Lenovo Group Beneish M-Score Historical Data
The historical data trend for Lenovo Group'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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Lenovo Group Annual Data
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Mar14 |
Mar15 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.53 |
-2.89 |
-2.46 |
-2.55 |
-2.88 |
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Lenovo Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.95 |
-2.88 |
-2.95 |
-2.52 |
-2.50 |
Competitive Comparison
For the Computer Hardware subindustry, Lenovo Group'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.
Lenovo Group Beneish M-Score Distribution
For the Hardware industry and Technology sector, Lenovo Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lenovo Group's Beneish M-Score falls into.
Lenovo Group 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 Lenovo Group 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 * 1.1995 | + | 0.528 * 0.9943 | + | 0.404 * 1.1277 | + | 0.892 * 0.8434 | + | 0.115 * 0.9417 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0909 | + | 4.679 * -0.021155 | - | 0.327 * 0.9747 |
| = | -2.50 |
* 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 $11,687 Mil.
Revenue was 15720.954 + 14409.786 + 12899.927 + 12635.093 = $55,666 Mil.
Gross Profit was 2601.391 + 2521.76 + 2251.905 + 2143.372 = $9,518 Mil.
Total Current Assets was $23,228 Mil.
Total Assets was $39,504 Mil.
Property, Plant and Equipment(Net PPE) was $2,999 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,382 Mil.
Selling, General, & Admin. Expense(SGA) was $5,534 Mil.
Total Current Liabilities was $26,701 Mil.
Long-Term Debt & Capital Lease Obligation was $3,827 Mil.
Net Income was 337.016 + 249.24 + 176.526 + 113.607 = $876 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 364.17 + 453.79 + 649.761 + 244.367 = $1,712 Mil.
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Total Receivables was $11,553 Mil.
Revenue was 15266.606 + 17089.537 + 16955.618 + 16693.758 = $66,006 Mil.
Gross Profit was 2612.245 + 2876.574 + 2868.901 + 2864.261 = $11,222 Mil.
Total Current Assets was $26,132 Mil.
Total Assets was $41,749 Mil.
Property, Plant and Equipment(Net PPE) was $3,174 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,342 Mil.
Selling, General, & Admin. Expense(SGA) was $6,015 Mil.
Total Current Liabilities was $28,917 Mil.
Long-Term Debt & Capital Lease Obligation was $4,181 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) |
| = | (11686.726 / 55665.76) | / | (11553.081 / 66005.519) |
| = | 0.209945 | / | 0.175032 |
| | = | 1.1995 |
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) |
| = | (11221.981 / 66005.519) | / | (9518.428 / 55665.76) |
| = | 0.170016 | / | 0.170993 |
| | = | 0.9943 |
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 - (23227.832 + 2999.335) / 39504.337) | / | (1 - (26132.024 + 3174.172) / 41748.642) |
| = | 0.336094 | / | 0.298032 |
| | = | 1.1277 |
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 |
| = | 55665.76 | / | 66005.519 |
| | = | 0.8434 |
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)) |
| = | (1341.786 / (1341.786 + 3174.172)) | / | (1382.482 / (1382.482 + 2999.335)) |
| = | 0.297121 | / | 0.315504 |
| | = | 0.9417 |
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) |
| = | (5534.077 / 55665.76) | / | (6015.18 / 66005.519) |
| = | 0.099416 | / | 0.091131 |
| | = | 1.0909 |
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) |
| = | ((3826.731 + 26700.663) / 39504.337) | / | ((4180.73 + 28917.233) / 41748.642) |
| = | 0.772761 | / | 0.792791 |
| | = | 0.9747 |
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 |
| = | (876.389 - 0 | - | 1712.088) | / | 39504.337 |
| | = | -0.021155 |
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.
Lenovo Group has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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