Li-Cycle Holdings Corp.
LICYQ Industrials Waste Management
In the quarter to December 2024, revenue grew 9.38%, EPS fell 17.8% and free cash flow grew 68.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Li-Cycle Holdings Corp. (LICYQ) Beneish M-score
Li-Cycle Holdings Corp.'s Beneish M-score for fiscal 2024 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2021 | 2.34 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.95 | — | 2.72 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 1.27 | — | 0.51 | |
| Sales growth index | 1.53 | — | 1.36 | |
| Depreciation index | 0.50 | — | 0.06 | |
| SG&A index | 0.53 | — | −0.09 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 1.18 | — | −0.39 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GWAV Greenwave Technology Solutions, Inc. compare | −3.6× |
| QRHC Quest Resource Holding Corporation. compare | −3.4× |
| AWX Avalon Holdings Corporation compare | −2.5× |
| AMBIQ Ambipar Emergency Response compare | −2.4× |
| ENGS Energys Group Limited compare | −2.0× |
| LNZA LanzaTech Global, Inc. compare | −1.4× |
| YDDL One and One Green Technologies. Inc compare | 3.2× |
| AQMS Aqua Metals, Inc. compare | — |
| LICYQ Li-Cycle Holdings Corp. | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI