Benesse Holdings Beneish M-Score Historical Data
The historical data trend for Benesse Holdings'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.
Benesse Holdings Beneish M-Score Chart
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Benesse Holdings Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.49 |
-2.82 |
-2.58 |
-2.68 |
-2.53 |
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Benesse Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.71 |
-2.53 |
-2.57 |
-2.59 |
-2.61 |
Competitive Comparison of Benesse Holdings's Beneish M-Score
For the Education & Training Services subindustry, Benesse Holdings'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.
Benesse Holdings's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Benesse Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Benesse Holdings's Beneish M-Score falls into.
Benesse Holdings 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 Benesse Holdings 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 * 0.9846 | + | 0.528 * 0.9954 | + | 0.404 * 1.0476 | + | 0.892 * 0.9947 | + | 0.115 * 1.0328 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9539 | + | 4.679 * -0.030709 | - | 0.327 * 0.9899 |
| = | -2.61 |
* 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26,578 Mil.
Revenue was 103740 + 103054 + 100452 + 102957 = 円410,203 Mil.
Gross Profit was 47447 + 46556 + 39947 + 45820 = 円179,770 Mil.
Total Current Assets was 円237,529 Mil.
Total Assets was 円521,279 Mil.
Property, Plant and Equipment(Net PPE) was 円167,190 Mil.
Depreciation, Depletion and Amortization(DDA) was 円19,216 Mil.
Selling, General, & Admin. Expense(SGA) was 円81,444 Mil.
Total Current Liabilities was 円123,146 Mil.
Long-Term Debt & Capital Lease Obligation was 円150,736 Mil.
Net Income was 4463 + 7238 + -1615 + -645 = 円9,441 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -7341 + 2564 + 31378 + -1152 = 円25,449 Mil.
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Total Receivables was 円27,136 Mil.
Revenue was 106990 + 101307 + 100622 + 103465 = 円412,384 Mil.
Gross Profit was 48844 + 45719 + 38980 + 46359 = 円179,902 Mil.
Total Current Assets was 円242,647 Mil.
Total Assets was 円513,137 Mil.
Property, Plant and Equipment(Net PPE) was 円160,968 Mil.
Depreciation, Depletion and Amortization(DDA) was 円19,181 Mil.
Selling, General, & Admin. Expense(SGA) was 円85,835 Mil.
Total Current Liabilities was 円140,108 Mil.
Long-Term Debt & Capital Lease Obligation was 円132,259 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) |
| = | (26578 / 410203) | / | (27136 / 412384) |
| = | 0.064792 | / | 0.065803 |
| | = | 0.9846 |
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) |
| = | (179902 / 412384) | / | (179770 / 410203) |
| = | 0.436249 | / | 0.438246 |
| | = | 0.9954 |
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 - (237529 + 167190) / 521279) | / | (1 - (242647 + 160968) / 513137) |
| = | 0.223604 | / | 0.213436 |
| | = | 1.0476 |
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 |
| = | 410203 | / | 412384 |
| | = | 0.9947 |
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)) |
| = | (19181 / (19181 + 160968)) | / | (19216 / (19216 + 167190)) |
| = | 0.106473 | / | 0.103087 |
| | = | 1.0328 |
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) |
| = | (81444 / 410203) | / | (85835 / 412384) |
| = | 0.198546 | / | 0.208143 |
| | = | 0.9539 |
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) |
| = | ((150736 + 123146) / 521279) | / | ((132259 + 140108) / 513137) |
| = | 0.525404 | / | 0.530788 |
| | = | 0.9899 |
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 |
| = | (9441 - 0 | - | 25449) | / | 521279 |
| | = | -0.030709 |
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.
Benesse Holdings has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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