LSB Industries Beneish M-Score Historical Data
The historical data trend for LSB Industries'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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LSB Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.15 |
-3.05 |
-2.38 |
-3.15 |
-2.69 |
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LSB Industries Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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-3.15 |
-3.29 |
-3.25 |
-3.38 |
-2.69 |
Competitive Comparison
For the Chemicals subindustry, LSB Industries'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.
LSB Industries Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, LSB Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LSB Industries's Beneish M-Score falls into.
LSB Industries 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 LSB Industries 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 * 0.8201 | + | 0.528 * 2.6591 | + | 0.404 * 0.763 | + | 0.892 * 0.6584 | + | 0.115 * 0.9761 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4091 | + | 4.679 * -0.102338 | - | 0.327 * 0.9163 |
| = | -2.69 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $40.4 Mil.
Revenue was 132.613 + 114.287 + 165.845 + 180.964 = $593.7 Mil.
Gross Profit was 12.009 + -3.386 + 36.032 + 41.605 = $86.3 Mil.
Total Current Assets was $436.7 Mil.
Total Assets was $1,298.2 Mil.
Property, Plant and Equipment(Net PPE) was $860.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $68.9 Mil.
Selling, General, & Admin. Expense(SGA) was $36.6 Mil.
Total Current Liabilities was $118.5 Mil.
Long-Term Debt & Capital Lease Obligation was $591.9 Mil.
Net Income was -5.347 + -7.726 + 25.095 + 15.901 = $27.9 Mil.
Non Operating Income was 3.682 + 3.689 + 12.408 + 3.476 = $23.3 Mil.
Cash Flow from Operations was 16.999 + 17.573 + 43.702 + 59.247 = $137.5 Mil.
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Total Receivables was $74.8 Mil.
Revenue was 233.654 + 184.273 + 284.803 + 198.981 = $901.7 Mil.
Gross Profit was 92.584 + 22.129 + 142.924 + 90.73 = $348.4 Mil.
Total Current Assets was $566.6 Mil.
Total Assets was $1,439.8 Mil.
Property, Plant and Equipment(Net PPE) was $871.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $68.0 Mil.
Selling, General, & Admin. Expense(SGA) was $39.4 Mil.
Total Current Liabilities was $142.3 Mil.
Long-Term Debt & Capital Lease Obligation was $717.6 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) |
| = | (40.385 / 593.709) | / | (74.795 / 901.711) |
| = | 0.068022 | / | 0.082948 |
| | = | 0.8201 |
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) |
| = | (348.367 / 901.711) | / | (86.26 / 593.709) |
| = | 0.38634 | / | 0.14529 |
| | = | 2.6591 |
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 - (436.742 + 860.15) / 1298.184) | / | (1 - (566.599 + 871.343) / 1439.819) |
| = | 0.000995 | / | 0.001304 |
| | = | 0.763 |
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 |
| = | 593.709 | / | 901.711 |
| | = | 0.6584 |
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)) |
| = | (68.019 / (68.019 + 871.343)) | / | (68.922 / (68.922 + 860.15)) |
| = | 0.07241 | / | 0.074184 |
| | = | 0.9761 |
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) |
| = | (36.58 / 593.709) | / | (39.428 / 901.711) |
| = | 0.061613 | / | 0.043726 |
| | = | 1.4091 |
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) |
| = | ((591.948 + 118.529) / 1298.184) | / | ((717.629 + 142.308) / 1439.819) |
| = | 0.547285 | / | 0.597254 |
| | = | 0.9163 |
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 |
| = | (27.923 - 23.255 | - | 137.521) | / | 1298.184 |
| | = | -0.102338 |
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.
LSB Industries has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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