Mount Logan Capital Beneish M-Score Historical Data
The historical data trend for Mount Logan Capital'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.
Mount Logan Capital Beneish M-Score Chart
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Mount Logan Capital Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
36.56 |
0.03 |
-2.85 |
714.11 |
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Mount Logan Capital Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.85 |
1.02 |
92.08 |
68.72 |
714.11 |
Competitive Comparison of Mount Logan Capital's Beneish M-Score
For the Asset Management subindustry, Mount Logan Capital'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.
Mount Logan Capital's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Mount Logan Capital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mount Logan Capital's Beneish M-Score falls into.
Mount Logan Capital 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 Mount Logan Capital 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 * 756.2234 | + | 0.528 * 1.5489 | + | 0.404 * 0.9705 | + | 0.892 * 2.9913 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4545 | + | 4.679 * -0.055699 | - | 0.327 * 1.3201 |
| = | 694.11 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $27.1 Mil.
Revenue was 51.524 + 49.929 + 47.928 + 41.37 = $190.8 Mil.
Gross Profit was 15.277 + 23.538 + 17.185 + 19.684 = $75.7 Mil.
Total Current Assets was $231.7 Mil.
Total Assets was $1,688.6 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.0 Mil.
Selling, General, & Admin. Expense(SGA) was $28.7 Mil.
Total Current Liabilities was $47.1 Mil.
Long-Term Debt & Capital Lease Obligation was $74.9 Mil.
Net Income was -2.261 + 15.912 + -0.655 + -29.452 = $-16.5 Mil.
Non Operating Income was -9.578 + -1.909 + -4.522 + -7.684 = $-23.7 Mil.
Cash Flow from Operations was -4.812 + 33.427 + 64.411 + 8.263 = $101.3 Mil.
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Total Receivables was $0.0 Mil.
Revenue was 77.838 + 3.772 + -11.609 + -6.233 = $63.8 Mil.
Gross Profit was 129.356 + -19.312 + -41.106 + -29.749 = $39.2 Mil.
Total Current Assets was $171.5 Mil.
Total Assets was $1,544.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.6 Mil.
Selling, General, & Admin. Expense(SGA) was $21.1 Mil.
Total Current Liabilities was $82.3 Mil.
Long-Term Debt & Capital Lease Obligation was $2.3 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) |
| = | (27.119 / 190.751) | / | (0.012 / 63.768) |
| = | 0.14217 | / | 0.000188 |
| | = | 756.2234 |
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) |
| = | (39.189 / 63.768) | / | (75.684 / 190.751) |
| = | 0.614556 | / | 0.396769 |
| | = | 1.5489 |
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 - (231.735 + 0) / 1688.578) | / | (1 - (171.457 + 0) / 1544.24) |
| = | 0.862763 | / | 0.88897 |
| | = | 0.9705 |
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 |
| = | 190.751 | / | 63.768 |
| | = | 2.9913 |
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)) |
| = | (0.559 / (0.559 + 0)) | / | (0.972 / (0.972 + 0)) |
| = | 1 | / | 1 |
| | = | 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) |
| = | (28.682 / 190.751) | / | (21.095 / 63.768) |
| = | 0.150364 | / | 0.330809 |
| | = | 0.4545 |
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) |
| = | ((74.934 + 47.069) / 1688.578) | / | ((2.25 + 82.269) / 1544.24) |
| = | 0.072252 | / | 0.054732 |
| | = | 1.3201 |
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 |
| = | (-16.456 - -23.693 | - | 101.289) | / | 1688.578 |
| | = | -0.055699 |
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.
Mount Logan Capital has a M-score of 694.11 signals that the company is likely to be a manipulator.
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