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.
LCI Industries Beneish M-Score Chart
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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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-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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-2.99 |
-3.25 |
-3.23 |
-2.89 |
-2.99 |
Competitive Comparison of LCI Industries's Beneish M-Score
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's Beneish M-Score Distribution in the Vehicles & Parts Industry
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 * 1.3787 | + | 0.528 * 1.1923 | + | 0.404 * 1.1014 | + | 0.892 * 0.7268 | + | 0.115 * 0.9629 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2469 | + | 4.679 * -0.156466 | - | 0.327 * 0.9236 |
| = | -2.99 |
* 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 $215 Mil.
Revenue was 837.544 + 959.315 + 1014.639 + 973.31 = $3,785 Mil.
Gross Profit was 161.051 + 210.948 + 218.12 + 186.071 = $776 Mil.
Total Current Assets was $1,117 Mil.
Total Assets was $2,959 Mil.
Property, Plant and Equipment(Net PPE) was $711 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $653 Mil.
Total Current Liabilities was $395 Mil.
Long-Term Debt & Capital Lease Obligation was $1,070 Mil.
Net Income was -2.377 + 25.887 + 33.426 + 7.259 = $64 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 137.966 + 115.698 + 198.889 + 74.676 = $527 Mil.
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Total Receivables was $214 Mil.
Revenue was 894.346 + 1132.079 + 1536.15 + 1644.568 = $5,207 Mil.
Gross Profit was 146.907 + 253.054 + 409.085 + 464.243 = $1,273 Mil.
Total Current Assets was $1,391 Mil.
Total Assets was $3,247 Mil.
Property, Plant and Equipment(Net PPE) was $729 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General, & Admin. Expense(SGA) was $720 Mil.
Total Current Liabilities was $421 Mil.
Long-Term Debt & Capital Lease Obligation was $1,318 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) |
| = | (214.707 / 3784.808) | / | (214.262 / 5207.143) |
| = | 0.056729 | / | 0.041148 |
| | = | 1.3787 |
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) |
| = | (1273.289 / 5207.143) | / | (776.19 / 3784.808) |
| = | 0.244527 | / | 0.20508 |
| | = | 1.1923 |
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 - (1116.87 + 711.169) / 2959.319) | / | (1 - (1390.776 + 729.192) / 3246.912) |
| = | 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 |
| = | 3784.808 | / | 5207.143 |
| | = | 0.7268 |
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)) |
| = | (129.212 / (129.212 + 729.192)) | / | (131.768 / (131.768 + 711.169)) |
| = | 0.150526 | / | 0.15632 |
| | = | 0.9629 |
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) |
| = | (652.762 / 3784.808) | / | (720.261 / 5207.143) |
| = | 0.172469 | / | 0.138322 |
| | = | 1.2469 |
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) |
| = | ((1069.514 + 394.992) / 2959.319) | / | ((1318.366 + 421.3) / 3246.912) |
| = | 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 |
| = | (64.195 - 0 | - | 527.229) | / | 2959.319 |
| | = | -0.156466 |
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 -2.99 suggests that the company is unlikely to be a manipulator.
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