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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Yahoo Japan Corp was -1.48. The lowest was -3.21. And the median was -2.35.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Yahoo Japan Corp 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||+||0.528 * 1.2936||+||0.404 * 1.5714||+||0.892 * 1.438||+||0.115 * 1.0909|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2132||+||4.679 * 0.0454||-||0.327 * 1.1455|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 1833.22308971 + 1614.88058536 + 1151.042551 + 893.770217251 = $5,493 Mil.
Gross Profit was 1009.96442983 + 900.842685082 + 789.886772603 + 698.520675145 = $3,399 Mil.
Total Current Assets was $7,140 Mil.
Total Assets was $11,890 Mil.
Property, Plant and Equipment(Net PPE) was $1,073 Mil.
Depreciation, Depletion and Amortization(DDA) was $258 Mil.
Selling, General & Admin. Expense(SGA) was $1,722 Mil.
Total Current Liabilities was $3,241 Mil.
Long-Term Debt was $0 Mil.
Net Income was 160.149895911 + 236.642413779 + 760.447982315 + 270.719196628 = $1,428 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 265.576450191 + 119.842150697 + 391.859679261 + 111.212057039 = $888 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 977.212414188 + 901.500377546 + 961.762408809 + 979.268666675 = $3,820 Mil.
Gross Profit was 782.79323391 + 719.272765671 + 768.205373574 + 787.651536454 = $3,058 Mil.
Total Current Assets was $6,162 Mil.
Total Assets was $8,369 Mil.
Property, Plant and Equipment(Net PPE) was $560 Mil.
Depreciation, Depletion and Amortization(DDA) was $151 Mil.
Selling, General & Admin. Expense(SGA) was $987 Mil.
Total Current Liabilities was $1,992 Mil.
Long-Term Debt was $0 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(0 / 5492.91644331)||/||(0 / 3819.74386722)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(3057.92290961 / 3819.74386722)||/||(3399.21456266 / 5492.91644331)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (7140.4220427 + 1072.6217705) / 11890.3638217)||/||(1 - (6161.63529065 + 560.366129682) / 8369.16968798)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(150.614040359 / (150.614040359 + 560.366129682))||/||(258.478663482 / (258.478663482 + 1072.6217705))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(1722.44069148 / 5492.91644331)||/||(987.277244259 / 3819.74386722)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((0 + 3241.09173952) / 11890.3638217)||/||((0 + 1991.55277027) / 8369.16968798)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(1427.95948863 - 0||-||888.490337188)||/||11890.3638217|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Yahoo Japan Corp has a M-score of -1.56 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Yahoo Japan Corp Annual Data
Yahoo Japan Corp Quarterly Data