Lockheed Martin Beneish M-Score Historical Data
The historical data trend for Lockheed Martin'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.
Lockheed Martin Beneish M-Score Chart
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Lockheed Martin Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.58 |
-2.60 |
-2.42 |
-2.60 |
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Lockheed Martin Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.51 |
-2.60 |
-2.62 |
-2.52 |
-2.49 |
Competitive Comparison of Lockheed Martin's Beneish M-Score
For the Aerospace & Defense subindustry, Lockheed Martin'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.
Lockheed Martin's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Lockheed Martin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lockheed Martin's Beneish M-Score falls into.
Lockheed Martin 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 Lockheed Martin 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 * 0.9705 | + | 0.528 * 1.0472 | + | 0.404 * 0.9624 | + | 0.892 * 1.0533 | + | 0.115 * 1.0002 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1332 | + | 4.679 * -0.033682 | - | 0.327 * 1.097 |
| = | -2.49 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $16,365 Mil.
Revenue was 17104 + 18122 + 17195 + 18874 = $71,295 Mil.
Gross Profit was 2117 + 2130 + 1993 + 2295 = $8,535 Mil.
Total Current Assets was $23,211 Mil.
Total Assets was $55,520 Mil.
Property, Plant and Equipment(Net PPE) was $8,454 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,521 Mil.
Selling, General, & Admin. Expense(SGA) was $-31 Mil.
Total Current Liabilities was $17,810 Mil.
Long-Term Debt & Capital Lease Obligation was $19,179 Mil.
Net Income was 1623 + 1641 + 1545 + 1866 = $6,675 Mil.
Non Operating Income was 34 + 46 + 45 + 106 = $231 Mil.
Cash Flow from Operations was 2438 + 1876 + 1635 + 2365 = $8,314 Mil.
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Total Receivables was $16,010 Mil.
Revenue was 16878 + 16693 + 15126 + 18991 = $67,688 Mil.
Gross Profit was 2048 + 2090 + 2046 + 2302 = $8,486 Mil.
Total Current Assets was $23,322 Mil.
Total Assets was $56,666 Mil.
Property, Plant and Equipment(Net PPE) was $8,046 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,448 Mil.
Selling, General, & Admin. Expense(SGA) was $-221 Mil.
Total Current Liabilities was $17,193 Mil.
Long-Term Debt & Capital Lease Obligation was $17,221 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) |
| = | (16365 / 71295) | / | (16010 / 67688) |
| = | 0.229539 | / | 0.236526 |
| | = | 0.9705 |
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) |
| = | (8486 / 67688) | / | (8535 / 71295) |
| = | 0.125369 | / | 0.119714 |
| | = | 1.0472 |
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 - (23211 + 8454) / 55520) | / | (1 - (23322 + 8046) / 56666) |
| = | 0.429665 | / | 0.446441 |
| | = | 0.9624 |
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 |
| = | 71295 | / | 67688 |
| | = | 1.0533 |
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)) |
| = | (1448 / (1448 + 8046)) | / | (1521 / (1521 + 8454)) |
| = | 0.152517 | / | 0.152481 |
| | = | 1.0002 |
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) |
| = | (-31 / 71295) | / | (-221 / 67688) |
| = | -0.000435 | / | -0.003265 |
| | = | 0.1332 |
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) |
| = | ((19179 + 17810) / 55520) | / | ((17221 + 17193) / 56666) |
| = | 0.666228 | / | 0.607313 |
| | = | 1.097 |
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 |
| = | (6675 - 231 | - | 8314) | / | 55520 |
| | = | -0.033682 |
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.
Lockheed Martin has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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