Kuraray Co Beneish M-Score Historical Data
The historical data trend for Kuraray 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.
Kuraray Co Beneish M-Score Chart
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Kuraray Co Annual Data
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Mar14 |
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Dec23 |
| Beneish M-Score |
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-3.07 |
-2.96 |
-2.50 |
-2.31 |
-2.74 |
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Kuraray Co Quarterly Data
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| Beneish M-Score |
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-2.74 |
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Competitive Comparison of Kuraray Co's Beneish M-Score
For the Chemicals subindustry, Kuraray 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.
Kuraray Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Kuraray Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kuraray Co's Beneish M-Score falls into.
Kuraray 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 Kuraray 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 * 0.9987 | + | 0.528 * 1.0397 | + | 0.404 * 0.9779 | + | 0.892 * 0.9675 | + | 0.115 * 0.8866 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0311 | + | 4.679 * -0.069233 | - | 0.327 * 0.883 |
| = | -2.80 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,124 Mil.
Revenue was $5,424 Mil.
Gross Profit was $1,667 Mil.
Total Current Assets was $3,832 Mil.
Total Assets was $8,713 Mil.
Property, Plant and Equipment(Net PPE) was $3,660 Mil.
Depreciation, Depletion and Amortization(DDA) was $536 Mil.
Selling, General, & Admin. Expense(SGA) was $1,143 Mil.
Total Current Liabilities was $1,393 Mil.
Long-Term Debt & Capital Lease Obligation was $1,509 Mil.
Net Income was $295 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $898 Mil.
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Total Receivables was $1,164 Mil.
Revenue was $5,606 Mil.
Gross Profit was $1,791 Mil.
Total Current Assets was $3,958 Mil.
Total Assets was $9,054 Mil.
Property, Plant and Equipment(Net PPE) was $3,799 Mil.
Depreciation, Depletion and Amortization(DDA) was $485 Mil.
Selling, General, & Admin. Expense(SGA) was $1,145 Mil.
Total Current Liabilities was $1,641 Mil.
Long-Term Debt & Capital Lease Obligation was $1,775 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) |
| = | (1124.478 / 5423.877) | / | (1163.816 / 5606.323) |
| = | 0.20732 | / | 0.20759 |
| | = | 0.9987 |
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) |
| = | (1791.227 / 5606.323) | / | (1666.756 / 5423.877) |
| = | 0.319501 | / | 0.3073 |
| | = | 1.0397 |
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 - (3831.93 + 3660.012) / 8712.821) | / | (1 - (3957.557 + 3799.131) / 9054.107) |
| = | 0.140124 | / | 0.143296 |
| | = | 0.9779 |
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 |
| = | 5423.877 | / | 5606.323 |
| | = | 0.9675 |
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)) |
| = | (485.165 / (485.165 + 3799.131)) | / | (535.923 / (535.923 + 3660.012)) |
| = | 0.113243 | / | 0.127724 |
| | = | 0.8866 |
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) |
| = | (1142.55 / 5423.877) | / | (1145.338 / 5606.323) |
| = | 0.210652 | / | 0.204294 |
| | = | 1.0311 |
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) |
| = | ((1509.305 + 1393.033) / 8712.821) | / | ((1775.128 + 1640.517) / 9054.107) |
| = | 0.333111 | / | 0.377248 |
| | = | 0.883 |
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 |
| = | (294.802 - 0 | - | 898.018) | / | 8712.821 |
| | = | -0.069233 |
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.
Kuraray Co has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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