OMRON Beneish M-Score Historical Data
The historical data trend for OMRON'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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OMRON Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.77 |
-2.65 |
-2.80 |
-2.17 |
-2.16 |
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OMRON Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.86 |
-2.16 |
-2.23 |
-2.43 |
-2.53 |
Competitive Comparison
For the Electronic Components subindustry, OMRON'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.
OMRON Beneish M-Score Distribution
For the Hardware industry and Technology sector, OMRON's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OMRON's Beneish M-Score falls into.
OMRON 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 OMRON 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 * 0.9611 | + | 0.528 * 1.0352 | + | 0.404 * 1.3388 | + | 0.892 * 0.9416 | + | 0.115 * 1.0247 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0977 | + | 4.679 * -0.026372 | - | 0.327 * 1.1161 |
| = | -2.59 |
* 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 $1,062 Mil.
Revenue was 1439.845 + 1334.661 + 1438.552 + 1781.366 = $5,994 Mil.
Gross Profit was 598.25 + 551.165 + 640.572 + 801.306 = $2,591 Mil.
Total Current Assets was $3,637 Mil.
Total Assets was $8,921 Mil.
Property, Plant and Equipment(Net PPE) was $1,300 Mil.
Depreciation, Depletion and Amortization(DDA) was $205 Mil.
Selling, General, & Admin. Expense(SGA) was $1,832 Mil.
Total Current Liabilities was $1,933 Mil.
Long-Term Debt & Capital Lease Obligation was $330 Mil.
Net Income was 12.286 + -49.484 + 94.766 + 174.646 = $232 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 42.499 + 120.924 + 55.561 + 248.488 = $467 Mil.
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Total Receivables was $1,173 Mil.
Revenue was 1731.159 + 1535.632 + 1376.406 + 1723.077 = $6,366 Mil.
Gross Profit was 780.826 + 704.788 + 600.521 + 762.751 = $2,849 Mil.
Total Current Assets was $3,468 Mil.
Total Assets was $7,000 Mil.
Property, Plant and Equipment(Net PPE) was $1,198 Mil.
Depreciation, Depletion and Amortization(DDA) was $195 Mil.
Selling, General, & Admin. Expense(SGA) was $1,772 Mil.
Total Current Liabilities was $1,395 Mil.
Long-Term Debt & Capital Lease Obligation was $197 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) |
| = | (1061.845 / 5994.424) | / | (1173.341 / 6366.274) |
| = | 0.177139 | / | 0.184306 |
| | = | 0.9611 |
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) |
| = | (2848.886 / 6366.274) | / | (2591.293 / 5994.424) |
| = | 0.447497 | / | 0.432284 |
| | = | 1.0352 |
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 - (3637.245 + 1299.861) / 8920.813) | / | (1 - (3467.915 + 1197.556) / 7000.433) |
| = | 0.446563 | / | 0.333545 |
| | = | 1.3388 |
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 |
| = | 5994.424 | / | 6366.274 |
| | = | 0.9416 |
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)) |
| = | (194.645 / (194.645 + 1197.556)) | / | (205.384 / (205.384 + 1299.861)) |
| = | 0.139811 | / | 0.136446 |
| | = | 1.0247 |
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) |
| = | (1831.692 / 5994.424) | / | (1772.25 / 6366.274) |
| = | 0.305566 | / | 0.278381 |
| | = | 1.0977 |
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) |
| = | ((330.181 + 1933.498) / 8920.813) | / | ((196.776 + 1394.821) / 7000.433) |
| = | 0.253753 | / | 0.227357 |
| | = | 1.1161 |
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 |
| = | (232.214 - 0 | - | 467.472) | / | 8920.813 |
| | = | -0.026372 |
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.
OMRON has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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