LNWO (Light & Wonder) Beneish M-Score: -2.71 (As of Jun. 25, 2026)

What is Light & Wonder Beneish M-Score?

Light & Wonder LNWO 81 Beneish M-Score is -2.71 as of Jun. 25, 2026. GuruFocus rates LNWO with a GF Score™ of 81/100 and a GF Value™ of $111.05 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 824 Travel & Leisure companies, Light & Wonder ranks better than 58.13% 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.

Good Sign:

Beneish M-Score -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LNWO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.41 Med: -2.76 Max: 0.95
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Light & Wonder was 0.95. The lowest was -3.41. And the median was -2.76.

Light & Wonder Beneish M-Score Related Terms

Light & Wonder Beneish M-Score Historical Data

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The historical data trend for Light & Wonder'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.

Light & Wonder Beneish M-Score Chart

Light & Wonder Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.68

0.95

-2.66

-2.56

Light & Wonder Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.48	-2.51	-2.55	-2.56	-2.71

LNWO vs SGHC, CHDN, RSI: Beneish M-Score Comparison

For the Gambling subindustry, Light & Wonder'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.

Light & Wonder Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Light & Wonder's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Light & Wonder's Beneish M-Score falls into.

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81GF Score

Light & Wonder Inc LNWO

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Light & Wonder 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 Light & Wonder for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9398

0.528 * 0.9627

0.404 * 1.0383

0.892 * 1.0387

0.115 * 1.0038

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9815

4.679 * -0.040691

0.327 * 1.0627

-2.71

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $614 Mil.
Revenue was 790 + 890 + 841 + 809 = $3,330 Mil.
Gross Profit was 596 + 652 + 624 + 590 = $2,462 Mil.
Total Current Assets was $1,205 Mil.
Total Assets was $6,365 Mil.
Property, Plant and Equipment(Net PPE) was $389 Mil.
Depreciation, Depletion and Amortization(DDA) was $423 Mil.
Selling, General, & Admin. Expense(SGA) was $889 Mil.
Total Current Liabilities was $676 Mil.
Long-Term Debt & Capital Lease Obligation was $5,110 Mil.
Net Income was 52 + -15 + 114 + 95 = $246 Mil.
Non Operating Income was -41 + -176 + -8 + -18 = $-243 Mil.
Cash Flow from Operations was 139 + 319 + 184 + 106 = $748 Mil.

Total Receivables was $629 Mil.
Revenue was 774 + 797 + 817 + 818 = $3,206 Mil.
Gross Profit was 563 + 566 + 571 + 582 = $2,282 Mil.
Total Current Assets was $1,184 Mil.
Total Assets was $5,455 Mil.
Property, Plant and Equipment(Net PPE) was $333 Mil.
Depreciation, Depletion and Amortization(DDA) was $365 Mil.
Selling, General, & Admin. Expense(SGA) was $872 Mil.
Total Current Liabilities was $753 Mil.
Long-Term Debt & Capital Lease Obligation was $3,913 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)
	=	(614 / 3330)	/	(629 / 3206)
	=	0.184384	/	0.196195
	=	0.9398

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)
	=	(2282 / 3206)	/	(2462 / 3330)
	=	0.71179	/	0.739339
	=	0.9627

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 - (1205 + 389) / 6365)	/	(1 - (1184 + 333) / 5455)
	=	0.749568	/	0.721907
	=	1.0383

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
	=	3330	/	3206
	=	1.0387

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))
	=	(365 / (365 + 333))	/	(423 / (423 + 389))
	=	0.522923	/	0.520936
	=	1.0038

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)
	=	(889 / 3330)	/	(872 / 3206)
	=	0.266967	/	0.27199
	=	0.9815

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)
	=	((5110 + 676) / 6365)	/	((3913 + 753) / 5455)
	=	0.909034	/	0.855362
	=	1.0627

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
	=	(246 - -243	-	748)	/	6365
	=	-0.040691

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.

Light & Wonder has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.71 mean?

Light & Wonder (LNWO) has a Beneish M-Score of -2.71 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Light & Wonder and its competitors. According to the industry distribution chart, Light & Wonder ranks #345 out of 824 companies in the Travel & Leisure industry, placing it in the top 41.9%.

Is Light & Wonder's Beneish M-Score too high?

Light & Wonder's current Beneish M-Score is -2.71. Based on the distribution chart, Light & Wonder ranks #345 out of 824 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Light & Wonder has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Light & Wonder's Beneish M-Score compare to SGHC and CHDN?

According to the Travel & Leisure industry distribution chart, Light & Wonder ranks #345 out of 824 companies for Beneish M-Score. This puts Light & Wonder in the upper 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 Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure 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 Light & Wonder and its competitors. Light & Wonder's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Light & Wonder stock overvalued right now?

Based on GuruFocus' analysis, Light & Wonder (LNWO) is currently considered Modestly Undervalued. The stock's GF Value™ is $111.05, compared to a current price of $80.50 — trading 27.5% below its estimated fair value. The current Beneish M-Score is -2.71. Light & Wonder's overall GF Score™ is 81/100 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 Light & Wonder (LNWO), the current Beneish M-Score is -2.71 as of Jun. 25, 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.

Is Light & Wonder (LNWO) Overvalued in 2026?

Based on GuruFocus' analysis, Light & Wonder stock appears to be undervalued. The current stock price of $80.50 is trading 27.5% below its estimated GF Value™ of $111.05. GuruFocus considers Light & Wonder to be Modestly Undervalued.

Key valuation signals for LNWO:

Beneish M-Score: -2.71
GF Value™: $111.05 vs. price of $80.50 (27.5% below fair value)
GF Score™: 81/100 with 4 warning signs

No single metric tells the full story. See the LNWO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Light & Wonder Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies SGHC CHDN RSI BRSL ACEL DKNG CDRO INSE GAMB ROLR ASX:ALL FLUT OSTO:EVO ATH:ALWN ASX:TLC MIL:LTMC XPAR:FDJU LSE:ENT ATH:BYLOT TSE:6417

Other Exchanges TJW:Germany LNW:Australia

Address 6601 Bermuda Road, Las Vegas, NV, USA, 89119

Website https://www.lnw.com

Light & Wonder is principally an electronic gaming machine manufacturer, selling machines to pubs, clubs, and casinos. The firm is licensed in most jurisdictions allowing gambling globally. Light & Wonder is one of the three largest players in the space along with International Game Technology and Aristocrat Leisure. SciPlay, about one fourth of revenue, develops and distributes casual mobile games, principally in the social casino niche. The more nascent iGaming business sits between these two businesses, providing digital content and capabilities to real-money gaming providers.

81GF Score

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

$80.50

Price

$111.05

GF Value

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