Hamilton Lane Beneish M-Score Historical Data
The historical data trend for Hamilton Lane'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.
Hamilton Lane Beneish M-Score Chart
|
Hamilton Lane Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.60 |
-2.93 |
-2.73 |
-2.49 |
-2.93 |
|
Hamilton Lane Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.92 |
-2.93 |
-2.58 |
-2.58 |
-2.27 |
Competitive Comparison of Hamilton Lane's Beneish M-Score
For the Asset Management subindustry, Hamilton Lane'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.
Hamilton Lane's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Hamilton Lane's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hamilton Lane's Beneish M-Score falls into.
Hamilton Lane 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 Hamilton Lane 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 * 1.3697 | + | 0.528 * 1.0375 | + | 0.404 * 0.9789 | + | 0.892 * 0.948 | + | 0.115 * 1.0196 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0055 | + | 4.679 * -0.026166 | - | 0.327 * 0.9266 |
| = | -2.27 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $77.7 Mil.
Revenue was 125.264 + 126.876 + 125.037 + 112.788 = $490.0 Mil.
Gross Profit was 81.728 + 88.487 + 88.687 + 80.019 = $338.9 Mil.
Total Current Assets was $256.6 Mil.
Total Assets was $1,208.8 Mil.
Property, Plant and Equipment(Net PPE) was $96.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.6 Mil.
Selling, General, & Admin. Expense(SGA) was $127.7 Mil.
Total Current Liabilities was $215.1 Mil.
Long-Term Debt & Capital Lease Obligation was $277.1 Mil.
Net Income was 19.506 + 41.994 + 30.998 + 31.086 = $123.6 Mil.
Non Operating Income was 0.186 + 9.565 + 13.024 + 20.081 = $42.9 Mil.
Cash Flow from Operations was -36.429 + 77.596 + 57.973 + 13.218 = $112.4 Mil.
|
Total Receivables was $59.9 Mil.
Revenue was 127.074 + 153.382 + 135.509 + 100.9 = $516.9 Mil.
Gross Profit was 91.601 + 110.214 + 97.602 + 71.519 = $370.9 Mil.
Total Current Assets was $220.0 Mil.
Total Assets was $1,124.4 Mil.
Property, Plant and Equipment(Net PPE) was $91.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.4 Mil.
Selling, General, & Admin. Expense(SGA) was $133.9 Mil.
Total Current Liabilities was $215.4 Mil.
Long-Term Debt & Capital Lease Obligation was $278.7 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) |
| = | (77.72 / 489.965) | / | (59.858 / 516.865) |
| = | 0.158624 | / | 0.11581 |
| | = | 1.3697 |
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) |
| = | (370.936 / 516.865) | / | (338.921 / 489.965) |
| = | 0.717665 | / | 0.691725 |
| | = | 1.0375 |
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 - (256.573 + 96.821) / 1208.824) | / | (1 - (220.031 + 91.5) / 1124.361) |
| = | 0.707655 | / | 0.722926 |
| | = | 0.9789 |
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 |
| = | 489.965 | / | 516.865 |
| | = | 0.948 |
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)) |
| = | (7.351 / (7.351 + 91.5)) | / | (7.617 / (7.617 + 96.821)) |
| = | 0.074364 | / | 0.072933 |
| | = | 1.0196 |
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) |
| = | (127.674 / 489.965) | / | (133.946 / 516.865) |
| = | 0.260578 | / | 0.259151 |
| | = | 1.0055 |
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) |
| = | ((277.125 + 215.14) / 1208.824) | / | ((278.675 + 215.447) / 1124.361) |
| = | 0.407226 | / | 0.439469 |
| | = | 0.9266 |
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 |
| = | (123.584 - 42.856 | - | 112.358) | / | 1208.824 |
| | = | -0.026166 |
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.
Hamilton Lane has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
HLNE has been successfully added to your