-3.29 |
-3.23 |
-2.83 |
-2.94 |
-2.77 |
Competitive Comparison of LSI's Beneish M-Score
For the Semiconductors subindustry, LSI'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.
LSI's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, LSI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LSI's Beneish M-Score falls into.
LSI 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 LSI 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 * 1.1456 | + | 0.528 * 0.9831 | + | 0.404 * 0.8094 | + | 0.892 * 0.9202 | + | 0.115 * 1.0218 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9649 | + | 4.679 * -0.077217 | - | 0.327 * 0.9602 |
| = | -2.84 |
* 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 (Mar14) TTM: | Last Year (Mar13) TTM: |
Total Receivables was €182 Mil.
Revenue was 411.435 + 441.699 + 453.993 + 446.904 = €1,754 Mil.
Gross Profit was 210.483 + 226.909 + 233.885 + 226.838 = €898 Mil.
Total Current Assets was €999 Mil.
Total Assets was €1,735 Mil.
Property, Plant and Equipment(Net PPE) was €216 Mil.
Depreciation, Depletion and Amortization(DDA) was €135 Mil.
Selling, General, & Admin. Expense(SGA) was €244 Mil.
Total Current Liabilities was €328 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 24.027 + 32.881 + 27.346 + 18.662 = €103 Mil.
Non Operating Income was 0.868 + 0 + 0 + 0.87 = €2 Mil.
Cash Flow from Operations was 31.098 + 97.978 + 47.071 + 58.988 = €235 Mil.
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Total Receivables was €172 Mil.
Revenue was 438.987 + 457.298 + 484.195 + 525.68 = €1,906 Mil.
Gross Profit was 223.497 + 228.915 + 242.617 + 264.515 = €960 Mil.
Total Current Assets was €875 Mil.
Total Assets was €1,730 Mil.
Property, Plant and Equipment(Net PPE) was €215 Mil.
Depreciation, Depletion and Amortization(DDA) was €139 Mil.
Selling, General, & Admin. Expense(SGA) was €275 Mil.
Total Current Liabilities was €341 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (181.634 / 1754.031) | / | (172.299 / 1906.16) |
| = | 0.103552 | / | 0.090391 |
| | = | 1.1456 |
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) |
| = | (959.544 / 1906.16) | / | (898.115 / 1754.031) |
| = | 0.503391 | / | 0.512029 |
| | = | 0.9831 |
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 - (998.81 + 215.875) / 1734.822) | / | (1 - (874.546 + 214.612) / 1729.971) |
| = | 0.299822 | / | 0.370418 |
| | = | 0.8094 |
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 |
| = | 1754.031 | / | 1906.16 |
| | = | 0.9202 |
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)) |
| = | (139.37 / (139.37 + 214.612)) | / | (135.322 / (135.322 + 215.875)) |
| = | 0.393721 | / | 0.385317 |
| | = | 1.0218 |
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) |
| = | (244.424 / 1754.031) | / | (275.285 / 1906.16) |
| = | 0.13935 | / | 0.144419 |
| | = | 0.9649 |
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) |
| = | ((0 + 328.211) / 1734.822) | / | ((0 + 340.86) / 1729.971) |
| = | 0.18919 | / | 0.197032 |
| | = | 0.9602 |
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 |
| = | (102.916 - 1.738 | - | 235.135) | / | 1734.822 |
| | = | -0.077217 |
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.
LSI has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
LSI (FRA:LOG) Business Description
Traded in Other Exchanges
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LSI Corporation was incorporated in California on November 6, 1980, and was reincorporated in Delaware on June 11, 1987. The Company designs, develops and markets networking semiconductors and storage systems. It provides silicon-to-system solutions that are used to create, store, consume and transport digital information. It offers integrated circuits used in hard disk drives, solid state drives, high-speed communications systems, computer servers, storage systems and personal computers. It also offers external storage systems, storage systems software, redundant array of independent disks, or RAID, adapters for computer servers, and RAID software applications. The Company has two segments — the Semiconductor segment and the Storage Systems segment. Its semiconductor segment designs, develops and markets complex integrated circuits for storage and networking applications. These solutions include both custom solutions and standard products. It designs custom solutions for a specific application defined by the customer. The Company develops products for market applications that it defines and sells them to multiple customers. It sells its integrated circuits for storage applications to makers of hard disk drives, solid state drives and computer servers. It sells its integrated circuits for networking applications principally to makers of devices used in computer and telecommunications networks and, to a lesser extent, to makers of personal computers. Its storage systems segment designs and sells enterprise storage systems and storage software applications that enable storage area networks. The Company also offers RAID adapters for computer servers and associated software for attaching storage devices to computer servers. It sells its storage systems and storage solutions mainly to OEMs who resell these products to end customers under their own brand name. The semiconductor industry is competitive and is characterized by rapidly changing technology, short product cycles and emerging standards. The semiconductor manufacturing process begins with wafer fabrication, where a design is transferred to silicon wafers through a series of processes, including photolithography, ion implantation, deposition of numerous films and the etching of these various films and layers. On January 3, 2012, the company acquired SandForce, Inc., a provider of flash storage processors, or FSPs, for enterprise and client flash solutions and solid state drives, or SSDs. Federal, state and local regulations, in addition to those of other nations, impose various environmental controls on certain chemicals and restricted substances used in the manufacture of semiconductor and storage products.
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