FJTSF (Fujitsu) Beneish M-Score : -2.52 (As of Dec. 15, 2024)

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What is Fujitsu Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Fujitsu's Beneish M-Score or its related term are showing as below:

FJTSF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.64 Max: -1.93
Current: -2.52

During the past 13 years, the highest Beneish M-Score of Fujitsu was -1.93. The lowest was -2.99. And the median was -2.64.

Fujitsu Beneish M-Score Historical Data

The historical data trend for Fujitsu'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.

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Fujitsu Beneish M-Score Chart

Fujitsu Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.82

-2.56

-2.52

-2.41

-2.45

Fujitsu Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.54	-2.69	-2.45	-2.47	-2.52

Competitive Comparison of Fujitsu's Beneish M-Score

For the Information Technology Services subindustry, Fujitsu'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.

Fujitsu's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Fujitsu's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fujitsu's Beneish M-Score falls into.

Fujitsu 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 Fujitsu for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0659

0.528 * 0.9649

0.404 * 1.2221

0.892 * 0.9413

0.115 * 1.0503

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0322

4.679 * -0.013255

0.327 * 0.9804

-2.46

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $6,278 Mil.
Revenue was 6062.412 + 5258.013 + 7431.234 + 6464.893 = $25,217 Mil.
Gross Profit was 1921.961 + 1540.751 + 2526.088 + 2027.726 = $8,017 Mil.
Total Current Assets was $12,141 Mil.
Total Assets was $23,659 Mil.
Property, Plant and Equipment(Net PPE) was $4,182 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,215 Mil.
Selling, General, & Admin. Expense(SGA) was $6,098 Mil.
Total Current Liabilities was $8,499 Mil.
Long-Term Debt & Capital Lease Obligation was $692 Mil.
Net Income was 131.231 + 106.905 + 1524.47 + -81.455 = $1,681 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -263.483 + 1100.633 + 1042.794 + 114.806 = $1,995 Mil.

Total Receivables was $6,257 Mil.
Revenue was 6170.361 + 5656.839 + 8057.739 + 6903.794 = $26,789 Mil.
Gross Profit was 1844.709 + 1568.131 + 2739.333 + 2065.533 = $8,218 Mil.
Total Current Assets was $12,442 Mil.
Total Assets was $22,067 Mil.
Property, Plant and Equipment(Net PPE) was $4,026 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,247 Mil.
Selling, General, & Admin. Expense(SGA) was $6,276 Mil.
Total Current Liabilities was $8,034 Mil.
Long-Term Debt & Capital Lease Obligation was $710 Mil.

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)
	=	(6277.971 / 25216.552)	/	(6257.073 / 26788.733)
	=	0.248962	/	0.233571
	=	1.0659

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)
	=	(8217.706 / 26788.733)	/	(8016.526 / 25216.552)
	=	0.30676	/	0.317907
	=	0.9649

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 - (12141.122 + 4182.038) / 23659.128)	/	(1 - (12441.834 + 4026.291) / 22066.651)
	=	0.310069	/	0.25371
	=	1.2221

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
	=	25216.552	/	26788.733
	=	0.9413

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))
	=	(1246.586 / (1246.586 + 4026.291))	/	(1214.789 / (1214.789 + 4182.038))
	=	0.236415	/	0.225093
	=	1.0503

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)
	=	(6098.109 / 25216.552)	/	(6276.453 / 26788.733)
	=	0.24183	/	0.234295
	=	1.0322

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)
	=	((692.44 + 8498.958) / 23659.128)	/	((709.838 + 8034.063) / 22066.651)
	=	0.388493	/	0.39625
	=	0.9804

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
	=	(1681.151 - 0	-	1994.75)	/	23659.128
	=	-0.013255

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.

Fujitsu has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

Fujitsu Beneish M-Score Related Terms

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Fujitsu Business Description

Industry

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Traded in Other Exchanges

FJTSY:USA 6702:Japan 6702:Japan FUJ1:Germany FUJ1:Germany

Address

Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo, JPN, 105-7123

Website

http://www.fujitsu.com

Fujitsu Ltd delivers total solutions in the field of information and communication technology. The company provides solutions/system integration services focused on information system consulting and construction, and infrastructure services centered on outsourcing services. Fujitsu provides services across a wide range of countries and regions, including Europe, the Americas, Asia, and Oceania. It operates in three segments namely, Technology Solutions; Ubiqitous Solutions and Device Solutions. Ubiquitous Solutions consists of PCs, mobile phones, and mobilewear. In PCs, Fujitsu's lineup includes desktop and laptop PCs known for energy efficiency, security, and other enhanced features, as well as water- and dust-resistant tablets.