Canon Beneish M-Score Historical Data
The historical data trend for Canon'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.
Canon Beneish M-Score Chart
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Canon Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.77 |
-2.57 |
-2.33 |
-2.62 |
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Canon Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.33 |
-2.27 |
-2.27 |
-2.29 |
-2.62 |
Competitive Comparison of Canon's Beneish M-Score
For the Computer Hardware subindustry, Canon'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.
Canon's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Canon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Canon's Beneish M-Score falls into.
Canon 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 Canon 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 * 1.0119 | + | 0.528 * 0.9615 | + | 0.404 * 1.0375 | + | 0.892 * 2.0777 | + | 0.115 * 1.0012 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0416 | + | 4.679 * -0.03203 | - | 0.327 * 0.9936 |
| = | -1.67 |
* 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 ARS1,981,881 Mil.
Revenue was 2917751.225 + 2426765.869 + 1733269.477 + 1435280.375 = ARS8,513,067 Mil.
Gross Profit was 1374180.148 + 1141015.275 + 823051.81 + 671006.969 = ARS4,009,254 Mil.
Total Current Assets was ARS5,576,376 Mil.
Total Assets was ARS13,580,802 Mil.
Property, Plant and Equipment(Net PPE) was ARS3,063,890 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS488,056 Mil.
Selling, General, & Admin. Expense(SGA) was ARS2,569,331 Mil.
Total Current Liabilities was ARS3,608,398 Mil.
Long-Term Debt & Capital Lease Obligation was ARS239,589 Mil.
Net Income was 202000.438 + 147071.555 + 111042.24 + 83371.519 = ARS543,486 Mil.
Non Operating Income was -11876.922 + 4272.446 + 10494.199 + 1469.089 = ARS4,359 Mil.
Cash Flow from Operations was 454579.963 + 274165.579 + 136585.877 + 108790.89 = ARS974,122 Mil.
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Total Receivables was ARS942,671 Mil.
Revenue was 1437947.37 + 965958.605 + 897161.698 + 796253.051 = ARS4,097,321 Mil.
Gross Profit was 644106.727 + 437389.4 + 416817.718 + 357122.685 = ARS1,855,437 Mil.
Total Current Assets was ARS2,679,016 Mil.
Total Assets was ARS6,331,889 Mil.
Property, Plant and Equipment(Net PPE) was ARS1,432,645 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS228,536 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,187,198 Mil.
Total Current Liabilities was ARS1,696,637 Mil.
Long-Term Debt & Capital Lease Obligation was ARS109,039 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) |
| = | (1981881.388 / 8513066.946) | / | (942671.162 / 4097320.724) |
| = | 0.232805 | / | 0.23007 |
| | = | 1.0119 |
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) |
| = | (1855436.53 / 4097320.724) | / | (4009254.202 / 8513066.946) |
| = | 0.452841 | / | 0.470953 |
| | = | 0.9615 |
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 - (5576376.451 + 3063889.764) / 13580802.374) | / | (1 - (2679016.455 + 1432645.042) / 6331889.266) |
| = | 0.363788 | / | 0.350642 |
| | = | 1.0375 |
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 |
| = | 8513066.946 | / | 4097320.724 |
| | = | 2.0777 |
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)) |
| = | (228536.464 / (228536.464 + 1432645.042)) | / | (488055.567 / (488055.567 + 3063889.764)) |
| = | 0.137575 | / | 0.137405 |
| | = | 1.0012 |
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) |
| = | (2569330.58 / 8513066.946) | / | (1187198.105 / 4097320.724) |
| = | 0.30181 | / | 0.28975 |
| | = | 1.0416 |
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) |
| = | ((239589.378 + 3608397.857) / 13580802.374) | / | ((109038.828 + 1696636.857) / 6331889.266) |
| = | 0.28334 | / | 0.285172 |
| | = | 0.9936 |
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 |
| = | (543485.752 - 4358.812 | - | 974122.309) | / | 13580802.374 |
| | = | -0.03203 |
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.
Canon has a M-score of -1.67 signals that the company is likely to be a manipulator.
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