Lassonde Industries Beneish M-Score Historical Data
The historical data trend for Lassonde 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.
Lassonde Industries Beneish M-Score Chart
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Lassonde Industries Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.85 |
-2.46 |
-2.20 |
-2.88 |
-2.63 |
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Lassonde Industries Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.92 |
-2.80 |
-2.67 |
-2.63 |
-2.47 |
Competitive Comparison of Lassonde Industries's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, Lassonde 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.
Lassonde Industries's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Lassonde Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lassonde Industries's Beneish M-Score falls into.
Lassonde 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 Lassonde 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 * 1.0484 | + | 0.528 * 0.959 | + | 0.404 * 1.144 | + | 0.892 * 1.1682 | + | 0.115 * 0.9262 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0281 | + | 4.679 * -0.020503 | - | 0.327 * 1.3471 |
| = | -2.47 |
* 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 C$251 Mil.
Revenue was 699.654 + 738.113 + 668.267 + 624.668 = C$2,731 Mil.
Gross Profit was 183.174 + 192.942 + 179.83 + 175.738 = C$732 Mil.
Total Current Assets was C$844 Mil.
Total Assets was C$2,374 Mil.
Property, Plant and Equipment(Net PPE) was C$691 Mil.
Depreciation, Depletion and Amortization(DDA) was C$92 Mil.
Selling, General, & Admin. Expense(SGA) was C$549 Mil.
Total Current Liabilities was C$631 Mil.
Long-Term Debt & Capital Lease Obligation was C$440 Mil.
Net Income was 24.527 + 27.111 + 29.652 + 33.521 = C$115 Mil.
Non Operating Income was -1.717 + 2.514 + 0.084 + 0.094 = C$1 Mil.
Cash Flow from Operations was -60.099 + 75.714 + 87.492 + 59.411 = C$163 Mil.
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Total Receivables was C$205 Mil.
Revenue was 569.843 + 604.775 + 583.428 + 579.435 = C$2,337 Mil.
Gross Profit was 149.576 + 152.516 + 146.26 + 152.317 = C$601 Mil.
Total Current Assets was C$663 Mil.
Total Assets was C$1,721 Mil.
Property, Plant and Equipment(Net PPE) was C$527 Mil.
Depreciation, Depletion and Amortization(DDA) was C$64 Mil.
Selling, General, & Admin. Expense(SGA) was C$457 Mil.
Total Current Liabilities was C$386 Mil.
Long-Term Debt & Capital Lease Obligation was C$190 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) |
| = | (251.35 / 2730.702) | / | (205.217 / 2337.481) |
| = | 0.092046 | / | 0.087794 |
| | = | 1.0484 |
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) |
| = | (600.669 / 2337.481) | / | (731.684 / 2730.702) |
| = | 0.256973 | / | 0.267947 |
| | = | 0.959 |
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 - (844.247 + 690.649) / 2374.441) | / | (1 - (662.621 + 526.604) / 1721.204) |
| = | 0.353576 | / | 0.309074 |
| | = | 1.144 |
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 |
| = | 2730.702 | / | 2337.481 |
| | = | 1.1682 |
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)) |
| = | (64.183 / (64.183 + 526.604)) | / | (91.775 / (91.775 + 690.649)) |
| = | 0.10864 | / | 0.117296 |
| | = | 0.9262 |
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) |
| = | (548.806 / 2730.702) | / | (456.932 / 2337.481) |
| = | 0.200976 | / | 0.195481 |
| | = | 1.0281 |
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) |
| = | ((439.511 + 630.741) / 2374.441) | / | ((190.179 + 385.735) / 1721.204) |
| = | 0.450739 | / | 0.3346 |
| | = | 1.3471 |
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 |
| = | (114.811 - 0.975 | - | 162.518) | / | 2374.441 |
| | = | -0.020503 |
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.
Lassonde Industries has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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