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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 -2.84 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of NTT DoCoMo Inc was -1.34. The lowest was -7.39. And the median was -3.07.
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 * 1.0297||+||0.528 * 1.0733||+||0.404 * 1.0338||+||0.892 * 0.8926||+||0.115 * 1.0297|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9222||+||4.679 * -0.0774||-||0.327 * 0.9906|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $1,762 Mil.|
Revenue was 10217.98322 + 10535.6794682 + 10725.4152824 + 11256.4566016 = $42,736 Mil.
Gross Profit was 5613.69392985 + 6196.76689571 + 6081.62986125 + 6162.84554417 = $24,055 Mil.
Total Current Assets was $19,861 Mil.
Total Assets was $65,859 Mil.
Property, Plant and Equipment(Net PPE) was $23,571 Mil.
Depreciation, Depletion and Amortization(DDA) was $6,782 Mil.
Selling, General & Admin. Expense(SGA) was $10,092 Mil.
Total Current Liabilities was $8,865 Mil.
Long-Term Debt was $2,053 Mil.
Net Income was 1146.28994738 + 1336.24460994 + 337.639241743 + 1254.34950706 = $4,075 Mil.
Non Operating Income was 14.4378859063 + 26.5522535613 + -14.4225131913 + 60.9317610671 = $87 Mil.
Cash Flow from Operations was 3051.96056437 + 1924.9404044 + 3307.82685167 + 797.080997487 = $9,082 Mil.
|Accounts Receivable was $1,918 Mil.
Revenue was 10940.3991533 + 11452.3885432 + 11599.9472407 + 13885.4411572 = $47,878 Mil.
Gross Profit was 6764.37859087 + 7047.65773641 + 6870.80299673 + 8242.0665704 = $28,925 Mil.
Total Current Assets was $23,577 Mil.
Total Assets was $73,398 Mil.
Property, Plant and Equipment(Net PPE) was $25,644 Mil.
Depreciation, Depletion and Amortization(DDA) was $7,663 Mil.
Selling, General & Admin. Expense(SGA) was $12,260 Mil.
Total Current Liabilities was $10,562 Mil.
Long-Term Debt was $1,722 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)|
|=||(1762.4925879 / 42735.5345723)||/||(1917.61919161 / 47878.1760944)|
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)|
|=||(6196.76689571 / 47878.1760944)||/||(5613.69392985 / 42735.5345723)|
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 - (19861.4949682 + 23570.8401248) / 65859.4637968)||/||(1 - (23577.4518698 + 25644.0177401) / 73398.1856668)|
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))|
|=||(7663.20296944 / (7663.20296944 + 25644.0177401))||/||(6782.36402129 / (6782.36402129 + 23570.8401248))|
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)|
|=||(10091.8426555 / 42735.5345723)||/||(12259.6006649 / 47878.1760944)|
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)|
|=||((2052.58145863 + 8865.47632457) / 65859.4637968)||/||((1721.68128213 + 10561.7982058) / 73398.1856668)|
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|
|=||(4074.52330612 - 87.4993873433||-||9081.80881793)||/||65859.4637968|
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 -2.84 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