Cookpad Beneish M-Score Historical Data
The historical data trend for Cookpad'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.
Cookpad Beneish M-Score Chart
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Cookpad Annual Data
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Trend |
Apr14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.34 |
-2.34 |
-3.02 |
-2.70 |
-2.54 |
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Cookpad 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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-2.70 |
-3.19 |
-2.49 |
-2.87 |
-2.54 |
Competitive Comparison of Cookpad's Beneish M-Score
For the Internet Content & Information subindustry, Cookpad'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.
Cookpad's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Cookpad's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cookpad's Beneish M-Score falls into.
Cookpad 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 Cookpad 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 * 0.919 | + | 0.528 * 0.9947 | + | 0.404 * 1.2007 | + | 0.892 * 0.8372 | + | 0.115 * 0.4991 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9871 | + | 4.679 * -0.004774 | - | 0.327 * 0.5 |
| = | -2.54 |
* 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 円1,208 Mil.
Revenue was 1604.234 + 1814.49 + 1998.751 + 2189.85 = 円7,607 Mil.
Gross Profit was 1595.239 + 1732.915 + 1913.112 + 2049.185 = 円7,290 Mil.
Total Current Assets was 円13,918 Mil.
Total Assets was 円14,598 Mil.
Property, Plant and Equipment(Net PPE) was 円196 Mil.
Depreciation, Depletion and Amortization(DDA) was 円319 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,109 Mil.
Total Current Liabilities was 円751 Mil.
Long-Term Debt & Capital Lease Obligation was 円72 Mil.
Net Income was 496.059 + -319.728 + -772.828 + -1632.508 = 円-2,229 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 59.963 + -239.837 + -698.179 + -1281.268 = 円-2,159 Mil.
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Total Receivables was 円1,570 Mil.
Revenue was 2258.124 + 2262.682 + 2269.058 + 2297.119 = 円9,087 Mil.
Gross Profit was 2147.104 + 2152.919 + 2165.679 + 2196.709 = 円8,662 Mil.
Total Current Assets was 円18,930 Mil.
Total Assets was 円20,154 Mil.
Property, Plant and Equipment(Net PPE) was 円668 Mil.
Depreciation, Depletion and Amortization(DDA) was 円299 Mil.
Selling, General, & Admin. Expense(SGA) was 円12,232 Mil.
Total Current Liabilities was 円1,545 Mil.
Long-Term Debt & Capital Lease Obligation was 円730 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) |
| = | (1207.728 / 7607.325) | / | (1569.801 / 9086.983) |
| = | 0.158759 | / | 0.172753 |
| | = | 0.919 |
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) |
| = | (8662.411 / 9086.983) | / | (7290.451 / 7607.325) |
| = | 0.953277 | / | 0.958346 |
| | = | 0.9947 |
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 - (13918.294 + 195.722) / 14597.655) | / | (1 - (18929.803 + 668.464) / 20154.358) |
| = | 0.033131 | / | 0.027592 |
| | = | 1.2007 |
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 |
| = | 7607.325 | / | 9086.983 |
| | = | 0.8372 |
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)) |
| = | (299.187 / (299.187 + 668.464)) | / | (318.573 / (318.573 + 195.722)) |
| = | 0.309189 | / | 0.619436 |
| | = | 0.4991 |
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) |
| = | (10108.535 / 7607.325) | / | (12232.346 / 9086.983) |
| = | 1.32879 | / | 1.346139 |
| | = | 0.9871 |
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) |
| = | ((72.292 + 751.424) / 14597.655) | / | ((729.564 + 1544.793) / 20154.358) |
| = | 0.056428 | / | 0.112847 |
| | = | 0.5 |
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 |
| = | (-2229.005 - 0 | - | -2159.321) | / | 14597.655 |
| | = | -0.004774 |
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.
Cookpad has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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