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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
NTT DoCoMo Inc has a M-score of -2.67 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of NTT DoCoMo Inc was -2.32. The lowest was -7.56. And the median was -2.86.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 NTT DoCoMo Inc 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 * 1.3134||+||0.528 * 1.0299||+||0.404 * 0.9753||+||0.892 * 0.846||+||0.115 * 1.0674|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9344||+||4.679 * -0.0748||-||0.327 * 1.0464|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $15,527 Mil.|
Revenue was 10713.0629136 + 11223.8027775 + 11101.5342129 + 11172.263301 = $44,211 Mil.
Gross Profit was 6074.62570029 + 6144.96776245 + 6864.00736422 + 6875.2721399 = $25,959 Mil.
Total Current Assets was $24,661 Mil.
Total Assets was $73,279 Mil.
Property, Plant and Equipment(Net PPE) was $24,964 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,118 Mil.
Selling, General & Admin. Expense(SGA) was $10,698 Mil.
Total Current Liabilities was $11,771 Mil.
Long-Term Debt was $2,153 Mil.
Net Income was 337.250385524 + 1250.71076801 + 1456.38743991 + 1585.27384547 = $4,630 Mil.
Non Operating Income was -14.4059029066 + 60.7550042887 + 35.6653370154 + 50.8161688722 = $133 Mil.
Cash Flow from Operations was 3304.01725585 + 794.76874741 + 3457.87051243 + 2423.69548423 = $9,980 Mil.
|Accounts Receivable was $13,974 Mil.
Revenue was 11245.3916815 + 13064.2390352 + 14365.2183818 + 13584.3542155 = $52,259 Mil.
Gross Profit was 6660.79502445 + 7754.62058434 + 8539.51881336 + 8647.6214607 = $31,603 Mil.
Total Current Assets was $22,878 Mil.
Total Assets was $73,342 Mil.
Property, Plant and Equipment(Net PPE) was $26,190 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,128 Mil.
Selling, General & Admin. Expense(SGA) was $13,534 Mil.
Total Current Liabilities was $11,568 Mil.
Long-Term Debt was $1,749 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(15526.6645845 / 44210.6632051)||/||(13974.3448107 / 52259.203314)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(6144.96776245 / 52259.203314)||/||(6074.62570029 / 44210.6632051)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (24661.4417615 + 24964.0438033) / 73279.0997287)||/||(1 - (22877.9434931 + 26190.0202541) / 73341.5679535)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(8127.57723384 / (8127.57723384 + 26190.0202541))||/||(7118.28377806 / (7118.28377806 + 24964.0438033))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(10698.4260846 / 44210.6632051)||/||(13533.6853929 / 52259.203314)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((2153.10663882 + 11770.5401238) / 73279.0997287)||/||((1749.44250087 + 11567.9535179) / 73341.5679535)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(4629.62243892 - 132.83060727||-||9980.35199992)||/||73279.0997287|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
NTT DoCoMo Inc has a M-score of -2.67 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
NTT DoCoMo Inc Annual Data
NTT DoCoMo Inc Quarterly Data