JSR Beneish M-Score Historical Data
The historical data trend for JSR'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.
JSR Beneish M-Score Chart
|
JSR Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.28 |
-2.88 |
-3.18 |
-2.72 |
-2.36 |
|
JSR Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.00 |
-2.36 |
-2.84 |
-2.78 |
-2.56 |
Competitive Comparison of JSR's Beneish M-Score
For the Specialty Chemicals subindustry, JSR'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.
JSR's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, JSR's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JSR's Beneish M-Score falls into.
JSR 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 JSR 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 * 1.1502 | + | 0.528 * 1.0253 | + | 0.404 * 1.1252 | + | 0.892 * 0.9386 | + | 0.115 * 0.9401 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1397 | + | 4.679 * -0.049157 | - | 0.327 * 1.0849 |
| = | -2.62 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $783 Mil.
Revenue was 840.816 + 647.53 + 601.635 + 717.649 = $2,808 Mil.
Gross Profit was 334.342 + 224.695 + 172.286 + 234.917 = $966 Mil.
Total Current Assets was $2,228 Mil.
Total Assets was $5,280 Mil.
Property, Plant and Equipment(Net PPE) was $1,201 Mil.
Depreciation, Depletion and Amortization(DDA) was $221 Mil.
Selling, General, & Admin. Expense(SGA) was $851 Mil.
Total Current Liabilities was $1,489 Mil.
Long-Term Debt & Capital Lease Obligation was $642 Mil.
Net Income was 52.132 + 2.969 + -18.266 + -28.691 = $8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 19.259 + 89.492 + 7.661 + 151.274 = $268 Mil.
|
Total Receivables was $725 Mil.
Revenue was 857.615 + 725.509 + 696.452 + 711.797 = $2,991 Mil.
Gross Profit was 315.177 + 261.417 + 236.694 + 242.188 = $1,055 Mil.
Total Current Assets was $2,323 Mil.
Total Assets was $5,157 Mil.
Property, Plant and Equipment(Net PPE) was $1,227 Mil.
Depreciation, Depletion and Amortization(DDA) was $210 Mil.
Selling, General, & Admin. Expense(SGA) was $796 Mil.
Total Current Liabilities was $1,394 Mil.
Long-Term Debt & Capital Lease Obligation was $524 Mil.
|
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) |
| = | (783.142 / 2807.63) | / | (725.458 / 2991.373) |
| = | 0.278933 | / | 0.242517 |
| | = | 1.1502 |
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) |
| = | (1055.476 / 2991.373) | / | (966.24 / 2807.63) |
| = | 0.35284 | / | 0.344148 |
| | = | 1.0253 |
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 - (2227.738 + 1201.14) / 5279.887) | / | (1 - (2323.177 + 1226.863) / 5156.691) |
| = | 0.350577 | / | 0.311566 |
| | = | 1.1252 |
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 |
| = | 2807.63 | / | 2991.373 |
| | = | 0.9386 |
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)) |
| = | (210.197 / (210.197 + 1226.863)) | / | (221.33 / (221.33 + 1201.14)) |
| = | 0.146269 | / | 0.155596 |
| | = | 0.9401 |
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) |
| = | (851.083 / 2807.63) | / | (795.656 / 2991.373) |
| = | 0.303132 | / | 0.265984 |
| | = | 1.1397 |
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) |
| = | ((642.374 + 1488.622) / 5279.887) | / | ((523.938 + 1394.443) / 5156.691) |
| = | 0.403606 | / | 0.372018 |
| | = | 1.0849 |
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 |
| = | (8.144 - 0 | - | 267.686) | / | 5279.887 |
| | = | -0.049157 |
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.
JSR has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
JSCPY has been successfully added to your