GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » Leggett & Platt Inc (NYSE:LEG) » Definitions » Beneish M-Score

LEG (Leggett & Platt) Beneish M-Score : -2.96 (As of Jul. 24, 2025)


View and export this data going back to 1972. Start your Free Trial

What is Leggett & Platt Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Leggett & Platt's Beneish M-Score or its related term are showing as below:

LEG' s Beneish M-Score Range Over the Past 10 Years
Min: -3   Med: -2.66   Max: -2.24
Current: -2.96

During the past 13 years, the highest Beneish M-Score of Leggett & Platt was -2.24. The lowest was -3.00. And the median was -2.66.


Leggett & Platt Beneish M-Score Historical Data

The historical data trend for Leggett & Platt'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.

* Premium members only.

Leggett & Platt Beneish M-Score Chart

Leggett & Platt Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.84 -2.24 -2.51 -2.83 -2.94

Leggett & Platt Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.82 -2.93 -2.88 -2.94 -2.96

Competitive Comparison of Leggett & Platt's Beneish M-Score

For the Furnishings, Fixtures & Appliances subindustry, Leggett & Platt'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.


Leggett & Platt's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Leggett & Platt's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Leggett & Platt's Beneish M-Score falls into.


;
;

Leggett & Platt 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 Leggett & Platt 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 * 0.9399+0.528 * 1.0205+0.404 * 0.7669+0.892 * 0.9349+0.115 * 1.0781
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1398+4.679 * -0.047214-0.327 * 1.1304
=-2.96

* 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 (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $558 Mil.
Revenue was 1022.1 + 1056.4 + 1101.7 + 1128.6 = $4,309 Mil.
Gross Profit was 190 + 175.6 + 200.6 + 186.5 = $753 Mil.
Total Current Assets was $1,784 Mil.
Total Assets was $3,749 Mil.
Property, Plant and Equipment(Net PPE) was $856 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $507 Mil.
Total Current Liabilities was $810 Mil.
Long-Term Debt & Capital Lease Obligation was $2,054 Mil.
Net Income was 30.6 + 14.2 + 44.9 + -602.2 = $-513 Mil.
Non Operating Income was 1.5 + -2.3 + 11.3 + -664.6 = $-654 Mil.
Cash Flow from Operations was 6.8 + 122.3 + 95.5 + 94 = $319 Mil.
Total Receivables was $635 Mil.
Revenue was 1096.9 + 1115.1 + 1175.4 + 1221.2 = $4,609 Mil.
Gross Profit was 186.4 + 199.8 + 214.3 + 221.1 = $822 Mil.
Total Current Assets was $1,860 Mil.
Total Assets was $4,615 Mil.
Property, Plant and Equipment(Net PPE) was $974 Mil.
Depreciation, Depletion and Amortization(DDA) was $167 Mil.
Selling, General, & Admin. Expense(SGA) was $475 Mil.
Total Current Liabilities was $1,188 Mil.
Long-Term Debt & Capital Lease Obligation was $1,931 Mil.




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)
=(558.1 / 4308.8) / (635.1 / 4608.6)
=0.129526 / 0.137808
=0.9399

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)
=(821.6 / 4608.6) / (752.7 / 4308.8)
=0.178275 / 0.174689
=1.0205

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 - (1784.1 + 855.7) / 3748.9) / (1 - (1860.3 + 974.3) / 4614.8)
=0.295847 / 0.385759
=0.7669

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
=4308.8 / 4608.6
=0.9349

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))
=(167.4 / (167.4 + 974.3)) / (134.7 / (134.7 + 855.7))
=0.146623 / 0.136006
=1.0781

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)
=(506.5 / 4308.8) / (475.3 / 4608.6)
=0.11755 / 0.103133
=1.1398

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)
=((2054.4 + 810.4) / 3748.9) / ((1931.4 + 1188.3) / 4614.8)
=0.764171 / 0.676021
=1.1304

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
=(-512.5 - -654.1 - 318.6) / 3748.9
=-0.047214

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.

Leggett & Platt has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.


Leggett & Platt Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Leggett & Platt's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Leggett & Platt Business Description

Traded in Other Exchanges
Address
No. 1 Leggett Road, Carthage, MO, USA, 64836
Leggett & Platt Inc designs and produces engineered components and products found in homes and automobiles. It operates its business through three segments namely Bedding Products, Specialized Products, and Furniture, Flooring, and Textile Products. It generates the majority of its revenue from Bedding Products. Serving a broad suite of customers around the world, Leggett & Platt's products include bedding components, automotive seat support, and lumbar systems, specialty bedding foam and private label finished mattresses, components for home furniture, and work furniture, flooring underlayment, adjustable beds, and various other products.
Executives
Benjamin Michael Burns officer: SVP-Business Support Services NO. 1 LEGGETT ROAD, CARTHAGE MO 64836
Srikanth Padmanabhan director 500 JACKSON STREET, COLUMBUS IN 47201
Karl G Glassman director, officer: Executive Vice President LEGGETT & PLATT, INCORPORATED, NO. 1 LEGGETT ROAD, CARTHAGE MO 64836
Ryan Michael Kleiboeker officer: SVP-Chief Strategic Plan. Off. NO.1 LEGGETT ROAD, CARTHAGE MO 64836
Mark A Blinn director 5215 N. O'CONNOR BLVD., SUITE 2300, IRVING TX 75039
Phoebe A Wood director PO BOX 1080, LOUISVILLE KY 40201
Scott S Douglas officer: SVP-Gen. Counsel and Secretary NO 1 LEGGETT ROAD, CARTHAGE MO 64836
Angela Barbee director NO. 1 LEGGETT ROAD, CARTHAGE MO 64836
J Mitchell Dolloff director, officer: President and COO NO.1 LEGGETT ROAD, CARTHAGE MO 64836
James Tyson Hagale officer: SVP, Pres. - Bedding Products NO. 1 LEGGETT ROAD, CARTHAGE MO 64836
Christina Ptasinski officer: SVP - Chief HR Officer NO. 1 LEGGETT ROAD, CARTHAGE MO 64836
Steven K Henderson officer: Executive Vice President NO. 1 LEGGETT ROAD, CARTHAGE MO 64836
Susan R Mccoy officer: SVP - Investor Relations NO. 1 LEGGETT ROAD, CARTHAGE MO 64836
Tammy M Trent officer: SVP - Chief Accounting Officer NO. 1 LEGGETT ROAD, CARTHAGE MO 64836
Jeffrey L. Tate officer: Executive Vice President - CFO 2211 H.H. DOW WAY, MIDLAND MI 48674