Lazard Beneish M-Score Historical Data
The historical data trend for Lazard'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.
Lazard Beneish M-Score Chart
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Lazard Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-2.41 |
-2.58 |
-3.06 |
-2.11 |
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Lazard 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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-3.06 |
-2.88 |
-2.66 |
-2.27 |
-2.11 |
Competitive Comparison of Lazard's Beneish M-Score
For the Capital Markets subindustry, Lazard'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.
Lazard's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Lazard's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lazard's Beneish M-Score falls into.
Lazard 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 Lazard 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 * 1.2686 | + | 0.528 * 1.7444 | + | 0.404 * 1.3567 | + | 0.892 * 0.9029 | + | 0.115 * 0.9259 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2885 | + | 4.679 * -0.05173 | - | 0.327 * 1.0754 |
| = | -2.11 |
* 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 $832 Mil.
Revenue was 818.837 + 531.627 + 651.372 + 549.304 = $2,551 Mil.
Gross Profit was 259.63 + 167.022 + 79.141 + 99.337 = $605 Mil.
Total Current Assets was $2,290 Mil.
Total Assets was $4,636 Mil.
Property, Plant and Equipment(Net PPE) was $640 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $320 Mil.
Total Current Liabilities was $1,032 Mil.
Long-Term Debt & Capital Lease Obligation was $2,175 Mil.
Net Income was 63.567 + 7.139 + -124.013 + -22.172 = $-75 Mil.
Non Operating Income was -0.095 + -0.096 + -0.095 + -0.048 = $-0 Mil.
Cash Flow from Operations was 341.596 + 33.488 + 200.996 + -411.418 = $165 Mil.
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Total Receivables was $726 Mil.
Revenue was 716.374 + 738.283 + 656.596 + 714.383 = $2,826 Mil.
Gross Profit was 241.531 + 317.346 + 292.766 + 317.542 = $1,169 Mil.
Total Current Assets was $3,584 Mil.
Total Assets was $5,853 Mil.
Property, Plant and Equipment(Net PPE) was $682 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General, & Admin. Expense(SGA) was $275 Mil.
Total Current Liabilities was $1,564 Mil.
Long-Term Debt & Capital Lease Obligation was $2,201 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) |
| = | (832.019 / 2551.14) | / | (726.43 / 2825.636) |
| = | 0.326136 | / | 0.257085 |
| | = | 1.2686 |
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) |
| = | (1169.185 / 2825.636) | / | (605.13 / 2551.14) |
| = | 0.413778 | / | 0.2372 |
| | = | 1.7444 |
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 - (2290.426 + 639.729) / 4635.781) | / | (1 - (3583.671 + 681.681) / 5852.561) |
| = | 0.367926 | / | 0.271199 |
| | = | 1.3567 |
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 |
| = | 2551.14 | / | 2825.636 |
| | = | 0.9029 |
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)) |
| = | (42.396 / (42.396 + 681.681)) | / | (43.187 / (43.187 + 639.729)) |
| = | 0.058552 | / | 0.063239 |
| | = | 0.9259 |
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) |
| = | (319.782 / 2551.14) | / | (274.889 / 2825.636) |
| = | 0.125349 | / | 0.097284 |
| | = | 1.2885 |
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) |
| = | ((2175.391 + 1032.394) / 4635.781) | / | ((2201.402 + 1564.285) / 5852.561) |
| = | 0.691962 | / | 0.643426 |
| | = | 1.0754 |
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 |
| = | (-75.479 - -0.334 | - | 164.662) | / | 4635.781 |
| | = | -0.05173 |
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.
Lazard has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
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