Nippon Kayaku Co Beneish M-Score Historical Data
The historical data trend for Nippon Kayaku 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.
Nippon Kayaku Co Beneish M-Score Chart
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Nippon Kayaku Co Annual Data
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Mar24 |
| Beneish M-Score |
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-2.77 |
-2.47 |
-2.54 |
-2.66 |
-2.60 |
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Nippon Kayaku Co Quarterly Data
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Dec19 |
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Sep24 |
| Beneish M-Score |
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-2.60 |
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Competitive Comparison of Nippon Kayaku Co's Beneish M-Score
For the Chemicals subindustry, Nippon Kayaku 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.
Nippon Kayaku Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Nippon Kayaku Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nippon Kayaku Co's Beneish M-Score falls into.
Nippon Kayaku 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 Nippon Kayaku 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 * 1.1064 | + | 0.528 * 1.1076 | + | 0.404 * 1.1474 | + | 0.892 * 0.9075 | + | 0.115 * 1.0799 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1725 | + | 4.679 * -0.052672 | - | 0.327 * 1.2521 |
| = | -2.70 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $402 Mil.
Revenue was $1,347 Mil.
Gross Profit was $409 Mil.
Total Current Assets was $1,356 Mil.
Total Assets was $2,424 Mil.
Property, Plant and Equipment(Net PPE) was $658 Mil.
Depreciation, Depletion and Amortization(DDA) was $96 Mil.
Selling, General, & Admin. Expense(SGA) was $360 Mil.
Total Current Liabilities was $399 Mil.
Long-Term Debt & Capital Lease Obligation was $120 Mil.
Net Income was $27 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $155 Mil.
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Total Receivables was $401 Mil.
Revenue was $1,484 Mil.
Gross Profit was $499 Mil.
Total Current Assets was $1,392 Mil.
Total Assets was $2,415 Mil.
Property, Plant and Equipment(Net PPE) was $668 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General, & Admin. Expense(SGA) was $339 Mil.
Total Current Liabilities was $292 Mil.
Long-Term Debt & Capital Lease Obligation was $121 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) |
| = | (402.266 / 1346.902) | / | (400.631 / 1484.166) |
| = | 0.29866 | / | 0.269937 |
| | = | 1.1064 |
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) |
| = | (499.4 / 1484.166) | / | (409.168 / 1346.902) |
| = | 0.336485 | / | 0.303785 |
| | = | 1.1076 |
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 - (1355.946 + 658.383) / 2424.085) | / | (1 - (1391.823 + 667.785) / 2415.439) |
| = | 0.169035 | / | 0.147315 |
| | = | 1.1474 |
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 |
| = | 1346.902 | / | 1484.166 |
| | = | 0.9075 |
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)) |
| = | (106.536 / (106.536 + 667.785)) | / | (96.13 / (96.13 + 658.383)) |
| = | 0.137586 | / | 0.127407 |
| | = | 1.0799 |
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) |
| = | (360.189 / 1346.902) | / | (338.505 / 1484.166) |
| = | 0.26742 | / | 0.228078 |
| | = | 1.1725 |
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) |
| = | ((120.145 + 399.249) / 2424.085) | / | ((121.199 + 292.142) / 2415.439) |
| = | 0.214264 | / | 0.171125 |
| | = | 1.2521 |
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 |
| = | (27.453 - 0 | - | 155.134) | / | 2424.085 |
| | = | -0.052672 |
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.
Nippon Kayaku Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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