La-Z-Boy Beneish M-Score Historical Data
The historical data trend for La-Z-Boy'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.
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La-Z-Boy Annual Data
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Trend |
Apr14 |
Apr15 |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-2.63 |
-3.44 |
-2.79 |
-1.95 |
-2.89 |
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La-Z-Boy Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.50 |
-2.89 |
-2.92 |
-2.97 |
-2.83 |
Competitive Comparison
For the Furnishings, Fixtures & Appliances subindustry, La-Z-Boy'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.
La-Z-Boy Beneish M-Score Distribution
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, La-Z-Boy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where La-Z-Boy's Beneish M-Score falls into.
La-Z-Boy 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 La-Z-Boy 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 * 1.0441 | + | 0.528 * 0.8782 | + | 0.404 * 0.9425 | + | 0.892 * 0.831 | + | 0.115 * 1.0643 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2487 | + | 4.679 * -0.028593 | - | 0.327 * 0.9609 |
| = | -2.83 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $119 Mil.
Revenue was 500.406 + 511.435 + 481.651 + 561.287 = $2,055 Mil.
Gross Profit was 213.254 + 222.605 + 205.728 + 292.604 = $934 Mil.
Total Current Assets was $850 Mil.
Total Assets was $1,918 Mil.
Property, Plant and Equipment(Net PPE) was $745 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $779 Mil.
Total Current Liabilities was $440 Mil.
Long-Term Debt & Capital Lease Obligation was $418 Mil.
Net Income was 28.64 + 27.199 + 27.479 + 34.373 = $118 Mil.
Non Operating Income was -0.639 + 0.104 + 0.556 + -10.95 = $-11 Mil.
Cash Flow from Operations was 48.478 + 30.963 + 25.913 + 78.115 = $183 Mil.
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Total Receivables was $138 Mil.
Revenue was 572.723 + 611.332 + 604.091 + 684.566 = $2,473 Mil.
Gross Profit was 235.581 + 249.484 + 231.03 + 271.227 = $987 Mil.
Total Current Assets was $849 Mil.
Total Assets was $1,846 Mil.
Property, Plant and Equipment(Net PPE) was $667 Mil.
Depreciation, Depletion and Amortization(DDA) was $119 Mil.
Selling, General, & Admin. Expense(SGA) was $751 Mil.
Total Current Liabilities was $509 Mil.
Long-Term Debt & Capital Lease Obligation was $350 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) |
| = | (119.383 / 2054.779) | / | (137.593 / 2472.712) |
| = | 0.0581 | / | 0.055645 |
| | = | 1.0441 |
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) |
| = | (987.322 / 2472.712) | / | (934.191 / 2054.779) |
| = | 0.399287 | / | 0.454643 |
| | = | 0.8782 |
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 - (850.391 + 744.81) / 1918.292) | / | (1 - (848.994 + 667.413) / 1846.355) |
| = | 0.168426 | / | 0.178702 |
| | = | 0.9425 |
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 |
| = | 2054.779 | / | 2472.712 |
| | = | 0.831 |
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)) |
| = | (118.523 / (118.523 + 667.413)) | / | (122.952 / (122.952 + 744.81)) |
| = | 0.150805 | / | 0.141689 |
| | = | 1.0643 |
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) |
| = | (779.419 / 2054.779) | / | (751.171 / 2472.712) |
| = | 0.37932 | / | 0.303784 |
| | = | 1.2487 |
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) |
| = | ((418.149 + 439.942) / 1918.292) | / | ((350.144 + 509.384) / 1846.355) |
| = | 0.44732 | / | 0.465527 |
| | = | 0.9609 |
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 |
| = | (117.691 - -10.929 | - | 183.469) | / | 1918.292 |
| | = | -0.028593 |
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.
La-Z-Boy has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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