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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.
During the past 13 years, the highest Beneish M-Score of NTT DOCOMO Inc was -2.45. The lowest was -6.89. And the median was -3.06.
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 * 0.9913||+||0.528 * 1.028||+||0.404 * 0.9788||+||0.892 * 0.9671||+||0.115 * 1.1282|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9113||+||4.679 * -0.0875||-||0.327 * 1.0688|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $2,061 Mil.|
Revenue was 10126.6871923 + 9606.38796399 + 9472.70690384 + 8704.13987872 = $37,910 Mil.
Gross Profit was 4743.45998511 + 5100.25897151 + 5231.67337508 + 4950.1772571 = $20,026 Mil.
Total Current Assets was $22,847 Mil.
Total Assets was $63,880 Mil.
Property, Plant and Equipment(Net PPE) was $21,609 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,248 Mil.
Selling, General & Admin. Expense(SGA) was $8,207 Mil.
Total Current Liabilities was $10,801 Mil.
Long-Term Debt was $1,950 Mil.
Net Income was 495.246241755 + 1441.31212233 + 1234.73960362 + 1364.25727417 = $4,536 Mil.
Non Operating Income was 19.0203459259 + 18.2924322769 + -126.511058065 + 43.2352128136 = $-46 Mil.
Cash Flow from Operations was 3225.67534182 + 1866.11583837 + 2863.70264575 + 2213.07062964 = $10,169 Mil.
|Accounts Receivable was $2,149 Mil.
Revenue was 8776.28961456 + 9669.5699834 + 10217.9739113 + 10535.6794682 = $39,200 Mil.
Gross Profit was 4284.43159779 + 5191.6348274 + 5613.69392985 + 6196.76689571 = $21,287 Mil.
Total Current Assets was $20,062 Mil.
Total Assets was $59,358 Mil.
Property, Plant and Equipment(Net PPE) was $20,857 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,898 Mil.
Selling, General & Admin. Expense(SGA) was $9,312 Mil.
Total Current Liabilities was $9,255 Mil.
Long-Term Debt was $1,831 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)|
|=||(2060.51976549 / 37909.9219389)||/||(2149.27592207 / 39199.5129775)|
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)|
|=||(21286.5272507 / 39199.5129775)||/||(20025.5695888 / 37909.9219389)|
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 - (22847.3758918 + 21609.3089894) / 63880.3276671)||/||(1 - (20062.1789201 + 20856.9909755) / 59357.6949113)|
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))|
|=||(5898.48536732 / (5898.48536732 + 20856.9909755))||/||(5248.24458677 / (5248.24458677 + 21609.3089894))|
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)|
|=||(8207.2755247 / 37909.9219389)||/||(9312.18906416 / 39199.5129775)|
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)|
|=||((1949.85110469 + 10801.387033) / 63880.3276671)||/||((1830.64841002 + 9255.42279755) / 59357.6949113)|
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|
|=||(4535.55524188 - -45.9630670489||-||10168.5644556)||/||63880.3276671|
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 -2.91 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