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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 -2.27. The lowest was -6.89. And the median was -3.04.
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 * 1.0467||+||0.528 * 1.0032||+||0.404 * 0.9876||+||0.892 * 1.0632||+||0.115 * 1.1826|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9339||+||4.679 * -0.0761||-||0.327 * 0.957|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $1,499 Mil.|
Revenue was 10523.593059 + 10126.6871923 + 9606.38796399 + 9472.70690384 = $39,729 Mil.
Gross Profit was 6162.39633454 + 4743.45998511 + 5100.25897151 + 5231.67337508 = $21,238 Mil.
Total Current Assets was $22,536 Mil.
Total Assets was $65,811 Mil.
Property, Plant and Equipment(Net PPE) was $23,046 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,113 Mil.
Selling, General & Admin. Expense(SGA) was $8,616 Mil.
Total Current Liabilities was $8,981 Mil.
Long-Term Debt was $2,090 Mil.
Net Income was 1963.47634429 + 495.246241755 + 1441.31212233 + 1234.73960362 = $5,135 Mil.
Non Operating Income was -37.1520319238 + 19.0203459259 + 18.2924322769 + -126.511058065 = $-126 Mil.
Cash Flow from Operations was 2314.11407022 + 3225.67534182 + 1866.11583837 + 2863.70264575 = $10,270 Mil.
|Accounts Receivable was $1,347 Mil.
Revenue was 8704.13987872 + 8776.28961456 + 9669.5699834 + 10217.9739113 = $37,368 Mil.
Gross Profit was 4950.1772571 + 4284.43159779 + 5191.6348274 + 5613.69392985 = $20,040 Mil.
Total Current Assets was $19,493 Mil.
Total Assets was $57,167 Mil.
Property, Plant and Equipment(Net PPE) was $19,882 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,437 Mil.
Selling, General & Admin. Expense(SGA) was $8,678 Mil.
Total Current Liabilities was $8,268 Mil.
Long-Term Debt was $1,781 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)|
|=||(1498.9525481 / 39729.3751192)||/||(1346.97612162 / 37367.973388)|
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)|
|=||(20039.9376121 / 37367.973388)||/||(21237.7886662 / 39729.3751192)|
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 - (22536.190958 + 23045.7926795) / 65810.8853365)||/||(1 - (19493.1077461 + 19882.2731586) / 57167.3701448)|
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))|
|=||(5437.08442266 / (5437.08442266 + 19882.2731586))||/||(5113.03105648 / (5113.03105648 + 23045.7926795))|
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)|
|=||(8616.47625698 / 39729.3751192)||/||(8678.36324228 / 37367.973388)|
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)|
|=||((2089.87298637 + 8981.28065351) / 65810.8853365)||/||((1781.21963876 + 8267.68974107) / 57167.3701448)|
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|
|=||(5134.774312 - -126.350311786||-||10269.6078962)||/||65810.8853365|
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 -2.69 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