Lowe's Beneish M-Score Historical Data
The historical data trend for Lowe's'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.
Lowe's Beneish M-Score Chart
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Lowe's Annual Data
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Jan25 |
| Beneish M-Score |
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-2.79 |
-2.63 |
-2.86 |
-2.53 |
-2.81 |
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Lowe's Quarterly Data
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Jul20 |
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Apr25 |
| Beneish M-Score |
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-2.81 |
-2.82 |
-2.86 |
-2.81 |
-2.70 |
Competitive Comparison of Lowe's's Beneish M-Score
For the Home Improvement Retail subindustry, Lowe's'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.
Lowe's's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Lowe's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lowe's's Beneish M-Score falls into.
Lowe's 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 Lowe's 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 * 0.997 | + | 0.404 * 1.0055 | + | 0.892 * 0.9748 | + | 0.115 * 0.9806 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0237 | + | 4.679 * -0.041854 | - | 0.327 * 0.9776 |
| = | -2.70 |
* 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 (Apr25) TTM: | Last Year (Apr24) TTM: |
Total Receivables was $0 Mil.
Revenue was 20930 + 18554 + 20170 + 23586 = $83,240 Mil.
Gross Profit was 6986 + 6097 + 6796 + 7895 = $27,774 Mil.
Total Current Assets was $22,675 Mil.
Total Assets was $45,372 Mil.
Property, Plant and Equipment(Net PPE) was $21,435 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,993 Mil.
Selling, General, & Admin. Expense(SGA) was $15,720 Mil.
Total Current Liabilities was $22,388 Mil.
Long-Term Debt & Capital Lease Obligation was $34,210 Mil.
Net Income was 1641 + 1124 + 1695 + 2383 = $6,843 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 3379 + 911 + 1299 + 3153 = $8,742 Mil.
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Total Receivables was $0 Mil.
Revenue was 21364 + 18602 + 20471 + 24956 = $85,393 Mil.
Gross Profit was 7090 + 6027 + 6891 + 8399 = $28,407 Mil.
Total Current Assets was $22,750 Mil.
Total Assets was $45,365 Mil.
Property, Plant and Equipment(Net PPE) was $21,360 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,944 Mil.
Selling, General, & Admin. Expense(SGA) was $15,753 Mil.
Total Current Liabilities was $19,506 Mil.
Long-Term Debt & Capital Lease Obligation was $38,381 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 / 83240) | / | (0 / 85393) |
| = | 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) |
| = | (28407 / 85393) | / | (27774 / 83240) |
| = | 0.332662 | / | 0.333662 |
| | = | 0.997 |
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 - (22675 + 21435) / 45372) | / | (1 - (22750 + 21360) / 45365) |
| = | 0.027815 | / | 0.027664 |
| | = | 1.0055 |
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 |
| = | 83240 | / | 85393 |
| | = | 0.9748 |
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)) |
| = | (1944 / (1944 + 21360)) | / | (1993 / (1993 + 21435)) |
| = | 0.083419 | / | 0.085069 |
| | = | 0.9806 |
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) |
| = | (15720 / 83240) | / | (15753 / 85393) |
| = | 0.188852 | / | 0.184476 |
| | = | 1.0237 |
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) |
| = | ((34210 + 22388) / 45372) | / | ((38381 + 19506) / 45365) |
| = | 1.247421 | / | 1.276028 |
| | = | 0.9776 |
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 |
| = | (6843 - 0 | - | 8742) | / | 45372 |
| | = | -0.041854 |
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.
Lowe's has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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