Loyalty Ventures Beneish M-Score Historical Data
The historical data trend for Loyalty Ventures'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.
Loyalty Ventures Beneish M-Score Chart
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Loyalty Ventures Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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- |
- |
- |
-3.05 |
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Loyalty Ventures Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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- |
-3.05 |
- |
-3.37 |
-3.36 |
Competitive Comparison of Loyalty Ventures's Beneish M-Score
For the Airports & Air Services subindustry, Loyalty Ventures'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.
Loyalty Ventures's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Loyalty Ventures's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Loyalty Ventures's Beneish M-Score falls into.
Loyalty Ventures 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 Loyalty Ventures 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 * 0.8458 | + | 0.528 * 1.3962 | + | 0.404 * 0.4874 | + | 0.892 * 1.0002 | + | 0.115 * 1.0825 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6066 | + | 4.679 * -0.055405 | - | 0.327 * 2.1906 |
| = | -3.36 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $245.9 Mil.
Revenue was 162.369 + 171.803 + 154.945 + 238.591 = $727.7 Mil.
Gross Profit was 28.464 + 25.696 + 27.067 + 38.165 = $119.4 Mil.
Total Current Assets was $1,189.1 Mil.
Total Assets was $1,591.2 Mil.
Property, Plant and Equipment(Net PPE) was $148.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.1 Mil.
Selling, General, & Admin. Expense(SGA) was $24.3 Mil.
Total Current Liabilities was $1,218.6 Mil.
Long-Term Debt & Capital Lease Obligation was $656.1 Mil.
Net Income was -0.125 + -441.9 + 1.018 + -55.78 = $-496.8 Mil.
Non Operating Income was 0 + -422.922 + 0 + 0 = $-422.9 Mil.
Cash Flow from Operations was -9.504 + -13.332 + -28.718 + 65.851 = $14.3 Mil.
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Total Receivables was $290.7 Mil.
Revenue was 169.257 + 150.905 + 176.554 + 230.874 = $727.6 Mil.
Gross Profit was 49.375 + 33.813 + 40.708 + 42.778 = $166.7 Mil.
Total Current Assets was $1,436.3 Mil.
Total Assets was $2,410.5 Mil.
Property, Plant and Equipment(Net PPE) was $186.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $48.6 Mil.
Selling, General, & Admin. Expense(SGA) was $15.1 Mil.
Total Current Liabilities was $1,189.7 Mil.
Long-Term Debt & Capital Lease Obligation was $106.7 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) |
| = | (245.863 / 727.708) | / | (290.652 / 727.59) |
| = | 0.337859 | / | 0.399472 |
| | = | 0.8458 |
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) |
| = | (166.674 / 727.59) | / | (119.392 / 727.708) |
| = | 0.229077 | / | 0.164066 |
| | = | 1.3962 |
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 - (1189.072 + 148.799) / 1591.218) | / | (1 - (1436.251 + 186.78) / 2410.451) |
| = | 0.159216 | / | 0.326669 |
| | = | 0.4874 |
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 |
| = | 727.708 | / | 727.59 |
| | = | 1.0002 |
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)) |
| = | (48.636 / (48.636 + 186.78)) | / | (35.097 / (35.097 + 148.799)) |
| = | 0.206596 | / | 0.190852 |
| | = | 1.0825 |
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) |
| = | (24.31 / 727.708) | / | (15.129 / 727.59) |
| = | 0.033406 | / | 0.020793 |
| | = | 1.6066 |
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) |
| = | ((656.11 + 1218.578) / 1591.218) | / | ((106.675 + 1189.718) / 2410.451) |
| = | 1.178147 | / | 0.537822 |
| | = | 2.1906 |
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 |
| = | (-496.787 - -422.922 | - | 14.297) | / | 1591.218 |
| | = | -0.055405 |
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.
Loyalty Ventures has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.
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