KONE Oyj Beneish M-Score Historical Data
The historical data trend for KONE Oyj'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.
KONE Oyj Beneish M-Score Chart
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KONE Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-3.28 |
-2.65 |
-2.25 |
-2.63 |
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KONE Oyj Quarterly Data
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Jun19 |
Sep19 |
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Mar21 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.63 |
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Competitive Comparison of KONE Oyj's Beneish M-Score
For the Specialty Industrial Machinery subindustry, KONE Oyj'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.
KONE Oyj's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, KONE Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KONE Oyj's Beneish M-Score falls into.
KONE Oyj 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 KONE Oyj 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 * 0.9298 | + | 0.528 * 0.9491 | + | 0.404 * 1.103 | + | 0.892 * 1.0337 | + | 0.115 * 1.0345 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0276 | + | 4.679 * -0.023148 | - | 0.327 * 0.9888 |
| = | -2.61 |
* 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 $3,326 Mil.
Revenue was $11,944 Mil.
Gross Profit was $6,379 Mil.
Total Current Assets was $6,286 Mil.
Total Assets was $9,521 Mil.
Property, Plant and Equipment(Net PPE) was $850 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General, & Admin. Expense(SGA) was $844 Mil.
Total Current Liabilities was $5,551 Mil.
Long-Term Debt & Capital Lease Obligation was $478 Mil.
Net Income was $1,010 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,230 Mil.
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Total Receivables was $3,461 Mil.
Revenue was $11,554 Mil.
Gross Profit was $5,857 Mil.
Total Current Assets was $6,683 Mil.
Total Assets was $9,630 Mil.
Property, Plant and Equipment(Net PPE) was $759 Mil.
Depreciation, Depletion and Amortization(DDA) was $275 Mil.
Selling, General, & Admin. Expense(SGA) was $795 Mil.
Total Current Liabilities was $5,724 Mil.
Long-Term Debt & Capital Lease Obligation was $443 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) |
| = | (3326.39 / 11943.621) | / | (3460.911 / 11553.708) |
| = | 0.278508 | / | 0.29955 |
| | = | 0.9298 |
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) |
| = | (5856.992 / 11553.708) | / | (6379.171 / 11943.621) |
| = | 0.506936 | / | 0.534107 |
| | = | 0.9491 |
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 - (6285.714 + 850.273) / 9521.047) | / | (1 - (6683.369 + 759.322) / 9629.661) |
| = | 0.250504 | / | 0.227108 |
| | = | 1.103 |
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 |
| = | 11943.621 | / | 11553.708 |
| | = | 1.0337 |
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)) |
| = | (274.682 / (274.682 + 759.322)) | / | (293.784 / (293.784 + 850.273)) |
| = | 0.265649 | / | 0.256791 |
| | = | 1.0345 |
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) |
| = | (844.057 / 11943.621) | / | (794.597 / 11553.708) |
| = | 0.07067 | / | 0.068774 |
| | = | 1.0276 |
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) |
| = | ((478.408 + 5550.709) / 9521.047) | / | ((442.691 + 5724.364) / 9629.661) |
| = | 0.633241 | / | 0.640423 |
| | = | 0.9888 |
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 |
| = | (1009.597 - 0 | - | 1229.989) | / | 9521.047 |
| | = | -0.023148 |
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.
KONE Oyj has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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