NTT DOCOMO Beneish M-Score Historical Data
The historical data trend for NTT DOCOMO'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.
NTT DOCOMO Beneish M-Score Chart
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NTT DOCOMO Annual Data
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Mar11 |
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Mar19 |
Mar20 |
| Beneish M-Score |
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-3.01 |
3.70 |
-3.06 |
-2.84 |
-2.96 |
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NTT DOCOMO Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
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Mar18 |
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Sep19 |
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Sep20 |
| Beneish M-Score |
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-2.85 |
-2.71 |
-2.96 |
-2.94 |
-2.87 |
Competitive Comparison of NTT DOCOMO's Beneish M-Score
For the Telecom Services subindustry, NTT DOCOMO'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.
NTT DOCOMO's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, NTT DOCOMO's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NTT DOCOMO's Beneish M-Score falls into.
NTT DOCOMO 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 NTT DOCOMO 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 * 1.0271 | + | 0.528 * 1 | + | 0.404 * 1.2168 | + | 0.892 * 0.9834 | + | 0.115 * 0.8437 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0618 | + | 4.679 * -0.091766 | - | 0.327 * 1.0146 |
| = | -2.85 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was $20,121 Mil.
Revenue was 11216.784 + 10207.932 + 10544.083 + 10870.973 = $42,840 Mil.
Gross Profit was 11216.784 + 10207.932 + 10544.083 + 10870.973 = $42,840 Mil.
Total Current Assets was $26,073 Mil.
Total Assets was $72,269 Mil.
Property, Plant and Equipment(Net PPE) was $27,995 Mil.
Depreciation, Depletion and Amortization(DDA) was $5,525 Mil.
Selling, General, & Admin. Expense(SGA) was $4,135 Mil.
Total Current Liabilities was $14,275 Mil.
Long-Term Debt & Capital Lease Obligation was $2,777 Mil.
Net Income was 1856.434 + 1819.7 + 517.567 + 1557.841 = $5,752 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 4375.844 + 1629.828 + 4797.018 + 1580.71 = $12,383 Mil.
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Total Receivables was $19,920 Mil.
Revenue was 10886.359 + 10727.316 + 10677.399 + 11270.952 = $43,562 Mil.
Gross Profit was 10886.359 + 10727.316 + 10677.399 + 11270.952 = $43,562 Mil.
Total Current Assets was $25,578 Mil.
Total Assets was $69,626 Mil.
Property, Plant and Equipment(Net PPE) was $29,637 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,788 Mil.
Selling, General, & Admin. Expense(SGA) was $3,960 Mil.
Total Current Liabilities was $13,948 Mil.
Long-Term Debt & Capital Lease Obligation was $2,245 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) |
| = | (20121.376 / 42839.772) | / | (19920.448 / 43562.026) |
| = | 0.469689 | / | 0.457289 |
| | = | 1.0271 |
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) |
| = | (43562.026 / 43562.026) | / | (42839.772 / 42839.772) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (26073.483 + 27995.236) / 72269.28) | / | (1 - (25578.055 + 29637.493) / 69626.102) |
| = | 0.251844 | / | 0.206971 |
| | = | 1.2168 |
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 |
| = | 42839.772 | / | 43562.026 |
| | = | 0.9834 |
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)) |
| = | (4787.519 / (4787.519 + 29637.493)) | / | (5525.332 / (5525.332 + 27995.236)) |
| = | 0.139071 | / | 0.164834 |
| | = | 0.8437 |
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) |
| = | (4134.892 / 42839.772) | / | (3959.759 / 43562.026) |
| = | 0.09652 | / | 0.090899 |
| | = | 1.0618 |
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) |
| = | ((2777.003 + 14275.246) / 72269.28) | / | ((2244.644 + 13947.926) / 69626.102) |
| = | 0.235954 | / | 0.232565 |
| | = | 1.0146 |
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 |
| = | (5751.542 - 0 | - | 12383.4) | / | 72269.28 |
| | = | -0.091766 |
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.
NTT DOCOMO has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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