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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 -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Lam Research's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Lam Research was -1.67. The lowest was -3.28. And the median was -2.38.
The historical data trend for Lam Research'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.
Lam Research Annual Data | |||||||||||||||||||||
Trend | Jun14 | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.25 | -2.09 | -1.96 | -1.67 | -2.86 |
Lam Research Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.34 | -2.86 | -3.05 | -3.28 | -3.18 |
For the Semiconductor Equipment & Materials subindustry, Lam Research'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 Semiconductors industry and Technology sector, Lam Research's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lam Research'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 Lam Research 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 * 0.8945 | + | 0.528 * 0.9532 | + | 0.404 * 1.0387 | + | 0.892 * 0.7552 | + | 0.115 * 1.0932 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.3378 | + | 4.679 * -0.071279 | - | 0.327 * 0.9936 | |||||||
= | -3.18 |
* 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 $2,204 Mil. Revenue was 3793.558 + 3758.259 + 3482.062 + 3207.257 = $14,241 Mil. Gross Profit was 1800.536 + 1757.455 + 1654.702 + 1458.129 = $6,671 Mil. Total Current Assets was $12,488 Mil. Total Assets was $18,280 Mil. Property, Plant and Equipment(Net PPE) was $2,182 Mil. Depreciation, Depletion and Amortization(DDA) was $361 Mil. Selling, General, & Admin. Expense(SGA) was $852 Mil. Total Current Liabilities was $4,430 Mil. Long-Term Debt & Capital Lease Obligation was $4,478 Mil. Net Income was 965.826 + 954.266 + 887.398 + 802.537 = $3,610 Mil. Non Operating Income was -3.772 + 16.869 + -10.653 + -2.029 = $0 Mil. Cash Flow from Operations was 1384.836 + 1453.84 + 951.163 + 1122.725 = $4,913 Mil. |
Total Receivables was $3,262 Mil. Revenue was 3869.569 + 5277.569 + 5074.121 + 4635.554 = $18,857 Mil. Gross Profit was 1605.612 + 2376.349 + 2336.835 + 2100.512 = $8,419 Mil. Total Current Assets was $13,730 Mil. Total Assets was $19,243 Mil. Property, Plant and Equipment(Net PPE) was $1,855 Mil. Depreciation, Depletion and Amortization(DDA) was $341 Mil. Selling, General, & Admin. Expense(SGA) was $843 Mil. Total Current Liabilities was $4,441 Mil. Long-Term Debt & Capital Lease Obligation was $4,997 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) |
= | (2203.707 / 14241.136) | / | (3262.14 / 18856.813) | |
= | 0.154742 | / | 0.172995 | |
= | 0.8945 |
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) | |
= | (8419.308 / 18856.813) | / | (6670.822 / 14241.136) | |
= | 0.446486 | / | 0.468419 | |
= | 0.9532 |
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 - (12488.436 + 2181.741) / 18279.65) | / | (1 - (13730.027 + 1855.117) / 19243.361) | |
= | 0.197459 | / | 0.190103 | |
= | 1.0387 |
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 | |
= | 14241.136 | / | 18856.813 | |
= | 0.7552 |
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)) |
= | (340.76 / (340.76 + 1855.117)) | / | (360.946 / (360.946 + 2181.741)) | |
= | 0.155182 | / | 0.141955 | |
= | 1.0932 |
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) |
= | (851.601 / 14241.136) | / | (842.924 / 18856.813) | |
= | 0.059799 | / | 0.044701 | |
= | 1.3378 |
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) |
= | ((4478.385 + 4430.089) / 18279.65) | / | ((4996.92 + 4441.329) / 19243.361) | |
= | 0.487344 | / | 0.490468 | |
= | 0.9936 |
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 | |
= | (3610.027 - 0.415 | - | 4912.564) | / | 18279.65 | |
= | -0.071279 |
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.
Lam Research has a M-score of -3.18 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Lam Research's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Timothy Archer | officer: Chief Operating Officer | 4650 CUSHING PARKWAY, FREMONT CA 94538 |
Ava Hahn | officer: Chief Legal Officer & SVP | 4650 CUSHING PARKWAY, C/O LAM RESEARCH, FREMONT CA 94538 |
Abhijit Y Talwalkar | director | ONE AMD PLACE, PO BOX 3453, SUNNYVALE CA 94088 |
Christina Corrreia | officer: CVP , Chief Accounting Officer | 4650 CUSHING PKWY, FREMONT CA 94538 |
Patrick J Lord | officer: Group Vice President | C/O LAM RESEARCH CORP, 4650 CUSHING PARKWAY, FREMONT CA 94538 |
John M. Dineen | director | MERRIMACK PHARMACEUTICALS, INC., ONE KENDALL SQUARE, SUITE B7201, CAMBRIDGE MA 02139 |
Douglas R Bettinger | officer: EVP, Chief Financial Officer | C/O LAM RESEARCH CORPORATION, 4650 CUSHING PARKWAY, FREMONT CA 94538 |
Vahid Vahedi | officer: Group Vice President | LAM RESEARCH CORPORATION, 4650 CUSHING PARKWAY, FREMONT CA 94538 |
Neil J Fernandes | officer: Senior Vice President | 4650 CUSHING PKWY, FREMONT CA 94538 |
Ho Kyu Kang | director | 4650 CUSHING PKWY, FREMONT CA 94538 |
Richard A Gottscho | officer: Executive Vice President | 4650 CUSHING PARKWAY, FREMONT CA 94538 |
Sohail U Ahmed | director | 4650 CUSHING PARKWAY, FREMONT CA 94538 |
Scott Gerald Meikle | officer: Senior Vice President | 1007 N. 17TH STREET, BOISE ID 83702 |
Catherine P Lego | director | C/O GUIDEWIRE SOFTWARE, INC., 970 PARK PL, SUITE 200, SAN MATEO CA 94403 |
Seshasayee Varadarajan | officer: Group Vice President | LAM RESEARCH CORPORATION, 4650 CUSHING PARKWAY, FREMONT CA 94538 |
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