Lancaster Colony Beneish M-Score Historical Data
The historical data trend for Lancaster Colony'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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Lancaster Colony Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.80 |
-2.65 |
-2.62 |
-1.94 |
-3.03 |
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Lancaster Colony Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.69 |
-3.03 |
-2.88 |
-3.04 |
Competitive Comparison
For the Packaged Foods subindustry, Lancaster Colony'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.
Lancaster Colony Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, Lancaster Colony's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lancaster Colony's Beneish M-Score falls into.
Lancaster Colony 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 Lancaster Colony 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 * 0.7436 | + | 0.528 * 0.9352 | + | 0.404 * 0.8935 | + | 0.892 * 1.0615 | + | 0.115 * 0.8483 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0345 | + | 4.679 * -0.066777 | - | 0.327 * 0.8842 |
| = | -3.04 |
* 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 $100 Mil.
Revenue was 485.916 + 461.572 + 454.661 + 464.935 = $1,867 Mil.
Gross Profit was 121.468 + 108.722 + 93.174 + 94.237 = $418 Mil.
Total Current Assets was $405 Mil.
Total Assets was $1,149 Mil.
Property, Plant and Equipment(Net PPE) was $511 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $229 Mil.
Total Current Liabilities was $163 Mil.
Long-Term Debt & Capital Lease Obligation was $13 Mil.
Net Income was 51.484 + 43.951 + 9.166 + 24.555 = $129 Mil.
Non Operating Income was 1.425 + 0.857 + -23.995 + 0.607 = $-21 Mil.
Cash Flow from Operations was 105.908 + 35.615 + 41.75 + 43.711 = $227 Mil.
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Total Receivables was $127 Mil.
Revenue was 477.394 + 425.537 + 452.413 + 403.494 = $1,759 Mil.
Gross Profit was 102.102 + 99.055 + 98.418 + 68.332 = $368 Mil.
Total Current Assets was $374 Mil.
Total Assets was $1,137 Mil.
Property, Plant and Equipment(Net PPE) was $506 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $209 Mil.
Total Current Liabilities was $180 Mil.
Long-Term Debt & Capital Lease Obligation was $18 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) |
| = | (100.188 / 1867.084) | / | (126.919 / 1758.838) |
| = | 0.05366 | / | 0.072161 |
| | = | 0.7436 |
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) |
| = | (367.907 / 1758.838) | / | (417.601 / 1867.084) |
| = | 0.209176 | / | 0.223665 |
| | = | 0.9352 |
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 - (405.399 + 511.367) / 1148.925) | / | (1 - (373.636 + 506.357) / 1137.171) |
| = | 0.202066 | / | 0.226156 |
| | = | 0.8935 |
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 |
| = | 1867.084 | / | 1758.838 |
| | = | 1.0615 |
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)) |
| = | (46.048 / (46.048 + 506.357)) | / | (55.723 / (55.723 + 511.367)) |
| = | 0.083359 | / | 0.098261 |
| | = | 0.8483 |
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) |
| = | (229.088 / 1867.084) | / | (208.608 / 1758.838) |
| = | 0.122698 | / | 0.118606 |
| | = | 1.0345 |
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) |
| = | ((13.323 + 163.376) / 1148.925) | / | ((17.628 + 180.171) / 1137.171) |
| = | 0.153795 | / | 0.17394 |
| | = | 0.8842 |
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 |
| = | (129.156 - -21.106 | - | 226.984) | / | 1148.925 |
| | = | -0.066777 |
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.
Lancaster Colony has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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