Sanyo Denki Co Beneish M-Score Historical Data
The historical data trend for Sanyo Denki 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.
Sanyo Denki Co Beneish M-Score Chart
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Sanyo Denki Co Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.82 |
-2.42 |
-2.41 |
-2.28 |
-2.76 |
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Sanyo Denki Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.28 |
-2.34 |
-2.50 |
-2.75 |
-2.76 |
Competitive Comparison of Sanyo Denki Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Sanyo Denki 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.
Sanyo Denki Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Sanyo Denki Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sanyo Denki Co's Beneish M-Score falls into.
Sanyo Denki 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 Sanyo Denki 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 * 0.9206 | + | 0.528 * 1.0094 | + | 0.404 * 1.2289 | + | 0.892 * 0.9346 | + | 0.115 * 1.1614 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0709 | + | 4.679 * -0.072839 | - | 0.327 * 0.7407 |
| = | -2.76 |
* 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32,095 Mil.
Revenue was 26348 + 25901 + 29593 + 31061 = 円112,903 Mil.
Gross Profit was 6280 + 6501 + 7791 + 8330 = 円28,902 Mil.
Total Current Assets was 円96,958 Mil.
Total Assets was 円150,688 Mil.
Property, Plant and Equipment(Net PPE) was 円30,125 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,841 Mil.
Selling, General, & Admin. Expense(SGA) was 円17,910 Mil.
Total Current Liabilities was 円30,137 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,750 Mil.
Net Income was 2663 + 2017 + 2349 + 3447 = 円10,476 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 5483 + 5424 + 6146 + 4399 = 円21,452 Mil.
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Total Receivables was 円37,303 Mil.
Revenue was 31500 + 30467 + 31121 + 27714 = 円120,802 Mil.
Gross Profit was 8119 + 7614 + 8244 + 7239 = 円31,216 Mil.
Total Current Assets was 円99,660 Mil.
Total Assets was 円143,871 Mil.
Property, Plant and Equipment(Net PPE) was 円25,872 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,014 Mil.
Selling, General, & Admin. Expense(SGA) was 円17,895 Mil.
Total Current Liabilities was 円41,168 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,091 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) |
| = | (32095 / 112903) | / | (37303 / 120802) |
| = | 0.284271 | / | 0.308795 |
| | = | 0.9206 |
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) |
| = | (31216 / 120802) | / | (28902 / 112903) |
| = | 0.258406 | / | 0.25599 |
| | = | 1.0094 |
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 - (96958 + 30125) / 150688) | / | (1 - (99660 + 25872) / 143871) |
| = | 0.156648 | / | 0.127468 |
| | = | 1.2289 |
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 |
| = | 112903 | / | 120802 |
| | = | 0.9346 |
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)) |
| = | (6014 / (6014 + 25872)) | / | (5841 / (5841 + 30125)) |
| = | 0.188609 | / | 0.162403 |
| | = | 1.1614 |
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) |
| = | (17910 / 112903) | / | (17895 / 120802) |
| = | 0.158632 | / | 0.148135 |
| | = | 1.0709 |
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) |
| = | ((5750 + 30137) / 150688) | / | ((5091 + 41168) / 143871) |
| = | 0.238154 | / | 0.321531 |
| | = | 0.7407 |
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 |
| = | (10476 - 0 | - | 21452) | / | 150688 |
| | = | -0.072839 |
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.
Sanyo Denki Co has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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