Litalico Beneish M-Score Historical Data
The historical data trend for Litalico'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.
Litalico Beneish M-Score Chart
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Litalico Annual Data
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Trend |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-2.57 |
-2.71 |
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Litalico Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.57 |
-2.67 |
-2.41 |
-2.13 |
-2.71 |
Competitive Comparison of Litalico's Beneish M-Score
For the Education & Training Services subindustry, Litalico'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.
Litalico's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Litalico's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Litalico's Beneish M-Score falls into.
Litalico 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 Litalico 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 * 0.9811 | + | 0.528 * 1.0156 | + | 0.404 * 0.9773 | + | 0.892 * 1.2326 | + | 0.115 * 0.7496 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4078 | + | 4.679 * -0.072854 | - | 0.327 * 0.9396 |
| = | -2.71 |
* 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 円5,333 Mil.
Revenue was 7717 + 7683 + 7333 + 7059 = 円29,792 Mil.
Gross Profit was 3149 + 3220 + 2781 + 2623 = 円11,773 Mil.
Total Current Assets was 円10,281 Mil.
Total Assets was 円25,311 Mil.
Property, Plant and Equipment(Net PPE) was 円5,961 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,879 Mil.
Selling, General, & Admin. Expense(SGA) was 円8,081 Mil.
Total Current Liabilities was 円7,781 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,305 Mil.
Net Income was 913 + 765 + 423 + 1444 = 円3,545 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 2355 + 789 + 2258 + -13 = 円5,389 Mil.
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Total Receivables was 円4,410 Mil.
Revenue was 6698 + 6067 + 5740 + 5666 = 円24,171 Mil.
Gross Profit was 2761 + 2523 + 2211 + 2206 = 円9,701 Mil.
Total Current Assets was 円8,666 Mil.
Total Assets was 円18,904 Mil.
Property, Plant and Equipment(Net PPE) was 円3,307 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,068 Mil.
Selling, General, & Admin. Expense(SGA) was 円4,657 Mil.
Total Current Liabilities was 円6,087 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,110 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) |
| = | (5333 / 29792) | / | (4410 / 24171) |
| = | 0.179008 | / | 0.18245 |
| | = | 0.9811 |
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) |
| = | (9701 / 24171) | / | (11773 / 29792) |
| = | 0.401349 | / | 0.395173 |
| | = | 1.0156 |
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 - (10281 + 5961) / 25311) | / | (1 - (8666 + 3307) / 18904) |
| = | 0.358303 | / | 0.366642 |
| | = | 0.9773 |
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 |
| = | 29792 | / | 24171 |
| | = | 1.2326 |
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)) |
| = | (1068 / (1068 + 3307)) | / | (2879 / (2879 + 5961)) |
| = | 0.244114 | / | 0.325679 |
| | = | 0.7496 |
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) |
| = | (8081 / 29792) | / | (4657 / 24171) |
| = | 0.271247 | / | 0.192669 |
| | = | 1.4078 |
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) |
| = | ((6305 + 7781) / 25311) | / | ((5110 + 6087) / 18904) |
| = | 0.556517 | / | 0.592309 |
| | = | 0.9396 |
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 |
| = | (3545 - 0 | - | 5389) | / | 25311 |
| | = | -0.072854 |
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.
Litalico has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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