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 |
Dec21 |
| Beneish M-Score |
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|
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|
|
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-1.26 |
-2.30 |
-2.19 |
-5.57 |
0.10 |
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LendingClub Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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|
|
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-3.92 |
-2.77 |
0.10 |
-0.14 |
0.12 |
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 * 1 | + | 0.528 * 1 | + | 0.404 * 0.9604 | + | 0.892 * 2.4976 | + | 0.115 * 10.8445 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6871 | + | 4.679 * -0.0259 | - | 0.327 * 0.3277 |
| = | 0.12 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $0 Mil.
Revenue was 324.388 + 284.013 + 257.827 + 241.9 = $1,108 Mil.
Gross Profit was 324.388 + 284.013 + 257.827 + 241.9 = $1,108 Mil.
Total Current Assets was $1,445 Mil.
Total Assets was $6,187 Mil.
Property, Plant and Equipment(Net PPE) was $192 Mil.
Depreciation, Depletion and Amortization(DDA) was $4 Mil.
Selling, General, & Admin. Expense(SGA) was $537 Mil.
Total Current Liabilities was $120 Mil.
Long-Term Debt & Capital Lease Obligation was $238 Mil.
Net Income was 182.06 + 40.836 + 29.108 + 27.185 = $279 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 191.282 + 40.673 + 121.582 + 85.667 = $439 Mil.
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Total Receivables was $0 Mil.
Revenue was 200.141 + 102.548 + 72.349 + 68.631 = $444 Mil.
Gross Profit was 200.141 + 102.548 + 72.349 + 68.631 = $444 Mil.
Total Current Assets was $846 Mil.
Total Assets was $4,370 Mil.
Property, Plant and Equipment(Net PPE) was $177 Mil.
Depreciation, Depletion and Amortization(DDA) was $49 Mil.
Selling, General, & Admin. Expense(SGA) was $313 Mil.
Total Current Liabilities was $154 Mil.
Long-Term Debt & Capital Lease Obligation was $617 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) |
| = | (0 / 1108.128) | / | (0 / 443.669) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (443.669 / 443.669) | / | (1108.128 / 1108.128) |
| = | 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 - (1444.974 + 191.632) / 6186.765) | / | (1 - (846.151 + 177.288) / 4370.101) |
| = | 0.7354666 | / | 0.76580885 |
| | = | 0.9604 |
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 |
| = | 1108.128 | / | 443.669 |
| | = | 2.4976 |
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)) |
| = | (48.884 / (48.884 + 177.288)) | / | (3.897 / (3.897 + 191.632)) |
| = | 0.21613639 | / | 0.01993055 |
| | = | 10.8445 |
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) |
| = | (536.825 / 1108.128) | / | (312.795 / 443.669) |
| = | 0.48444313 | / | 0.70501883 |
| | = | 0.6871 |
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) |
| = | ((237.631 + 120.165) / 6186.765) | / | ((617.397 + 153.929) / 4370.101) |
| = | 0.05783249 | / | 0.17650073 |
| | = | 0.3277 |
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 |
| = | (279.189 - 0 | - | 439.204) | / | 6186.765 |
| | = | -0.0259 |
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 0.12 signals that the company is likely to be a manipulator.
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