La-Z-Boy Beneish M-Score Historical Data
The historical data trend for La-Z-Boy'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.
La-Z-Boy Beneish M-Score Chart
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La-Z-Boy Annual Data
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Trend |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
Apr24 |
Apr25 |
| Beneish M-Score |
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-2.79 |
-1.92 |
-2.89 |
-2.46 |
-2.65 |
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La-Z-Boy Quarterly Data
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Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
Apr24 |
Jul24 |
Oct24 |
Jan25 |
Apr25 |
| Beneish M-Score |
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-2.46 |
-2.56 |
-2.60 |
-2.53 |
-2.65 |
Competitive Comparison of La-Z-Boy's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, La-Z-Boy'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.
La-Z-Boy's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, La-Z-Boy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where La-Z-Boy's Beneish M-Score falls into.
La-Z-Boy 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 La-Z-Boy 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 * 0.9728 | + | 0.528 * 0.9806 | + | 0.404 * 0.9729 | + | 0.892 * 1.0304 | + | 0.115 * 1.0623 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0225 | + | 4.679 * -0.033347 | - | 0.327 * 0.9825 |
| = | -2.65 |
* 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 $140 Mil.
Revenue was 570.871 + 521.777 + 521.027 + 495.532 = $2,109 Mil.
Gross Profit was 251.062 + 231.365 + 230.648 + 213.343 = $926 Mil.
Total Current Assets was $806 Mil.
Total Assets was $1,922 Mil.
Property, Plant and Equipment(Net PPE) was $792 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $770 Mil.
Total Current Liabilities was $421 Mil.
Long-Term Debt & Capital Lease Obligation was $410 Mil.
Net Income was 14.931 + 28.429 + 30.037 + 26.159 = $100 Mil.
Non Operating Income was -21.216 + 0.097 + -1.879 + -0.618 = $-24 Mil.
Cash Flow from Operations was 62.002 + 57.016 + 15.935 + 52.318 = $187 Mil.
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Total Receivables was $139 Mil.
Revenue was 553.535 + 500.406 + 511.435 + 481.651 = $2,047 Mil.
Gross Profit was 240.083 + 213.254 + 222.605 + 205.728 = $882 Mil.
Total Current Assets was $837 Mil.
Total Assets was $1,913 Mil.
Property, Plant and Equipment(Net PPE) was $745 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $731 Mil.
Total Current Liabilities was $437 Mil.
Long-Term Debt & Capital Lease Obligation was $405 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) |
| = | (139.533 / 2109.207) | / | (139.213 / 2047.027) |
| = | 0.066154 | / | 0.068007 |
| | = | 0.9728 |
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) |
| = | (881.67 / 2047.027) | / | (926.418 / 2109.207) |
| = | 0.430708 | / | 0.439226 |
| | = | 0.9806 |
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 - (805.688 + 792.06) / 1922.162) | / | (1 - (836.808 + 744.69) / 1913.442) |
| = | 0.168776 | / | 0.17348 |
| | = | 0.9729 |
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 |
| = | 2109.207 | / | 2047.027 |
| | = | 1.0304 |
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)) |
| = | (124.685 / (124.685 + 744.69)) | / | (123.631 / (123.631 + 792.06)) |
| = | 0.143419 | / | 0.135014 |
| | = | 1.0623 |
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) |
| = | (770 / 2109.207) | / | (730.874 / 2047.027) |
| = | 0.365066 | / | 0.357042 |
| | = | 1.0225 |
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) |
| = | ((410.265 + 420.791) / 1922.162) | / | ((404.724 + 437.281) / 1913.442) |
| = | 0.432355 | / | 0.440047 |
| | = | 0.9825 |
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 |
| = | (99.556 - -23.616 | - | 187.271) | / | 1922.162 |
| | = | -0.033347 |
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.
La-Z-Boy has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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