Lithia Motors Beneish M-Score Historical Data
The historical data trend for Lithia Motors'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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Lithia Motors Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.19 |
-2.25 |
-1.75 |
-1.80 |
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Lithia Motors 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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-1.75 |
-2.00 |
-2.03 |
-2.08 |
-1.80 |
Competitive Comparison
For the Auto & Truck Dealerships subindustry, Lithia Motors'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.
Lithia Motors Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Lithia Motors's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lithia Motors's Beneish M-Score falls into.
Lithia Motors 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 Lithia Motors 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 * 1.2545 | + | 0.528 * 1.085 | + | 0.404 * 0.9785 | + | 0.892 * 1.1011 | + | 0.115 * 0.9733 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9715 | + | 4.679 * 0.072202 | - | 0.327 * 1.0588 |
| = | -1.80 |
* 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 $1,123 Mil.
Revenue was 7674.3 + 8277 + 8111.5 + 6973.8 = $31,037 Mil.
Gross Profit was 1260.7 + 1371.3 + 1385.1 + 1211.5 = $5,229 Mil.
Total Current Assets was $6,955 Mil.
Total Assets was $19,633 Mil.
Property, Plant and Equipment(Net PPE) was $4,460 Mil.
Depreciation, Depletion and Amortization(DDA) was $265 Mil.
Selling, General, & Admin. Expense(SGA) was $3,319 Mil.
Total Current Liabilities was $4,932 Mil.
Long-Term Debt & Capital Lease Obligation was $7,583 Mil.
Net Income was 213.5 + 261.5 + 297.2 + 228.7 = $1,001 Mil.
Non Operating Income was 18.1 + 17.8 + 10.8 + 9.1 = $56 Mil.
Cash Flow from Operations was -295.2 + 121.5 + -249.7 + -49 = $-472 Mil.
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Total Receivables was $813 Mil.
Revenue was 6946.5 + 7295.7 + 7240.1 + 6705.3 = $28,188 Mil.
Gross Profit was 1209.1 + 1314.2 + 1350.7 + 1278.1 = $5,152 Mil.
Total Current Assets was $4,631 Mil.
Total Assets was $15,007 Mil.
Property, Plant and Equipment(Net PPE) was $3,957 Mil.
Depreciation, Depletion and Amortization(DDA) was $228 Mil.
Selling, General, & Admin. Expense(SGA) was $3,103 Mil.
Total Current Liabilities was $3,178 Mil.
Long-Term Debt & Capital Lease Obligation was $5,857 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) |
| = | (1123.1 / 31036.6) | / | (813.1 / 28187.6) |
| = | 0.036186 | / | 0.028846 |
| | = | 1.2545 |
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) |
| = | (5152.1 / 28187.6) | / | (5228.6 / 31036.6) |
| = | 0.182779 | / | 0.168466 |
| | = | 1.085 |
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 - (6955.2 + 4460.2) / 19632.5) | / | (1 - (4630.9 + 3956.5) / 15006.6) |
| = | 0.418546 | / | 0.427758 |
| | = | 0.9785 |
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 |
| = | 31036.6 | / | 28187.6 |
| | = | 1.1011 |
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)) |
| = | (228.1 / (228.1 + 3956.5)) | / | (264.6 / (264.6 + 4460.2)) |
| = | 0.054509 | / | 0.056002 |
| | = | 0.9733 |
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) |
| = | (3318.7 / 31036.6) | / | (3102.5 / 28187.6) |
| = | 0.106929 | / | 0.110066 |
| | = | 0.9715 |
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) |
| = | ((7583.3 + 4932.2) / 19632.5) | / | ((5857.1 + 3178.2) / 15006.6) |
| = | 0.637489 | / | 0.602088 |
| | = | 1.0588 |
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 |
| = | (1000.9 - 55.8 | - | -472.4) | / | 19632.5 |
| | = | 0.072202 |
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.
Lithia Motors has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.
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