Mitsui Beneish M-Score Historical Data
The historical data trend for Mitsui'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.
Mitsui Beneish M-Score Chart
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Mitsui Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.08 |
-2.51 |
-2.51 |
-2.10 |
-2.41 |
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Mitsui 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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-2.34 |
-2.41 |
-2.60 |
-2.63 |
-2.54 |
Competitive Comparison of Mitsui's Beneish M-Score
For the Conglomerates subindustry, Mitsui'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.
Mitsui's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Mitsui's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mitsui's Beneish M-Score falls into.
Mitsui 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 Mitsui 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 * 1.0341 | + | 0.528 * 0.9424 | + | 0.404 * 1.0879 | + | 0.892 * 0.875 | + | 0.115 * 1.0562 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2101 | + | 4.679 * -0.007884 | - | 0.327 * 0.9123 |
| = | -2.59 |
* 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 $15,992 Mil.
Revenue was 25149.3 + 21835.754 + 22277.683 + 24463.428 = $93,726 Mil.
Gross Profit was 2611.579 + 2080.99 + 2127.434 + 2827.823 = $9,648 Mil.
Total Current Assets was $40,329 Mil.
Total Assets was $114,521 Mil.
Property, Plant and Equipment(Net PPE) was $16,311 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,944 Mil.
Selling, General, & Admin. Expense(SGA) was $5,488 Mil.
Total Current Liabilities was $27,168 Mil.
Long-Term Debt & Capital Lease Obligation was $26,744 Mil.
Net Income was 1876.255 + 1375.84 + 1788.72 + 2168.44 = $7,209 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1493.997 + 674.125 + 2595.041 + 3348.994 = $8,112 Mil.
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Total Receivables was $17,674 Mil.
Revenue was 26777.64 + 25845.707 + 27773.053 + 26717.823 = $107,114 Mil.
Gross Profit was 2863.541 + 2222.749 + 2339.695 + 2965.051 = $10,391 Mil.
Total Current Assets was $45,188 Mil.
Total Assets was $115,399 Mil.
Property, Plant and Equipment(Net PPE) was $16,599 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,104 Mil.
Selling, General, & Admin. Expense(SGA) was $5,183 Mil.
Total Current Liabilities was $30,850 Mil.
Long-Term Debt & Capital Lease Obligation was $28,697 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) |
| = | (15991.881 / 93726.165) | / | (17674.11 / 107114.223) |
| = | 0.170623 | / | 0.165002 |
| | = | 1.0341 |
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) |
| = | (10391.036 / 107114.223) | / | (9647.826 / 93726.165) |
| = | 0.097009 | / | 0.102936 |
| | = | 0.9424 |
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 - (40329.313 + 16311.387) / 114521.185) | / | (1 - (45188.2 + 16599.298) / 115398.644) |
| = | 0.505413 | / | 0.464573 |
| | = | 1.0879 |
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 |
| = | 93726.165 | / | 107114.223 |
| | = | 0.875 |
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)) |
| = | (2103.788 / (2103.788 + 16599.298)) | / | (1944.193 / (1944.193 + 16311.387)) |
| = | 0.112483 | / | 0.106499 |
| | = | 1.0562 |
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) |
| = | (5487.838 / 93726.165) | / | (5182.85 / 107114.223) |
| = | 0.058552 | / | 0.048386 |
| | = | 1.2101 |
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) |
| = | ((26743.568 + 27167.643) / 114521.185) | / | ((28697.289 + 30849.855) / 115398.644) |
| = | 0.470753 | / | 0.516013 |
| | = | 0.9123 |
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 |
| = | (7209.255 - 0 | - | 8112.157) | / | 114521.185 |
| | = | -0.007884 |
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.
Mitsui has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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