Lawson Beneish M-Score Historical Data
The historical data trend for Lawson'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.
Lawson Beneish M-Score Chart
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Lawson Annual Data
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Trend |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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-2.23 |
-2.46 |
-2.37 |
-2.95 |
-3.09 |
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Lawson Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.95 |
-3.71 |
-3.42 |
-3.44 |
-3.09 |
Competitive Comparison of Lawson's Beneish M-Score
For the Discount Stores subindustry, Lawson'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.
Lawson's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Lawson's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lawson's Beneish M-Score falls into.
Lawson 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 Lawson 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 * 0.9633 | + | 0.528 * 0.9882 | + | 0.404 * 1.0502 | + | 0.892 * 1.0875 | + | 0.115 * 0.9909 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9656 | + | 4.679 * -0.144176 | - | 0.327 * 0.9855 |
| = | -3.09 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was 円234,295 Mil.
Revenue was 273821 + 268651 + 281391 + 264100 = 円1,087,963 Mil.
Gross Profit was 146580 + 142425 + 150777 + 140533 = 円580,315 Mil.
Total Current Assets was 円715,868 Mil.
Total Assets was 円2,297,498 Mil.
Property, Plant and Equipment(Net PPE) was 円1,251,339 Mil.
Depreciation, Depletion and Amortization(DDA) was 円213,287 Mil.
Selling, General, & Admin. Expense(SGA) was 円486,224 Mil.
Total Current Liabilities was 円1,011,192 Mil.
Long-Term Debt & Capital Lease Obligation was 円916,204 Mil.
Net Income was 6266 + 13479 + 16307 + 16095 = 円52,147 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 82131 + 123804 + -16909 + 194364 = 円383,390 Mil.
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Total Receivables was 円223,648 Mil.
Revenue was 253401 + 256048 + 254870 + 236065 = 円1,000,384 Mil.
Gross Profit was 133226 + 135033 + 134706 + 124344 = 円527,309 Mil.
Total Current Assets was 円679,839 Mil.
Total Assets was 円2,242,421 Mil.
Property, Plant and Equipment(Net PPE) was 円1,255,631 Mil.
Depreciation, Depletion and Amortization(DDA) was 円211,745 Mil.
Selling, General, & Admin. Expense(SGA) was 円462,997 Mil.
Total Current Liabilities was 円905,279 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,003,588 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) |
| = | (234295 / 1087963) | / | (223648 / 1000384) |
| = | 0.215352 | / | 0.223562 |
| | = | 0.9633 |
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) |
| = | (527309 / 1000384) | / | (580315 / 1087963) |
| = | 0.527107 | / | 0.533396 |
| | = | 0.9882 |
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 - (715868 + 1251339) / 2297498) | / | (1 - (679839 + 1255631) / 2242421) |
| = | 0.143761 | / | 0.136884 |
| | = | 1.0502 |
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 |
| = | 1087963 | / | 1000384 |
| | = | 1.0875 |
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)) |
| = | (211745 / (211745 + 1255631)) | / | (213287 / (213287 + 1251339)) |
| = | 0.144302 | / | 0.145626 |
| | = | 0.9909 |
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) |
| = | (486224 / 1087963) | / | (462997 / 1000384) |
| = | 0.446912 | / | 0.462819 |
| | = | 0.9656 |
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) |
| = | ((916204 + 1011192) / 2297498) | / | ((1003588 + 905279) / 2242421) |
| = | 0.838911 | / | 0.851253 |
| | = | 0.9855 |
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 |
| = | (52147 - 0 | - | 383390) | / | 2297498 |
| | = | -0.144176 |
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.
Lawson has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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