Sekisui House Beneish M-Score Historical Data
The historical data trend for Sekisui House'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.
Sekisui House Beneish M-Score Chart
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Sekisui House Annual Data
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Jan15 |
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Jan20 |
Jan21 |
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Jan24 |
| Beneish M-Score |
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-1.11 |
-2.50 |
-2.54 |
-2.17 |
-2.19 |
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Sekisui House Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
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Jan24 |
| Beneish M-Score |
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-2.17 |
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-2.19 |
Competitive Comparison of Sekisui House's Beneish M-Score
For the Residential Construction subindustry, Sekisui House'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.
Sekisui House's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Sekisui House's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sekisui House's Beneish M-Score falls into.
Sekisui House 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 Sekisui House 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 * 1.0586 | + | 0.528 * 0.9938 | + | 0.404 * 0.8983 | + | 0.892 * 0.9358 | + | 0.115 * 0.8679 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0301 | + | 4.679 * 0.055668 | - | 0.327 * 1.04 |
| = | -2.30 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was €1,107 Mil.
Revenue was €19,498 Mil.
Gross Profit was €3,914 Mil.
Total Current Assets was €15,668 Mil.
Total Assets was €21,039 Mil.
Property, Plant and Equipment(Net PPE) was €3,114 Mil.
Depreciation, Depletion and Amortization(DDA) was €174 Mil.
Selling, General, & Admin. Expense(SGA) was €2,214 Mil.
Total Current Liabilities was €7,141 Mil.
Long-Term Debt & Capital Lease Obligation was €2,182 Mil.
Net Income was €1,270 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €98 Mil.
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Total Receivables was €1,118 Mil.
Revenue was €20,836 Mil.
Gross Profit was €4,157 Mil.
Total Current Assets was €14,896 Mil.
Total Assets was €21,396 Mil.
Property, Plant and Equipment(Net PPE) was €3,945 Mil.
Depreciation, Depletion and Amortization(DDA) was €190 Mil.
Selling, General, & Admin. Expense(SGA) was €2,296 Mil.
Total Current Liabilities was €7,432 Mil.
Long-Term Debt & Capital Lease Obligation was €1,685 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) |
| = | (1107.328 / 19498.013) | / | (1117.769 / 20835.653) |
| = | 0.056792 | / | 0.053647 |
| | = | 1.0586 |
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) |
| = | (4156.673 / 20835.653) | / | (3914.014 / 19498.013) |
| = | 0.199498 | / | 0.200739 |
| | = | 0.9938 |
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 - (15668.398 + 3113.999) / 21038.882) | / | (1 - (14895.827 + 3945.139) / 21395.537) |
| = | 0.107253 | / | 0.119397 |
| | = | 0.8983 |
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 |
| = | 19498.013 | / | 20835.653 |
| | = | 0.9358 |
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)) |
| = | (190.021 / (190.021 + 3945.139)) | / | (174.1 / (174.1 + 3113.999)) |
| = | 0.045953 | / | 0.052949 |
| | = | 0.8679 |
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) |
| = | (2213.753 / 19498.013) | / | (2296.44 / 20835.653) |
| = | 0.113537 | / | 0.110217 |
| | = | 1.0301 |
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) |
| = | ((2182.177 + 7141.214) / 21038.882) | / | ((1685.35 + 7431.562) / 21395.537) |
| = | 0.44315 | / | 0.426113 |
| | = | 1.04 |
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 |
| = | (1269.594 - 0 | - | 98.411) | / | 21038.882 |
| | = | 0.055668 |
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.
Sekisui House has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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