Nojima Co Beneish M-Score Historical Data
The historical data trend for Nojima 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.
Nojima Co Beneish M-Score Chart
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Nojima Co Annual Data
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| Beneish M-Score |
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-3.10 |
-1.51 |
-2.29 |
-1.85 |
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Nojima Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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| Beneish M-Score |
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-1.85 |
-2.01 |
-1.93 |
-1.83 |
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Competitive Comparison of Nojima Co's Beneish M-Score
For the Specialty Retail subindustry, Nojima 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.
Nojima Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Nojima Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nojima Co's Beneish M-Score falls into.
Nojima 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 Nojima 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 * 1.2996 | + | 0.528 * 1.0243 | + | 0.404 * 1.0601 | + | 0.892 * 1.3371 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.035972 | - | 0.327 * 1.3904 |
| = | -1.83 |
* 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112,530 Mil.
Revenue was 202584 + 186355 + 171710 + 204836 = 円765,485 Mil.
Gross Profit was 54704 + 55413 + 52607 + 57605 = 円220,329 Mil.
Total Current Assets was 円350,652 Mil.
Total Assets was 円547,071 Mil.
Property, Plant and Equipment(Net PPE) was 円78,012 Mil.
Depreciation, Depletion and Amortization(DDA) was 円0 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円300,349 Mil.
Long-Term Debt & Capital Lease Obligation was 円27,051 Mil.
Net Income was 5017 + 5853 + 3345 + 5464 = 円19,679 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = 円0 Mil.
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Total Receivables was 円64,761 Mil.
Revenue was 149007 + 136740 + 135598 + 151156 = 円572,501 Mil.
Gross Profit was 41732 + 41498 + 40782 + 44770 = 円168,782 Mil.
Total Current Assets was 円194,984 Mil.
Total Assets was 円335,186 Mil.
Property, Plant and Equipment(Net PPE) was 円71,769 Mil.
Depreciation, Depletion and Amortization(DDA) was 円0 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円122,685 Mil.
Long-Term Debt & Capital Lease Obligation was 円21,591 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) |
| = | (112530 / 765485) | / | (64761 / 572501) |
| = | 0.147005 | / | 0.113119 |
| | = | 1.2996 |
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) |
| = | (168782 / 572501) | / | (220329 / 765485) |
| = | 0.294815 | / | 0.287829 |
| | = | 1.0243 |
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 - (350652 + 78012) / 547071) | / | (1 - (194984 + 71769) / 335186) |
| = | 0.216438 | / | 0.204164 |
| | = | 1.0601 |
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 |
| = | 765485 | / | 572501 |
| | = | 1.3371 |
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)) |
| = | (0 / (0 + 71769)) | / | (0 / (0 + 78012)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (0 / 765485) | / | (0 / 572501) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((27051 + 300349) / 547071) | / | ((21591 + 122685) / 335186) |
| = | 0.59846 | / | 0.430436 |
| | = | 1.3904 |
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 |
| = | (19679 - 0 | - | 0) | / | 547071 |
| | = | 0.035972 |
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.
Nojima Co has a M-score of -1.83 suggests that the company is unlikely to be a manipulator.
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