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 |
-2.75 |
-2.75 |
-2.34 |
-2.63 |
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Canon Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.53 |
-2.63 |
-2.62 |
-2.61 |
-2.71 |
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 * 1.0258 | + | 0.528 * 0.9753 | + | 0.404 * 1.0379 | + | 0.892 * 0.9878 | + | 0.115 * 1.0794 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0263 | + | 4.679 * -0.04043 | - | 0.327 * 1.0579 |
| = | -2.67 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $4,263 Mil.
Revenue was 7553.521 + 7397.605 + 6598.106 + 8082.413 = $29,632 Mil.
Gross Profit was 3612.078 + 3494.159 + 3193.475 + 3806.593 = $14,106 Mil.
Total Current Assets was $17,151 Mil.
Total Assets was $40,122 Mil.
Property, Plant and Equipment(Net PPE) was $8,650 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,601 Mil.
Selling, General, & Admin. Expense(SGA) was $9,101 Mil.
Total Current Liabilities was $12,330 Mil.
Long-Term Debt & Capital Lease Obligation was $1,397 Mil.
Net Income was 481.015 + 569.22 + 400.144 + 559.558 = $2,010 Mil.
Non Operating Income was 0 + 0 + 0 + -32.9 = $-33 Mil.
Cash Flow from Operations was 846.594 + 1043.722 + 515.417 + 1259.224 = $3,665 Mil.
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Total Receivables was $4,208 Mil.
Revenue was 6934.607 + 7221.956 + 7265.403 + 8577.08 = $29,999 Mil.
Gross Profit was 3260.509 + 3429.383 + 3396.644 + 3841.973 = $13,929 Mil.
Total Current Assets was $16,648 Mil.
Total Assets was $38,006 Mil.
Property, Plant and Equipment(Net PPE) was $8,288 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,680 Mil.
Selling, General, & Admin. Expense(SGA) was $8,977 Mil.
Total Current Liabilities was $11,670 Mil.
Long-Term Debt & Capital Lease Obligation was $621 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) |
| = | (4263.399 / 29631.645) | / | (4207.657 / 29999.046) |
| = | 0.14388 | / | 0.14026 |
| | = | 1.0258 |
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) |
| = | (13928.509 / 29999.046) | / | (14106.305 / 29631.645) |
| = | 0.464298 | / | 0.476055 |
| | = | 0.9753 |
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 - (17151.286 + 8650.146) / 40121.92) | / | (1 - (16648.152 + 8287.903) / 38006.047) |
| = | 0.356924 | / | 0.343892 |
| | = | 1.0379 |
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 |
| = | 29631.645 | / | 29999.046 |
| | = | 0.9878 |
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)) |
| = | (1680.251 / (1680.251 + 8287.903)) | / | (1600.761 / (1600.761 + 8650.146)) |
| = | 0.168562 | / | 0.156158 |
| | = | 1.0794 |
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) |
| = | (9100.784 / 29631.645) | / | (8977.365 / 29999.046) |
| = | 0.307131 | / | 0.299255 |
| | = | 1.0263 |
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) |
| = | ((1396.526 + 12329.833) / 40121.92) | / | ((621.049 + 11669.762) / 38006.047) |
| = | 0.342116 | / | 0.323391 |
| | = | 1.0579 |
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 |
| = | (2009.937 - -32.9 | - | 3664.957) | / | 40121.92 |
| | = | -0.04043 |
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 -2.67 suggests that the company is unlikely to be a manipulator.
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