Tsubaki Nakashima Co Beneish M-Score Historical Data
The historical data trend for Tsubaki Nakashima 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.
Tsubaki Nakashima Co Beneish M-Score Chart
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Tsubaki Nakashima Co Annual Data
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Trend |
Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.32 |
-2.55 |
-1.79 |
-2.66 |
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Tsubaki Nakashima Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Sep21 |
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Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.98 |
-1.87 |
-2.18 |
-2.66 |
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Competitive Comparison of Tsubaki Nakashima Co's Beneish M-Score
For the Tools & Accessories subindustry, Tsubaki Nakashima 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.
Tsubaki Nakashima Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Tsubaki Nakashima Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tsubaki Nakashima Co's Beneish M-Score falls into.
Tsubaki Nakashima 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 Tsubaki Nakashima 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 * 1.0757 | + | 0.528 * 0.605 | + | 0.404 * 0.9711 | + | 0.892 * 1.0171 | + | 0.115 * 1.1582 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9276 | + | 4.679 * -0.024777 | - | 0.327 * 0.9948 |
| = | -2.70 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円22,874 Mil.
Revenue was 19966 + 21148 + 19624 + 19863 = 円80,601 Mil.
Gross Profit was 3559 + 2524 + 3337 + 3739 = 円13,159 Mil.
Total Current Assets was 円92,349 Mil.
Total Assets was 円177,826 Mil.
Property, Plant and Equipment(Net PPE) was 円34,442 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,246 Mil.
Selling, General, & Admin. Expense(SGA) was 円7,933 Mil.
Total Current Liabilities was 円33,313 Mil.
Long-Term Debt & Capital Lease Obligation was 円80,045 Mil.
Net Income was 906 + -2479 + 281 + 256 = 円-1,036 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 939 + 2304 + 15 + 112 = 円3,370 Mil.
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Total Receivables was 円20,906 Mil.
Revenue was 18837 + 20627 + 20151 + 19631 = 円79,246 Mil.
Gross Profit was 3518 + -2827 + 3181 + 3956 = 円7,828 Mil.
Total Current Assets was 円80,866 Mil.
Total Assets was 円160,089 Mil.
Property, Plant and Equipment(Net PPE) was 円31,911 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,536 Mil.
Selling, General, & Admin. Expense(SGA) was 円8,408 Mil.
Total Current Liabilities was 円24,717 Mil.
Long-Term Debt & Capital Lease Obligation was 円77,869 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) |
| = | (22874 / 80601) | / | (20906 / 79246) |
| = | 0.283793 | / | 0.263811 |
| | = | 1.0757 |
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) |
| = | (7828 / 79246) | / | (13159 / 80601) |
| = | 0.098781 | / | 0.163261 |
| | = | 0.605 |
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 - (92349 + 34442) / 177826) | / | (1 - (80866 + 31911) / 160089) |
| = | 0.286994 | / | 0.295536 |
| | = | 0.9711 |
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 |
| = | 80601 | / | 79246 |
| | = | 1.0171 |
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)) |
| = | (3536 / (3536 + 31911)) | / | (3246 / (3246 + 34442)) |
| = | 0.099755 | / | 0.086128 |
| | = | 1.1582 |
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) |
| = | (7933 / 80601) | / | (8408 / 79246) |
| = | 0.098423 | / | 0.1061 |
| | = | 0.9276 |
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) |
| = | ((80045 + 33313) / 177826) | / | ((77869 + 24717) / 160089) |
| = | 0.637466 | / | 0.640806 |
| | = | 0.9948 |
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 |
| = | (-1036 - 0 | - | 3370) | / | 177826 |
| | = | -0.024777 |
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.
Tsubaki Nakashima Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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