Lenzing AG Beneish M-Score Historical Data
The historical data trend for Lenzing AG'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.
Lenzing AG Beneish M-Score Chart
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Lenzing AG Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-1.38 |
-2.67 |
-2.18 |
-6.42 |
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Lenzing AG 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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-1.95 |
-2.95 |
-2.34 |
-6.42 |
-9.00 |
Competitive Comparison of Lenzing AG's Beneish M-Score
For the Textile Manufacturing subindustry, Lenzing AG'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.
Lenzing AG's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Lenzing AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lenzing AG's Beneish M-Score falls into.
Lenzing AG 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 Lenzing AG 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 * 0.9762 | + | 0.528 * -9.5511 | + | 0.404 * 0.9277 | + | 0.892 * 0.9932 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0026 | + | 4.679 * -0.169209 | - | 0.327 * 1.3147 |
| = | -9.00 |
* 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 €316 Mil.
Revenue was 658.4 + 655.367 + 615.5 + 627.1 = €2,556 Mil.
Gross Profit was 102.7 + -316.871 + 54.6 + 124.7 = €-35 Mil.
Total Current Assets was €1,888 Mil.
Total Assets was €5,324 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €316 Mil.
Selling, General, & Admin. Expense(SGA) was €423 Mil.
Total Current Liabilities was €1,209 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was -24.7 + -493.695 + -37.2 + -16.5 = €-572 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 120.7 + 99.223 + 90.3 + 18.5 = €329 Mil.
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Total Receivables was €326 Mil.
Revenue was 623.1 + 595.592 + 676.5 + 678.6 = €2,574 Mil.
Gross Profit was 61.1 + 26.731 + 93.2 + 154.3 = €335 Mil.
Total Current Assets was €1,671 Mil.
Total Assets was €5,492 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €254 Mil.
Selling, General, & Admin. Expense(SGA) was €424 Mil.
Total Current Liabilities was €949 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (315.8 / 2556.367) | / | (325.7 / 2573.792) |
| = | 0.123535 | / | 0.126545 |
| | = | 0.9762 |
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) |
| = | (335.331 / 2573.792) | / | (-34.871 / 2556.367) |
| = | 0.130287 | / | -0.013641 |
| | = | -9.5511 |
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 - (1887.6 + 0) / 5323.7) | / | (1 - (1670.9 + 0) / 5492) |
| = | 0.645435 | / | 0.695757 |
| | = | 0.9277 |
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 |
| = | 2556.367 | / | 2573.792 |
| | = | 0.9932 |
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)) |
| = | (254.289 / (254.289 + 0)) | / | (315.665 / (315.665 + 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) |
| = | (422.552 / 2556.367) | / | (424.311 / 2573.792) |
| = | 0.165294 | / | 0.164858 |
| | = | 1.0026 |
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) |
| = | ((0 + 1208.8) / 5323.7) | / | ((0 + 948.5) / 5492) |
| = | 0.22706 | / | 0.172706 |
| | = | 1.3147 |
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 |
| = | (-572.095 - 0 | - | 328.723) | / | 5323.7 |
| | = | -0.169209 |
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.
Lenzing AG has a M-score of -9.00 suggests that the company is unlikely to be a manipulator.
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