Komatsu Beneish M-Score Historical Data
The historical data trend for Komatsu'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.
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Komatsu Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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|
|
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-2.36 |
-2.75 |
-2.60 |
-2.41 |
-2.23 |
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Komatsu Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
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-2.29 |
-2.23 |
-2.32 |
-2.44 |
-2.35 |
Competitive Comparison
For the Farm & Heavy Construction Machinery subindustry, Komatsu'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.
Komatsu Beneish M-Score Distribution
For the Farm & Heavy Construction Machinery industry and Industrials sector, Komatsu's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Komatsu's Beneish M-Score falls into.
Komatsu 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 Komatsu 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 * 1.0183 | + | 0.528 * 0.9329 | + | 0.404 * 0.991 | + | 0.892 * 1.0692 | + | 0.115 * 1.0224 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9727 | + | 4.679 * -0.000921 | - | 0.327 * 0.9411 |
| = | -2.42 |
* 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 $7,826 Mil.
Revenue was 6750.84 + 6246.021 + 6363.633 + 7513.173 = $26,874 Mil.
Gross Profit was 2132.371 + 2012.148 + 2039.572 + 2180.126 = $8,364 Mil.
Total Current Assets was $21,847 Mil.
Total Assets was $37,292 Mil.
Property, Plant and Equipment(Net PPE) was $6,595 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,099 Mil.
Selling, General, & Admin. Expense(SGA) was $4,137 Mil.
Total Current Liabilities was $10,571 Mil.
Long-Term Debt & Capital Lease Obligation was $4,353 Mil.
Net Income was 685.637 + 677.202 + 745.815 + 706.898 = $2,816 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 633.206 + 689.114 + 604.359 + 923.223 = $2,850 Mil.
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Total Receivables was $7,188 Mil.
Revenue was 6822.802 + 5966.648 + 5701.681 + 6642.463 = $25,134 Mil.
Gross Profit was 2048.226 + 1764.869 + 1630.367 + 1854.536 = $7,298 Mil.
Total Current Assets was $20,370 Mil.
Total Assets was $35,457 Mil.
Property, Plant and Equipment(Net PPE) was $6,596 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,127 Mil.
Selling, General, & Admin. Expense(SGA) was $3,977 Mil.
Total Current Liabilities was $10,699 Mil.
Long-Term Debt & Capital Lease Obligation was $4,379 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) |
| = | (7826.04 / 26873.667) | / | (7187.862 / 25133.594) |
| = | 0.291216 | / | 0.285986 |
| | = | 1.0183 |
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) |
| = | (7297.998 / 25133.594) | / | (8364.217 / 26873.667) |
| = | 0.290368 | / | 0.311242 |
| | = | 0.9329 |
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 - (21846.953 + 6594.889) / 37292.43) | / | (1 - (20370.034 + 6595.651) / 35456.814) |
| = | 0.237329 | / | 0.239478 |
| | = | 0.991 |
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 |
| = | 26873.667 | / | 25133.594 |
| | = | 1.0692 |
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)) |
| = | (1127.453 / (1127.453 + 6595.651)) | / | (1098.518 / (1098.518 + 6594.889)) |
| = | 0.145984 | / | 0.142787 |
| | = | 1.0224 |
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) |
| = | (4136.56 / 26873.667) | / | (3977.436 / 25133.594) |
| = | 0.153926 | / | 0.158252 |
| | = | 0.9727 |
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) |
| = | ((4352.92 + 10571.08) / 37292.43) | / | ((4378.897 + 10699.323) / 35456.814) |
| = | 0.400188 | / | 0.425256 |
| | = | 0.9411 |
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 |
| = | (2815.552 - 0 | - | 2849.902) | / | 37292.43 |
| | = | -0.000921 |
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.
Komatsu has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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