DeNA Co Beneish M-Score Historical Data
The historical data trend for DeNA Co'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.
DeNA Co Beneish M-Score Chart
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DeNA Co Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.76 |
-2.42 |
-2.26 |
-2.54 |
-2.58 |
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DeNA Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.65 |
-2.58 |
-2.75 |
-3.18 |
-1.66 |
Competitive Comparison of DeNA Co's Beneish M-Score
For the Conglomerates subindustry, DeNA Co'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.
DeNA Co's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, DeNA Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DeNA Co's Beneish M-Score falls into.
DeNA Co 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 DeNA Co 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 * 1.691 | + | 0.528 * 0.8754 | + | 0.404 * 1.0075 | + | 0.892 * 1.0174 | + | 0.115 * 1.46 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8272 | + | 4.679 * 0.013632 | - | 0.327 * 0.9614 |
| = | -1.73 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $248.2 Mil.
Revenue was 302.085 + 253.788 + 215.267 + 217.49 = $988.6 Mil.
Gross Profit was 190.119 + 123.711 + 102.623 + 95.709 = $512.2 Mil.
Total Current Assets was $758.9 Mil.
Total Assets was $2,301.5 Mil.
Property, Plant and Equipment(Net PPE) was $163.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.8 Mil.
Selling, General, & Admin. Expense(SGA) was $372.1 Mil.
Total Current Liabilities was $282.2 Mil.
Long-Term Debt & Capital Lease Obligation was $233.6 Mil.
Net Income was 82.931 + -0.371 + 19.334 + 17.027 = $118.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -2.379 + 52.856 + 44.932 + -7.863 = $87.5 Mil.
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Total Receivables was $144.2 Mil.
Revenue was 201.429 + 263.769 + 255.733 + 250.77 = $971.7 Mil.
Gross Profit was 75.704 + 125.963 + 121.167 + 117.84 = $440.7 Mil.
Total Current Assets was $744.5 Mil.
Total Assets was $2,201.5 Mil.
Property, Plant and Equipment(Net PPE) was $147.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.7 Mil.
Selling, General, & Admin. Expense(SGA) was $442.2 Mil.
Total Current Liabilities was $237.8 Mil.
Long-Term Debt & Capital Lease Obligation was $275.4 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) |
| = | (248.15 / 988.63) | / | (144.234 / 971.701) |
| = | 0.251004 | / | 0.148435 |
| | = | 1.691 |
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) |
| = | (440.674 / 971.701) | / | (512.162 / 988.63) |
| = | 0.453508 | / | 0.518052 |
| | = | 0.8754 |
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 - (758.922 + 163.158) / 2301.522) | / | (1 - (744.485 + 147.38) / 2201.498) |
| = | 0.599361 | / | 0.594883 |
| | = | 1.0075 |
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 |
| = | 988.63 | / | 971.701 |
| | = | 1.0174 |
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)) |
| = | (47.661 / (47.661 + 147.38)) | / | (32.797 / (32.797 + 163.158)) |
| = | 0.244364 | / | 0.16737 |
| | = | 1.46 |
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) |
| = | (372.148 / 988.63) | / | (442.204 / 971.701) |
| = | 0.376428 | / | 0.455082 |
| | = | 0.8272 |
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) |
| = | ((233.613 + 282.191) / 2301.522) | / | ((275.445 + 237.76) / 2201.498) |
| = | 0.224114 | / | 0.233116 |
| | = | 0.9614 |
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 |
| = | (118.921 - 0 | - | 87.546) | / | 2301.522 |
| | = | 0.013632 |
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.
DeNA Co has a M-score of -1.73 signals that the company is likely to be a manipulator.
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