NTT DOCOMO Beneish M-Score Historical Data
The historical data trend for NTT DOCOMO'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.
NTT DOCOMO Beneish M-Score Chart
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NTT DOCOMO Annual Data
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Mar11 |
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Mar20 |
| Beneish M-Score |
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-3.01 |
3.70 |
-3.06 |
-2.84 |
-2.96 |
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NTT DOCOMO Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
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Sep20 |
| Beneish M-Score |
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-2.85 |
-2.71 |
-2.96 |
-2.94 |
-2.87 |
BUE:DCM vs VZ, T, TMUS: Beneish M-Score Comparison
For the Telecom Services subindustry, NTT DOCOMO'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.
NTT DOCOMO Beneish M-Score vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, NTT DOCOMO's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NTT DOCOMO's Beneish M-Score falls into.
NTT DOCOMO 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 NTT DOCOMO 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 * 0.9128 | + | 0.528 * 1 | + | 0.404 * 1.2168 | + | 0.892 * 1.469 | + | 0.115 * 0.7684 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0612 | + | 4.679 * -0.082201 | - | 0.327 * 1.0146 |
| = | -2.48 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was ARS1,493,810.94 Mil.
Revenue was 832734.018 + 698835.046 + 654463.881 + 649797.178 = ARS2,835,830.12 Mil.
Gross Profit was 832734.018 + 698835.046 + 654463.881 + 649797.178 = ARS2,835,830.12 Mil.
Total Current Assets was ARS1,935,695.33 Mil.
Total Assets was ARS5,365,271.20 Mil.
Property, Plant and Equipment(Net PPE) was ARS2,078,366.28 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS365,950.83 Mil.
Selling, General, & Admin. Expense(SGA) was ARS274,046.05 Mil.
Total Current Liabilities was ARS1,059,794.27 Mil.
Long-Term Debt & Capital Lease Obligation was ARS206,164.72 Mil.
Net Income was 137821.65 + 124576.628 + 32124.997 + 93117.759 = ARS387,641.03 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ARS0.00 Mil.
Cash Flow from Operations was 324862.655 + 111578.047 + 297747.563 + 94484.704 = ARS828,672.97 Mil.
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Total Receivables was ARS1,114,070.97 Mil.
Revenue was 608830.478 + 479285.783 + 417379.514 + 424971.25 = ARS1,930,467.03 Mil.
Gross Profit was 608830.478 + 479285.783 + 417379.514 + 424971.25 = ARS1,930,467.03 Mil.
Total Current Assets was ARS1,430,478.26 Mil.
Total Assets was ARS3,893,909.31 Mil.
Property, Plant and Equipment(Net PPE) was ARS1,657,506.41 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS215,478.60 Mil.
Selling, General, & Admin. Expense(SGA) was ARS175,790.54 Mil.
Total Current Liabilities was ARS780,051.72 Mil.
Long-Term Debt & Capital Lease Obligation was ARS125,533.95 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) |
| = | (1493810.935 / 2835830.123) | / | (1114070.966 / 1930467.025) |
| = | 0.526763 | / | 0.577099 |
| | = | 0.9128 |
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) |
| = | (1930467.025 / 1930467.025) | / | (2835830.123 / 2835830.123) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (1935695.328 + 2078366.283) / 5365271.198) | / | (1 - (1430478.26 + 1657506.405) / 3893909.306) |
| = | 0.251844 | / | 0.206971 |
| | = | 1.2168 |
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 |
| = | 2835830.123 | / | 1930467.025 |
| | = | 1.469 |
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)) |
| = | (215478.596 / (215478.596 + 1657506.405)) | / | (365950.834 / (365950.834 + 2078366.283)) |
| = | 0.115046 | / | 0.149715 |
| | = | 0.7684 |
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) |
| = | (274046.049 / 2835830.123) | / | (175790.544 / 1930467.025) |
| = | 0.096637 | / | 0.091061 |
| | = | 1.0612 |
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) |
| = | ((206164.718 + 1059794.27) / 5365271.198) | / | ((125533.95 + 780051.715) / 3893909.306) |
| = | 0.235954 | / | 0.232565 |
| | = | 1.0146 |
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 |
| = | (387641.034 - 0 | - | 828672.969) | / | 5365271.198 |
| | = | -0.082201 |
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.
NTT DOCOMO has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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