Lancy Co Beneish M-Score Historical Data
The historical data trend for Lancy Co'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.
Lancy Co Beneish M-Score Chart
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Lancy Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.69 |
-2.91 |
-2.83 |
-2.82 |
-2.80 |
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Lancy Co 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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-2.78 |
-2.86 |
-2.55 |
-2.80 |
-2.83 |
Competitive Comparison of Lancy Co's Beneish M-Score
For the Apparel Manufacturing subindustry, Lancy Co'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.
Lancy Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Lancy Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lancy Co's Beneish M-Score falls into.
Lancy Co 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 Lancy Co 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 * 0.8351 | + | 0.528 * 0.9752 | + | 0.404 * 1.0043 | + | 0.892 * 1.1877 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0084 | + | 4.679 * -0.07033 | - | 0.327 * 1.0635 |
| = | -2.83 |
* 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 ¥280 Mil.
Revenue was 1399.925 + 1451.679 + 1380.853 + 1056.546 = ¥5,289 Mil.
Gross Profit was 833.567 + 828.954 + 760.623 + 656.473 = ¥3,080 Mil.
Total Current Assets was ¥2,177 Mil.
Total Assets was ¥7,633 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,444 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,358 Mil.
Total Current Liabilities was ¥2,538 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,133 Mil.
Net Income was 82.172 + 31.181 + 59.741 + 63.219 = ¥236 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 213.985 + 218.912 + 183.372 + 156.866 = ¥773 Mil.
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Total Receivables was ¥282 Mil.
Revenue was 1256.387 + 1109.561 + 1122.334 + 964.692 = ¥4,453 Mil.
Gross Profit was 709.649 + 651.266 + 620.093 + 547.638 = ¥2,529 Mil.
Total Current Assets was ¥2,009 Mil.
Total Assets was ¥7,053 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,352 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,968 Mil.
Total Current Liabilities was ¥2,452 Mil.
Long-Term Debt & Capital Lease Obligation was ¥737 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) |
| = | (279.635 / 5289.003) | / | (281.913 / 4452.974) |
| = | 0.052871 | / | 0.063309 |
| | = | 0.8351 |
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) |
| = | (2528.646 / 4452.974) | / | (3079.617 / 5289.003) |
| = | 0.567856 | / | 0.582268 |
| | = | 0.9752 |
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 - (2176.514 + 1443.582) / 7632.94) | / | (1 - (2009.145 + 1351.511) / 7052.713) |
| = | 0.525727 | / | 0.523495 |
| | = | 1.0043 |
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 |
| = | 5289.003 | / | 4452.974 |
| | = | 1.1877 |
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)) |
| = | (0 / (0 + 1351.511)) | / | (0 / (0 + 1443.582)) |
| = | 0 | / | 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) |
| = | (2357.682 / 5289.003) | / | (1968.476 / 4452.974) |
| = | 0.445771 | / | 0.442059 |
| | = | 1.0084 |
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) |
| = | ((1133.139 + 2537.626) / 7632.94) | / | ((736.901 + 2452.385) / 7052.713) |
| = | 0.480911 | / | 0.452207 |
| | = | 1.0635 |
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 |
| = | (236.313 - 0 | - | 773.135) | / | 7632.94 |
| | = | -0.07033 |
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.
Lancy Co has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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