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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 -1.25. The lowest was -3.38. And the median was -2.16.
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 * 1.3774||+||0.404 * 1.5437||+||0.892 * 1.7508||+||0.115 * 1.0642|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0251||+||4.679 * 0.0501||-||0.327 * 1.1854|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 1938.85386836 + 1833.22308971 + 1614.88058536 + 1151.042551 = $6,538 Mil.
Gross Profit was 1073.04256537 + 1009.96442983 + 900.842685082 + 789.886772603 = $3,774 Mil.
Total Current Assets was $7,219 Mil.
Total Assets was $12,373 Mil.
Property, Plant and Equipment(Net PPE) was $1,150 Mil.
Depreciation, Depletion and Amortization(DDA) was $299 Mil.
Selling, General & Admin. Expense(SGA) was $2,313 Mil.
Total Current Liabilities was $3,206 Mil.
Long-Term Debt was $139 Mil.
Net Income was 337.045056093 + 160.149895911 + 236.642413779 + 760.447982315 = $1,494 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 97.4932345144 + 265.576450191 + 119.842150697 + 391.859679261 = $875 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 893.770217251 + 977.212414188 + 901.500377546 + 961.762408809 = $3,734 Mil.
Gross Profit was 698.520675145 + 782.79323391 + 719.272765671 + 768.205373574 = $2,969 Mil.
Total Current Assets was $5,676 Mil.
Total Assets was $7,900 Mil.
Property, Plant and Equipment(Net PPE) was $568 Mil.
Depreciation, Depletion and Amortization(DDA) was $160 Mil.
Selling, General & Admin. Expense(SGA) was $1,289 Mil.
Total Current Liabilities was $1,802 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 / 6538.00009442)||/||(0 / 3734.24541779)|
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)|
|=||(2968.7920483 / 3734.24541779)||/||(3773.73645288 / 6538.00009442)|
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 - (7218.81825404 + 1149.87152459) / 12372.965015)||/||(1 - (5676.22815001 + 567.812762188) / 7900.25913646)|
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))|
|=||(159.914703464 / (159.914703464 + 567.812762188))||/||(299.236764397 / (299.236764397 + 1149.87152459))|
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)|
|=||(2312.55430228 / 6538.00009442)||/||(1288.50923363 / 3734.24541779)|
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)|
|=||((138.812293013 + 3206.19947243) / 12372.965015)||/||((0 + 1801.79859779) / 7900.25913646)|
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|
|=||(1494.2853481 - 0||-||874.771514663)||/||12372.965015|
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 -1.21 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