LCLN (Lincoln International) Beneish M-Score: -1.77 (As of Jul. 09, 2026)


LCLN Lincoln International Inc LCLN
21 GF Score
Price $21.56
! 4 Warning Signs
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What is Lincoln International Beneish M-Score?

Lincoln International LCLN -0.51% 21 Beneish M-Score is -1.77 as of Jul. 09, 2026. GuruFocus rates LCLN with a GF Score™ of 21/100. The stock has 4 warning signs investors should review. Among 702 Capital Markets companies, Lincoln International ranks worse than 63.68% on this metric.

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.77 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Lincoln International's Beneish M-Score or its related term are showing as below:

LCLN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.46   Med: -1.84   Max: -1.77
Current: -1.77

During the past 5 years, the highest Beneish M-Score of Lincoln International was -1.77. The lowest was -2.46. And the median was -1.84.

Lincoln International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Lincoln International'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.

Lincoln International Beneish M-Score Chart

Lincoln International Annual Data
Trend Dec20 Dec21 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.46 -1.84 -1.77

Lincoln International Semi-Annual Data
Dec20 Dec21 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -2.46 -1.84 -1.77

LCLN vs TIGR, ABTC, RHNO: Beneish M-Score Comparison

For the Capital Markets subindustry, Lincoln International'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.

Lincoln International Beneish M-Score vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Lincoln International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Lincoln International's Beneish M-Score falls into.


LCLN
21GF Score
Lincoln International Inc LCLN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Lincoln International 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 Lincoln International 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 * 0.9386+0.528 * 2.0972+0.404 * 2.6591+0.892 * 1.4759+0.115 * 0.4166
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.3252+4.679 * -0.177133-0.327 * 1.3839
=-1.77

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $191.4 Mil.
Revenue was $854.2 Mil.
Gross Profit was $284.3 Mil.
Total Current Assets was $533.7 Mil.
Total Assets was $1,118.1 Mil.
Property, Plant and Equipment(Net PPE) was $175.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $37.8 Mil.
Selling, General, & Admin. Expense(SGA) was $87.9 Mil.
Total Current Liabilities was $259.8 Mil.
Long-Term Debt & Capital Lease Obligation was $419.2 Mil.
Net Income was $5.4 Mil.
Gross Profit was $-12.9 Mil.
Cash Flow from Operations was $216.3 Mil.
 Total Receivables was $138.2 Mil.
Revenue was $578.7 Mil.
Gross Profit was $404.0 Mil.
Total Current Assets was $378.1 Mil.
Total Assets was $640.2 Mil.
Property, Plant and Equipment(Net PPE) was $173.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.9 Mil.
Selling, General, & Admin. Expense(SGA) was $183.3 Mil.
Total Current Liabilities was $130.9 Mil.
Long-Term Debt & Capital Lease Obligation was $150.0 Mil.

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)
=(191.428 / 854.161) / (138.183 / 578.747)
=0.224112 / 0.238762
=0.9386

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)
=(404.047 / 578.747) / (284.347 / 854.161)
=0.698141 / 0.332896
=2.0972

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 - (533.713 + 175.134) / 1118.138) / (1 - (378.114 + 173.924) / 640.161)
=0.366047 / 0.137658
=2.6591

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
=854.161 / 578.747
=1.4759

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))
=(13.89 / (13.89 + 173.924)) / (37.803 / (37.803 + 175.134))
=0.073956 / 0.177531
=0.4166

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)
=(87.949 / 854.161) / (183.25 / 578.747)
=0.102965 / 0.316632
=0.3252

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)
=((419.219 + 259.832) / 1118.138) / ((150.005 + 130.919) / 640.161)
=0.607305 / 0.438833
=1.3839

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
=(5.409 - -12.857 - 216.325) / 1118.138
=-0.177133

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.

Lincoln International has a M-score of -1.77 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.77 mean?
Lincoln International (LCLN) has a Beneish M-Score of -1.77 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lincoln International and its competitors. According to the industry distribution chart, Lincoln International ranks #447 out of 702 companies in the Capital Markets industry, placing it in the top 63.7%.
Is Lincoln International's Beneish M-Score too high?
Lincoln International's current Beneish M-Score is -1.77. Based on the distribution chart, Lincoln International ranks #447 out of 702 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Lincoln International has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Lincoln International's Beneish M-Score compare to TIGR and ABTC?
According to the Capital Markets industry distribution chart, Lincoln International ranks #447 out of 702 companies for Beneish M-Score. This places Lincoln International in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Capital Markets company?
A good Beneish M-Score depends on the Capital Markets industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lincoln International and its competitors. Lincoln International's current Beneish M-Score is -1.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lincoln International stock overvalued right now?
Lincoln International (LCLN) has a current Beneish M-Score of -1.77. The current Beneish M-Score is -1.77. Lincoln International's overall GF Score™ is 21/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Lincoln International (LCLN), the current Beneish M-Score is -1.77 as of Jul. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Lincoln International Business Description

Address 110 North Wacker Drive, 51st Floor, Chicago, IL, USA, 60606
Lincoln International Inc is an independent investment banking advisory company focused on private capital markets. The company operates its business through its two operating segments: Investment Banking Advisory and Valuations and Opinions. The Investment Banking Advisory segment offers a range of services related to mergers and acquisitions, with key areas of focus including sell-side advisory, buy-side advisory, asset sales and divestitures, restructuring, primary and secondary capital raising, and merger-related engagements. The Valuations and Opinions segment provides valuation services to investment funds and financial institutions. The majority of revenue is derived from the Investment Banking Advisory segment. Geographically, the maximum revenue is derived from the Americas.
21GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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