YAHOY has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -1.89.
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 * 1.2264||+||0.404 * 1.2245||+||0.892 * 1.6601||+||0.115 * 0.8161|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9681||+||4.679 * 0.0115||-||0.327 * 1.1802|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 1908.31573965 + 2017.3543464 + 1938.85386836 + 1833.22308971 = $7,698 Mil.
Gross Profit was 1075.10381636 + 1135.6663061 + 1073.04256537 + 1009.96442983 = $4,294 Mil.
Total Current Assets was $7,747 Mil.
Total Assets was $12,673 Mil.
Property, Plant and Equipment(Net PPE) was $1,178 Mil.
Depreciation, Depletion and Amortization(DDA) was $346 Mil.
Selling, General & Admin. Expense(SGA) was $2,613 Mil.
Total Current Liabilities was $3,681 Mil.
Long-Term Debt was $217 Mil.
Net Income was 307.591245029 + 330.217921624 + 337.045056093 + 160.149895911 = $1,135 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 157.338783997 + 468.746162227 + 97.4932345144 + 265.576450191 = $989 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 1614.88058536 + 1151.042551 + 893.770217251 + 977.212414188 = $4,637 Mil.
Gross Profit was 900.842685082 + 789.886772603 + 698.520675145 + 782.79323391 = $3,172 Mil.
Total Current Assets was $7,187 Mil.
Total Assets was $10,699 Mil.
Property, Plant and Equipment(Net PPE) was $928 Mil.
Depreciation, Depletion and Amortization(DDA) was $211 Mil.
Selling, General & Admin. Expense(SGA) was $1,626 Mil.
Total Current Liabilities was $2,788 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 / 7697.74704412)||/||(0 / 4636.90576779)|
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)|
|=||(3172.04336674 / 4636.90576779)||/||(4293.77711765 / 7697.74704412)|
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 - (7746.91999266 + 1177.53652862) / 12673.4230992)||/||(1 - (7186.73079295 + 927.751058495) / 10699.107987)|
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))|
|=||(211.259412391 / (211.259412391 + 927.751058495))||/||(346.320608775 / (346.320608775 + 1177.53652862))|
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)|
|=||(2613.22491665 / 7697.74704412)||/||(1626.02738176 / 4636.90576779)|
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)|
|=||((216.529408671 + 3681.06029323) / 12673.4230992)||/||((0 + 2787.93110536) / 10699.107987)|
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|
|=||(1135.00411866 - 0||-||989.15463093)||/||12673.4230992|
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 -1.70 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