LINTEC Beneish M-Score Historical Data
The historical data trend for LINTEC'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.
LINTEC Beneish M-Score Chart
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LINTEC Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.70 |
-2.80 |
-2.68 |
-2.27 |
-2.96 |
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LINTEC Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.27 |
-2.46 |
-2.57 |
-2.61 |
-2.96 |
Competitive Comparison of LINTEC's Beneish M-Score
For the Specialty Chemicals subindustry, LINTEC'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.
LINTEC's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, LINTEC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LINTEC's Beneish M-Score falls into.
LINTEC 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 LINTEC 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 * 1.1344 | + | 0.528 * 0.9988 | + | 0.404 * 0.9192 | + | 0.892 * 0.9709 | + | 0.115 * 1.0452 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9289 | + | 4.679 * -0.101792 | - | 0.327 * 1.2496 |
| = | -2.96 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円64,763 Mil.
Revenue was 72792 + 71794 + 66699 + 65036 = 円276,321 Mil.
Gross Profit was 17373 + 16213 + 14277 + 13544 = 円61,407 Mil.
Total Current Assets was 円187,977 Mil.
Total Assets was 円333,642 Mil.
Property, Plant and Equipment(Net PPE) was 円114,123 Mil.
Depreciation, Depletion and Amortization(DDA) was 円15,902 Mil.
Selling, General, & Admin. Expense(SGA) was 円5,245 Mil.
Total Current Liabilities was 円75,918 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,888 Mil.
Net Income was 1249 + 2028 + 866 + 1100 = 円5,243 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 14213 + 8035 + 11506 + 5451 = 円39,205 Mil.
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Total Receivables was 円58,803 Mil.
Revenue was 68051 + 72130 + 74925 + 69497 = 円284,603 Mil.
Gross Profit was 13130 + 16235 + 16747 + 17062 = 円63,174 Mil.
Total Current Assets was 円171,936 Mil.
Total Assets was 円304,881 Mil.
Property, Plant and Equipment(Net PPE) was 円101,590 Mil.
Depreciation, Depletion and Amortization(DDA) was 円14,890 Mil.
Selling, General, & Admin. Expense(SGA) was 円5,816 Mil.
Total Current Liabilities was 円59,823 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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) |
| = | (64763 / 276321) | / | (58803 / 284603) |
| = | 0.234376 | / | 0.206614 |
| | = | 1.1344 |
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) |
| = | (63174 / 284603) | / | (61407 / 276321) |
| = | 0.221972 | / | 0.222231 |
| | = | 0.9988 |
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 - (187977 + 114123) / 333642) | / | (1 - (171936 + 101590) / 304881) |
| = | 0.094538 | / | 0.102843 |
| | = | 0.9192 |
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 |
| = | 276321 | / | 284603 |
| | = | 0.9709 |
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)) |
| = | (14890 / (14890 + 101590)) | / | (15902 / (15902 + 114123)) |
| = | 0.127833 | / | 0.1223 |
| | = | 1.0452 |
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) |
| = | (5245 / 276321) | / | (5816 / 284603) |
| = | 0.018982 | / | 0.020435 |
| | = | 0.9289 |
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) |
| = | ((5888 + 75918) / 333642) | / | ((0 + 59823) / 304881) |
| = | 0.245191 | / | 0.196218 |
| | = | 1.2496 |
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 |
| = | (5243 - 0 | - | 39205) | / | 333642 |
| | = | -0.101792 |
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.
LINTEC has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
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