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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Lithia Motors's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Lithia Motors was -1.29. The lowest was -3.18. And the median was -2.07.
The historical data trend for Lithia Motors'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.
Lithia Motors Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.72 | -2.19 | -2.25 | -1.75 | -1.80 |
Lithia Motors Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.08 | -1.80 | -1.85 | -1.99 | -2.15 |
For the Auto & Truck Dealerships subindustry, Lithia Motors'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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Lithia Motors's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lithia Motors's Beneish M-Score falls into.
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 Lithia Motors 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 * 1.0574 | + | 0.528 * 1.0871 | + | 0.404 * 0.9761 | + | 0.892 * 1.1445 | + | 0.115 * 0.9491 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9895 | + | 4.679 * 0.028481 | - | 0.327 * 1.0671 | |||||||
= | -2.15 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $1,209 Mil. Revenue was 9221 + 9231.8 + 8561.8 + 7674.3 = $34,689 Mil. Gross Profit was 1430.4 + 1423.9 + 1335.2 + 1260.7 = $5,450 Mil. Total Current Assets was $7,893 Mil. Total Assets was $23,262 Mil. Property, Plant and Equipment(Net PPE) was $5,387 Mil. Depreciation, Depletion and Amortization(DDA) was $351 Mil. Selling, General, & Admin. Expense(SGA) was $3,684 Mil. Total Current Liabilities was $6,664 Mil. Long-Term Debt & Capital Lease Obligation was $8,809 Mil. Net Income was 209.1 + 214.2 + 162.6 + 213.5 = $799 Mil. Non Operating Income was 7.1 + 24.5 + 26.9 + 10.3 = $69 Mil. Cash Flow from Operations was 219.3 + -148.4 + 292.4 + -295.2 = $68 Mil. |
Total Receivables was $999 Mil. Revenue was 8277 + 8111.5 + 6973.8 + 6946.5 = $30,309 Mil. Gross Profit was 1371.3 + 1385.1 + 1211.5 + 1209.1 = $5,177 Mil. Total Current Assets was $5,818 Mil. Total Assets was $18,270 Mil. Property, Plant and Equipment(Net PPE) was $4,420 Mil. Depreciation, Depletion and Amortization(DDA) was $272 Mil. Selling, General, & Admin. Expense(SGA) was $3,253 Mil. Total Current Liabilities was $4,375 Mil. Long-Term Debt & Capital Lease Obligation was $7,013 Mil. |
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) |
= | (1209.4 / 34688.9) | / | (999.3 / 30308.8) | |
= | 0.034864 | / | 0.032971 | |
= | 1.0574 |
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) | |
= | (5177 / 30308.8) | / | (5450.2 / 34688.9) | |
= | 0.170808 | / | 0.157117 | |
= | 1.0871 |
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 - (7893.1 + 5386.5) / 23261.5) | / | (1 - (5818.2 + 4420.1) / 18269.8) | |
= | 0.429117 | / | 0.439605 | |
= | 0.9761 |
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 | |
= | 34688.9 | / | 30308.8 | |
= | 1.1445 |
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)) |
= | (272.4 / (272.4 + 4420.1)) | / | (350.9 / (350.9 + 5386.5)) | |
= | 0.05805 | / | 0.06116 | |
= | 0.9491 |
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) |
= | (3683.7 / 34688.9) | / | (3252.7 / 30308.8) | |
= | 0.106192 | / | 0.107319 | |
= | 0.9895 |
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) |
= | ((8808.6 + 6664.1) / 23261.5) | / | ((7012.7 + 4375.3) / 18269.8) | |
= | 0.665163 | / | 0.623324 | |
= | 1.0671 |
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 | |
= | (799.4 - 68.8 | - | 68.1) | / | 23261.5 | |
= | 0.028481 |
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.
Lithia Motors has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Lithia Motors's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Sidney B Deboer | director, officer: Executive Chairman | 234 VISTA ST., ASHLAND OR 97520 |
Louis Miramontes | director | 150 N. BARTLETT ST., MEDFORD OR 97501 |
Shauna Mcintyre | director | 150 N. BARTLETT STREET, MEDFORD OR 97501 |
Bryan B Deboer | director, officer: Chief Executive officer | 150 N. BARTLETT STREET, MEDFORD OR 97501 |
Tina Miller | officer: VP, CAO & Principal Fin. Off. | 150 N. BARTLETT ST., MEDFORD OR 97501 |
Chris Holzshu | officer: Sr. Vice President & CFO | 150 N. BARTLETT STREET, MEDFORD OR 97501 |
David Stork | officer: Senior Vice President | 150 N. BARTLETT STREET, MEDFORD OR 97501 |
George N Hines | officer: SVP, Chief Tech. & Innov. Off. | 150 N. BARTLETT ST., MEDFORD OR 97501 |
Loretz Congdon Stacy | director | C/O CORE-MARK HOLDING CO. INC., 395 OYSTER POINT BLVD., SUITE 415, SOUTH SAN FRANCISCO CA 94080 |
Gary M Glandon | officer: Chief People Officer | C/O LITHIA MOTORS, INC., 150 NORTH BARTLETT STREET, MEDFORD OR 97501 |
James E. Lentz | director | C/O LITHIA MOTORS INC., 150 NORTH BARTLETT STREET, MEDFORD OR 97501 |
Scott Hillier | officer: Sr. VP of Operations | 150 N. BARTLETT STREET, MEDFORD OR 97501 |
Kenneth E Roberts | director | 150 N. BARTLETT ST., MEDFORD OR 97501 |
Marguerite Celeste | officer: Senior Vice President | 150 N BARTLETT STREET, MEDFORD OR 97501 |
Susan O Cain | director | 150 NORTH BARTLETT STREET, MEDFORD OR 97501 |
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