Hikari Tsushin Beneish M-Score Historical Data
The historical data trend for Hikari Tsushin's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Hikari Tsushin Beneish M-Score Chart
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Hikari Tsushin Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.62 |
-2.18 |
-2.22 |
-2.14 |
-2.53 |
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Hikari Tsushin Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.14 |
-2.31 |
-2.55 |
-2.63 |
-2.53 |
Competitive Comparison of Hikari Tsushin's Beneish M-Score
For the Conglomerates subindustry, Hikari Tsushin's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Hikari Tsushin's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Hikari Tsushin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hikari Tsushin's Beneish M-Score falls into.
Hikari Tsushin Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Hikari Tsushin 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 * 0.9797 | + | 0.528 * 0.8838 | + | 0.404 * 1.0524 | + | 0.892 * 0.8745 | + | 0.115 * 1.094 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0275 | + | 4.679 * -0.004201 | - | 0.327 * 0.9024 |
| = | -2.63 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,847 Mil.
Revenue was 1036.32 + 1043.252 + 1057.452 + 991.383 = $4,128 Mil.
Gross Profit was 526.096 + 542.674 + 535.331 + 559.352 = $2,163 Mil.
Total Current Assets was $5,612 Mil.
Total Assets was $13,876 Mil.
Property, Plant and Equipment(Net PPE) was $267 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General, & Admin. Expense(SGA) was $1,508 Mil.
Total Current Liabilities was $2,932 Mil.
Long-Term Debt & Capital Lease Obligation was $4,446 Mil.
Net Income was 322.971 + 83.879 + 196.3 + 231.603 = $835 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 243.101 + 153.374 + 231.533 + 265.036 = $893 Mil.
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Total Receivables was $2,156 Mil.
Revenue was 1297.804 + 1189.729 + 1162.256 + 1070.969 = $4,721 Mil.
Gross Profit was 641.031 + 558.982 + 440.593 + 545.707 = $2,186 Mil.
Total Current Assets was $5,445 Mil.
Total Assets was $12,658 Mil.
Property, Plant and Equipment(Net PPE) was $281 Mil.
Depreciation, Depletion and Amortization(DDA) was $119 Mil.
Selling, General, & Admin. Expense(SGA) was $1,679 Mil.
Total Current Liabilities was $3,130 Mil.
Long-Term Debt & Capital Lease Obligation was $4,327 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1846.8 / 4128.407) | / | (2155.504 / 4720.758) |
| = | 0.44734 | / | 0.456601 |
| | = | 0.9797 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (2186.313 / 4720.758) | / | (2163.453 / 4128.407) |
| = | 0.463128 | / | 0.524041 |
| | = | 0.8838 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (5612.187 + 266.923) / 13876.488) | / | (1 - (5445.276 + 280.628) / 12658.197) |
| = | 0.576326 | / | 0.547652 |
| | = | 1.0524 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 4128.407 | / | 4720.758 |
| | = | 0.8745 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (119.13 / (119.13 + 280.628)) | / | (99.928 / (99.928 + 266.923)) |
| = | 0.298005 | / | 0.272394 |
| | = | 1.094 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (1508.401 / 4128.407) | / | (1678.719 / 4720.758) |
| = | 0.365371 | / | 0.355604 |
| | = | 1.0275 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((4446.09 + 2931.512) / 13876.488) | / | ((4326.989 + 3130.395) / 12658.197) |
| = | 0.531662 | / | 0.589135 |
| | = | 0.9024 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (834.753 - 0 | - | 893.044) | / | 13876.488 |
| | = | -0.004201 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Hikari Tsushin has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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