Litalico Beneish M-Score Historical Data
The historical data trend for Litalico'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.
Litalico Beneish M-Score Chart
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Litalico Annual Data
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Trend |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
Mar25 |
| Beneish M-Score |
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- |
- |
-2.59 |
-2.16 |
-1.73 |
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Litalico Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.16 |
-2.26 |
-1.88 |
-1.90 |
-1.73 |
Competitive Comparison of Litalico's Beneish M-Score
For the Education & Training Services subindustry, Litalico'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.
Litalico's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Litalico's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Litalico's Beneish M-Score falls into.
Litalico 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 Litalico 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 * 1.02 | + | 0.528 * 1.1011 | + | 0.404 * 1.302 | + | 0.892 * 1.2001 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.949 | + | 4.679 * 0.073402 | - | 0.327 * 0.9252 |
| = | -1.73 |
* 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 円6,528 Mil.
Revenue was 7307 + 9283 + 8900 + 7724 = 円33,214 Mil.
Gross Profit was 3071 + 3404 + 3121 + 2702 = 円12,298 Mil.
Total Current Assets was 円11,318 Mil.
Total Assets was 円32,724 Mil.
Property, Plant and Equipment(Net PPE) was 円6,140 Mil.
Depreciation, Depletion and Amortization(DDA) was 円0 Mil.
Selling, General, & Admin. Expense(SGA) was 円8,878 Mil.
Total Current Liabilities was 円11,624 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,226 Mil.
Net Income was 1018 + 757 + 472 + 155 = 円2,402 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = 円0 Mil.
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Total Receivables was 円5,333 Mil.
Revenue was 5601 + 7683 + 7333 + 7059 = 円27,676 Mil.
Gross Profit was 2659 + 3220 + 2781 + 2623 = 円11,283 Mil.
Total Current Assets was 円10,281 Mil.
Total Assets was 円25,311 Mil.
Property, Plant and Equipment(Net PPE) was 円5,961 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,111 Mil.
Selling, General, & Admin. Expense(SGA) was 円7,795 Mil.
Total Current Liabilities was 円7,781 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,305 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) |
| = | (6528 / 33214) | / | (5333 / 27676) |
| = | 0.196544 | / | 0.192694 |
| | = | 1.02 |
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) |
| = | (11283 / 27676) | / | (12298 / 33214) |
| = | 0.407682 | / | 0.370266 |
| | = | 1.1011 |
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 - (11318 + 6140) / 32724) | / | (1 - (10281 + 5961) / 25311) |
| = | 0.466508 | / | 0.358303 |
| | = | 1.302 |
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 |
| = | 33214 | / | 27676 |
| | = | 1.2001 |
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)) |
| = | (2111 / (2111 + 5961)) | / | (0 / (0 + 6140)) |
| = | 0.261521 | / | 0 |
| | = | 1 |
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) |
| = | (8878 / 33214) | / | (7795 / 27676) |
| = | 0.267297 | / | 0.281652 |
| | = | 0.949 |
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) |
| = | ((5226 + 11624) / 32724) | / | ((6305 + 7781) / 25311) |
| = | 0.514913 | / | 0.556517 |
| | = | 0.9252 |
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 |
| = | (2402 - 0 | - | 0) | / | 32724 |
| | = | 0.073402 |
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.
Litalico has a M-score of -1.73 signals that the company is likely to be a manipulator.
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