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.
Leggett & Platt Beneish M-Score Chart
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Leggett & Platt Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.84 |
-2.24 |
-2.51 |
-2.83 |
-2.94 |
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Leggett & Platt Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-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.
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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.
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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) |
| = | (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.
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