Lanxess AG Beneish M-Score Historical Data
The historical data trend for Lanxess AG'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.
Lanxess AG Beneish M-Score Chart
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Lanxess AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.39 |
-2.09 |
-2.46 |
-2.58 |
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Lanxess AG 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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-2.31 |
-2.58 |
-2.01 |
-3.31 |
-3.30 |
Competitive Comparison of Lanxess AG's Beneish M-Score
For the Specialty Chemicals subindustry, Lanxess AG'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.
Lanxess AG's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Lanxess AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lanxess AG's Beneish M-Score falls into.
Lanxess AG 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 Lanxess AG 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 * 1.1095 | + | 0.528 * 1.06 | + | 0.404 * 0.8677 | + | 0.892 * 0.8715 | + | 0.115 * 0.5979 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9807 | + | 4.679 * -0.11431 | - | 0.327 * 1.6427 |
| = | -3.30 |
* 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 €672 Mil.
Revenue was 1598 + 1678 + 1607 + 1436 = €6,319 Mil.
Gross Profit was 349 + 364 + 280 + 232 = €1,225 Mil.
Total Current Assets was €3,329 Mil.
Total Assets was €9,448 Mil.
Property, Plant and Equipment(Net PPE) was €2,372 Mil.
Depreciation, Depletion and Amortization(DDA) was €994 Mil.
Selling, General, & Admin. Expense(SGA) was €1,141 Mil.
Total Current Liabilities was €1,695 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was 1 + -16 + -98 + -590 = €-703 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 59 + 145 + -48 + 221 = €377 Mil.
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Total Receivables was €695 Mil.
Revenue was 1601 + 1778 + 1899 + 1973 = €7,251 Mil.
Gross Profit was 289 + 311 + 436 + 454 = €1,490 Mil.
Total Current Assets was €3,079 Mil.
Total Assets was €10,576 Mil.
Property, Plant and Equipment(Net PPE) was €2,663 Mil.
Depreciation, Depletion and Amortization(DDA) was €571 Mil.
Selling, General, & Admin. Expense(SGA) was €1,335 Mil.
Total Current Liabilities was €1,155 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (672 / 6319) | / | (695 / 7251) |
| = | 0.106346 | / | 0.095849 |
| | = | 1.1095 |
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) |
| = | (1490 / 7251) | / | (1225 / 6319) |
| = | 0.205489 | / | 0.19386 |
| | = | 1.06 |
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 - (3329 + 2372) / 9448) | / | (1 - (3079 + 2663) / 10576) |
| = | 0.396592 | / | 0.457073 |
| | = | 0.8677 |
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 |
| = | 6319 | / | 7251 |
| | = | 0.8715 |
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)) |
| = | (571 / (571 + 2663)) | / | (994 / (994 + 2372)) |
| = | 0.176562 | / | 0.295306 |
| | = | 0.5979 |
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) |
| = | (1141 / 6319) | / | (1335 / 7251) |
| = | 0.180567 | / | 0.184113 |
| | = | 0.9807 |
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) |
| = | ((0 + 1695) / 9448) | / | ((0 + 1155) / 10576) |
| = | 0.179403 | / | 0.10921 |
| | = | 1.6427 |
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 |
| = | (-703 - 0 | - | 377) | / | 9448 |
| | = | -0.11431 |
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.
Lanxess AG has a M-score of -3.30 suggests that the company is unlikely to be a manipulator.
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