Leggett & Platt Beneish M-Score Historical Data
The historical data trend for Leggett & Platt'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.
Leggett & Platt Beneish M-Score Chart
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Leggett & Platt Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.84 |
-2.24 |
-2.51 |
-2.83 |
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Leggett & Platt 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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-2.61 |
-2.72 |
-2.85 |
-2.83 |
-2.82 |
Competitive Comparison of Leggett & Platt's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Leggett & Platt'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.
Leggett & Platt's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Leggett & Platt's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Leggett & Platt's Beneish M-Score falls into.
Leggett & Platt 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 Leggett & Platt 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 * 0.9879 | + | 0.528 * 1.0327 | + | 0.404 * 0.9045 | + | 0.892 * 0.8817 | + | 0.115 * 1.0493 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2056 | + | 4.679 * -0.03212 | - | 0.327 * 1.095 |
| = | -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 €584 Mil.
Revenue was 1009.148 + 1022.547 + 1101.35 + 1127.168 = €4,260 Mil.
Gross Profit was 171.488 + 183.217 + 200.799 + 204.075 = €760 Mil.
Total Current Assets was €1,711 Mil.
Total Assets was €4,246 Mil.
Property, Plant and Equipment(Net PPE) was €896 Mil.
Depreciation, Depletion and Amortization(DDA) was €155 Mil.
Selling, General, & Admin. Expense(SGA) was €439 Mil.
Total Current Liabilities was €1,093 Mil.
Long-Term Debt & Capital Lease Obligation was €1,777 Mil.
Net Income was 29.072 + -272.624 + 49.474 + 50.027 = €-144 Mil.
Non Operating Income was 6.808 + -393.301 + 3.842 + 9.784 = €-373 Mil.
Cash Flow from Operations was -5.612 + 133.974 + 134.741 + 102.084 = €365 Mil.
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Total Receivables was €671 Mil.
Revenue was 1133.502 + 1128.835 + 1307.344 + 1262.153 = €4,832 Mil.
Gross Profit was 204.172 + 198.806 + 232.805 + 253.906 = €890 Mil.
Total Current Assets was €1,882 Mil.
Total Assets was €4,922 Mil.
Property, Plant and Equipment(Net PPE) was €941 Mil.
Depreciation, Depletion and Amortization(DDA) was €172 Mil.
Selling, General, & Admin. Expense(SGA) was €413 Mil.
Total Current Liabilities was €905 Mil.
Long-Term Debt & Capital Lease Obligation was €2,134 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) |
| = | (584.292 / 4260.213) | / | (670.799 / 4831.834) |
| = | 0.137151 | / | 0.138829 |
| | = | 0.9879 |
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) |
| = | (889.689 / 4831.834) | / | (759.579 / 4260.213) |
| = | 0.184131 | / | 0.178296 |
| | = | 1.0327 |
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 - (1711.476 + 896.356) / 4245.616) | / | (1 - (1881.823 + 941.192) / 4922.18) |
| = | 0.385759 | / | 0.426471 |
| | = | 0.9045 |
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 |
| = | 4260.213 | / | 4831.834 |
| | = | 0.8817 |
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)) |
| = | (171.994 / (171.994 + 941.192)) | / | (154.773 / (154.773 + 896.356)) |
| = | 0.154506 | / | 0.147245 |
| | = | 1.0493 |
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) |
| = | (439.126 / 4260.213) | / | (413.107 / 4831.834) |
| = | 0.103076 | / | 0.085497 |
| | = | 1.2056 |
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) |
| = | ((1776.888 + 1093.236) / 4245.616) | / | ((2134.003 + 904.672) / 4922.18) |
| = | 0.676021 | / | 0.617343 |
| | = | 1.095 |
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 |
| = | (-144.051 - -372.867 | - | 365.187) | / | 4245.616 |
| | = | -0.03212 |
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.
Leggett & Platt has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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