LendingClub Beneish M-Score Historical Data
The historical data trend for LendingClub'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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LendingClub Annual Data
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Trend |
Mar12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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|
|
|
|
-2.52 |
-2.07 |
-1.90 |
-2.23 |
-4.53 |
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LendingClub Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
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|
|
|
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|
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-2.32 |
-3.93 |
-4.53 |
-2.67 |
-3.86 |
Competitive Comparison
For the Credit Services subindustry, LendingClub'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.
LendingClub Beneish M-Score Distribution
For the Credit Services industry and Financial Services sector, LendingClub's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LendingClub's Beneish M-Score falls into.
LendingClub 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 LendingClub 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 | + | 0.528 * 1 | + | 0.404 * 1.1177 | + | 0.892 * 0.8277 | + | 0.115 * 1.4343 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8444 | + | 4.679 * -0.1381 | - | 0.327 * 0.3317 |
| = | -3.86 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Accounts Receivable was $0.0 Mil.
Revenue was 200.141 + 105.84 + 59.14 + 59.118 = $424.2 Mil.
Gross Profit was 200.141 + 105.84 + 59.14 + 59.118 = $424.2 Mil.
Total Current Assets was $846.2 Mil.
Total Assets was $4,370.1 Mil.
Property, Plant and Equipment(Net PPE) was $177.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.3 Mil.
Selling, General, & Admin. Expense(SGA) was $309.5 Mil.
Total Current Liabilities was $153.9 Mil.
Long-Term Debt & Capital Lease Obligation was $812.9 Mil.
Net Income was 9.371 + -47.084 + -26.655 + -34.325 = $-98.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 83.986 + -51.366 + 53.074 + 419.324 = $505.0 Mil.
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Accounts Receivable was $25.8 Mil.
Revenue was 38.196 + 131.186 + 166.283 + 176.9 = $512.6 Mil.
Gross Profit was 38.196 + 131.186 + 166.283 + 176.9 = $512.6 Mil.
Total Current Assets was $586.1 Mil.
Total Assets was $2,452.6 Mil.
Property, Plant and Equipment(Net PPE) was $186.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $59.9 Mil.
Selling, General, & Admin. Expense(SGA) was $442.8 Mil.
Total Current Liabilities was $555.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,079.9 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
| = | (0 / 424.239) | / | (25.779 / 512.565) |
| = | 0 | / | 0.05029411 |
| | = | 0 |
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) |
| = | (512.565 / 512.565) | / | (424.239 / 424.239) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (846.151 + 177.288) / 4370.101) | / | (1 - (586.103 + 186.104) / 2452.599) |
| = | 0.76580885 | / | 0.68514747 |
| | = | 1.1177 |
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 |
| = | 424.239 | / | 512.565 |
| | = | 0.8277 |
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)) |
| = | (59.912 / (59.912 + 186.104)) | / | (36.257 / (36.257 + 177.288)) |
| = | 0.24352888 | / | 0.16978623 |
| | = | 1.4343 |
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) |
| = | (309.46 / 424.239) | / | (442.806 / 512.565) |
| = | 0.72944732 | / | 0.86390214 |
| | = | 0.8444 |
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) |
| = | ((812.878 + 153.929) / 4370.101) | / | ((1079.873 + 555.924) / 2452.599) |
| = | 0.22123219 | / | 0.66696472 |
| | = | 0.3317 |
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 |
| = | (-98.693 - 0 | - | 505.018) | / | 4370.101 |
| | = | -0.1381 |
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.
LendingClub has a M-score of -3.86 suggests that the company is unlikely to be a manipulator.
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