Lucid Group Beneish M-Score Historical Data
The historical data trend for Lucid Group'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.
Lucid Group Beneish M-Score Chart
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Lucid Group Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
24.06 |
-1.22 |
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Lucid Group Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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24.06 |
9.37 |
3.28 |
1.70 |
-1.22 |
Competitive Comparison of Lucid Group's Beneish M-Score
For the Auto Manufacturers subindustry, Lucid Group'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.
Lucid Group's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Lucid Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lucid Group's Beneish M-Score falls into.
Lucid Group 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 Lucid Group 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 * 2.7093 | + | 0.528 * 0.7577 | + | 0.404 * 1.1437 | + | 0.892 * 0.9788 | + | 0.115 * 1.0159 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1088 | + | 4.679 * -0.047806 | - | 0.327 * 0.9462 |
| = | -1.22 |
* 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 $51.8 Mil.
Revenue was 157.151 + 137.814 + 150.874 + 149.432 = $595.3 Mil.
Gross Profit was -252.864 + -331.908 + -404.931 + -351.092 = $-1,340.8 Mil.
Total Current Assets was $4,757.2 Mil.
Total Assets was $8,512.7 Mil.
Property, Plant and Equipment(Net PPE) was $3,032.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $233.5 Mil.
Selling, General, & Admin. Expense(SGA) was $797.2 Mil.
Total Current Liabilities was $1,008.4 Mil.
Long-Term Debt & Capital Lease Obligation was $2,318.7 Mil.
Net Income was -653.766 + -630.894 + -764.232 + -779.528 = $-2,828.4 Mil.
Non Operating Income was 32.212 + 59.035 + 39.673 + -62.631 = $68.3 Mil.
Cash Flow from Operations was -474.549 + -513.582 + -700.358 + -801.264 = $-2,489.8 Mil.
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Total Receivables was $19.5 Mil.
Revenue was 257.713 + 195.457 + 97.336 + 57.675 = $608.2 Mil.
Gross Profit was -357.578 + -297.026 + -195.006 + -188.295 = $-1,037.9 Mil.
Total Current Assets was $4,912.0 Mil.
Total Assets was $7,879.2 Mil.
Property, Plant and Equipment(Net PPE) was $2,381.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $186.6 Mil.
Selling, General, & Admin. Expense(SGA) was $734.6 Mil.
Total Current Liabilities was $937.6 Mil.
Long-Term Debt & Capital Lease Obligation was $2,317.0 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) |
| = | (51.822 / 595.271) | / | (19.542 / 608.181) |
| = | 0.087056 | / | 0.032132 |
| | = | 2.7093 |
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) |
| = | (-1037.905 / 608.181) | / | (-1340.795 / 595.271) |
| = | -1.706573 | / | -2.252411 |
| | = | 0.7577 |
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 - (4757.155 + 3032.375) / 8512.718) | / | (1 - (4912.028 + 2381.936) / 7879.238) |
| = | 0.084954 | / | 0.074281 |
| | = | 1.1437 |
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 |
| = | 595.271 | / | 608.181 |
| | = | 0.9788 |
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)) |
| = | (186.583 / (186.583 + 2381.936)) | / | (233.531 / (233.531 + 3032.375)) |
| = | 0.072642 | / | 0.071506 |
| | = | 1.0159 |
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) |
| = | (797.235 / 595.271) | / | (734.574 / 608.181) |
| = | 1.339281 | / | 1.207821 |
| | = | 1.1088 |
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) |
| = | ((2318.735 + 1008.41) / 8512.718) | / | ((2317.019 + 937.559) / 7879.238) |
| = | 0.390844 | / | 0.413057 |
| | = | 0.9462 |
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 |
| = | (-2828.42 - 68.289 | - | -2489.753) | / | 8512.718 |
| | = | -0.047806 |
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.
Lucid Group has a M-score of -1.22 signals that the company is likely to be a manipulator.
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