Lifco AB Beneish M-Score Historical Data
The historical data trend for Lifco AB'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.
Lifco AB Beneish M-Score Chart
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Lifco AB Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.76 |
-2.25 |
-2.29 |
-2.28 |
-2.53 |
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Lifco AB Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.28 |
-2.30 |
-2.31 |
-2.26 |
-2.53 |
Competitive Comparison of Lifco AB's Beneish M-Score
For the Conglomerates subindustry, Lifco AB'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.
Lifco AB's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Lifco AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lifco AB's Beneish M-Score falls into.
Lifco AB 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 Lifco AB 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 * 0.9382 | + | 0.528 * 0.9978 | + | 0.404 * 1.022 | + | 0.892 * 1.0784 | + | 0.115 * 0.9244 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0293 | + | 4.679 * -0.031508 | - | 0.327 * 0.9589 |
| = | -2.61 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $337 Mil.
Revenue was 648.612 + 614.136 + 641.27 + 576.873 = $2,481 Mil.
Gross Profit was 289.304 + 268.452 + 286.45 + 255.588 = $1,100 Mil.
Total Current Assets was $910 Mil.
Total Assets was $3,540 Mil.
Property, Plant and Equipment(Net PPE) was $276 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $616 Mil.
Total Current Liabilities was $1,040 Mil.
Long-Term Debt & Capital Lease Obligation was $323 Mil.
Net Income was 88.12 + 72.637 + 85.821 + 66.178 = $313 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 141.466 + 118.291 + 103.938 + 60.607 = $424 Mil.
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Total Receivables was $333 Mil.
Revenue was 627.73 + 527.75 + 576.278 + 568.808 = $2,301 Mil.
Gross Profit was 279.793 + 235.818 + 252.946 + 249.038 = $1,018 Mil.
Total Current Assets was $903 Mil.
Total Assets was $3,343 Mil.
Property, Plant and Equipment(Net PPE) was $265 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $555 Mil.
Total Current Liabilities was $1,026 Mil.
Long-Term Debt & Capital Lease Obligation was $316 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) |
| = | (336.641 / 2480.891) | / | (332.729 / 2300.566) |
| = | 0.135694 | / | 0.144629 |
| | = | 0.9382 |
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) |
| = | (1017.595 / 2300.566) | / | (1099.794 / 2480.891) |
| = | 0.442324 | / | 0.443306 |
| | = | 0.9978 |
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 - (910.332 + 276.286) / 3540.191) | / | (1 - (902.843 + 265.462) / 3342.985) |
| = | 0.664815 | / | 0.65052 |
| | = | 1.022 |
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 |
| = | 2480.891 | / | 2300.566 |
| | = | 1.0784 |
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)) |
| = | (25.954 / (25.954 + 265.462)) | / | (29.457 / (29.457 + 276.286)) |
| = | 0.089062 | / | 0.096346 |
| | = | 0.9244 |
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) |
| = | (615.552 / 2480.891) | / | (554.582 / 2300.566) |
| = | 0.248117 | / | 0.241063 |
| | = | 1.0293 |
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) |
| = | ((322.622 + 1039.599) / 3540.191) | / | ((315.766 + 1025.679) / 3342.985) |
| = | 0.384787 | / | 0.401272 |
| | = | 0.9589 |
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 |
| = | (312.756 - 0 | - | 424.302) | / | 3540.191 |
| | = | -0.031508 |
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.
Lifco AB has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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