THK Co Beneish M-Score Historical Data
The historical data trend for THK Co'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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THK Co Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-2.85 |
-2.05 |
-2.64 |
-2.70 |
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THK Co 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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-2.64 |
-2.74 |
-2.88 |
-2.92 |
-2.70 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, THK Co'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.
THK Co Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, THK Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where THK Co's Beneish M-Score falls into.
THK Co 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 THK Co 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 * 0.9084 | + | 0.528 * 1.1488 | + | 0.404 * 1.0449 | + | 0.892 * 0.839 | + | 0.115 * 1.0335 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1147 | + | 4.679 * -0.037445 | - | 0.327 * 0.8478 |
| = | -2.75 |
* 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 $546 Mil.
Revenue was 582.158 + 558.193 + 651.226 + 699.79 = $2,491 Mil.
Gross Profit was 134.67 + 114.627 + 150.582 + 179.592 = $579 Mil.
Total Current Assets was $2,316 Mil.
Total Assets was $3,864 Mil.
Property, Plant and Equipment(Net PPE) was $1,296 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $417 Mil.
Total Current Liabilities was $511 Mil.
Long-Term Debt & Capital Lease Obligation was $664 Mil.
Net Income was 30.032 + 13.737 + 36.439 + 51.555 = $132 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 84.907 + 40.414 + 121.04 + 30.09 = $276 Mil.
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Total Receivables was $716 Mil.
Revenue was 786.8 + 703.95 + 735.821 + 742.949 = $2,970 Mil.
Gross Profit was 215.017 + 193.336 + 189.143 + 195.973 = $793 Mil.
Total Current Assets was $2,616 Mil.
Total Assets was $4,153 Mil.
Property, Plant and Equipment(Net PPE) was $1,277 Mil.
Depreciation, Depletion and Amortization(DDA) was $157 Mil.
Selling, General, & Admin. Expense(SGA) was $446 Mil.
Total Current Liabilities was $765 Mil.
Long-Term Debt & Capital Lease Obligation was $726 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) |
| = | (546.049 / 2491.367) | / | (716.489 / 2969.52) |
| = | 0.219176 | / | 0.241281 |
| | = | 0.9084 |
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) |
| = | (793.469 / 2969.52) | / | (579.471 / 2491.367) |
| = | 0.267204 | / | 0.232592 |
| | = | 1.1488 |
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 - (2316.006 + 1295.694) / 3864.045) | / | (1 - (2616.036 + 1277.414) / 4153.021) |
| = | 0.065306 | / | 0.062502 |
| | = | 1.0449 |
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 |
| = | 2491.367 | / | 2969.52 |
| | = | 0.839 |
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)) |
| = | (157.407 / (157.407 + 1277.414)) | / | (153.875 / (153.875 + 1295.694)) |
| = | 0.109705 | / | 0.106152 |
| | = | 1.0335 |
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) |
| = | (416.926 / 2491.367) | / | (445.817 / 2969.52) |
| = | 0.167348 | / | 0.150131 |
| | = | 1.1147 |
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) |
| = | ((664.245 + 511.475) / 3864.045) | / | ((725.769 + 764.646) / 4153.021) |
| = | 0.304272 | / | 0.358875 |
| | = | 0.8478 |
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 |
| = | (131.763 - 0 | - | 276.451) | / | 3864.045 |
| | = | -0.037445 |
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.
THK Co has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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