Ajinomoto Co Beneish M-Score Historical Data
The historical data trend for Ajinomoto 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.
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Ajinomoto Co Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.85 |
-2.91 |
-2.97 |
-2.67 |
-2.47 |
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Ajinomoto Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec20 |
Mar21 |
Jun21 |
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Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.47 |
-2.49 |
-2.57 |
-2.59 |
Competitive Comparison
For the Packaged Foods subindustry, Ajinomoto 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.
Ajinomoto Co Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, Ajinomoto Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ajinomoto Co's Beneish M-Score falls into.
Ajinomoto 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 Ajinomoto 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 * 0.9504 | + | 0.528 * 0.9941 | + | 0.404 * 1.1072 | + | 0.892 * 0.9913 | + | 0.115 * 1.0179 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0017 | + | 4.679 * -0.028718 | - | 0.327 * 1.0835 |
| = | -2.65 |
* 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 $1,300 Mil.
Revenue was 2636.735 + 2357.077 + 2401.85 + 2486.782 = $9,882 Mil.
Gross Profit was 971.298 + 814.941 + 877.82 + 800.595 = $3,465 Mil.
Total Current Assets was $5,359 Mil.
Total Assets was $12,401 Mil.
Property, Plant and Equipment(Net PPE) was $3,888 Mil.
Depreciation, Depletion and Amortization(DDA) was $529 Mil.
Selling, General, & Admin. Expense(SGA) was $2,307 Mil.
Total Current Liabilities was $3,913 Mil.
Long-Term Debt & Capital Lease Obligation was $1,642 Mil.
Net Income was 216.313 + 130.116 + 192.561 + 131.995 = $671 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 347.031 + 249.146 + 117.751 + 313.188 = $1,027 Mil.
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Total Receivables was $1,380 Mil.
Revenue was 2719.249 + 2360.58 + 2400.824 + 2489.024 = $9,970 Mil.
Gross Profit was 960.31 + 811.345 + 877.57 + 825.503 = $3,475 Mil.
Total Current Assets was $5,060 Mil.
Total Assets was $11,594 Mil.
Property, Plant and Equipment(Net PPE) was $3,870 Mil.
Depreciation, Depletion and Amortization(DDA) was $537 Mil.
Selling, General, & Admin. Expense(SGA) was $2,324 Mil.
Total Current Liabilities was $2,854 Mil.
Long-Term Debt & Capital Lease Obligation was $1,939 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) |
| = | (1299.945 / 9882.444) | / | (1379.878 / 9969.677) |
| = | 0.131541 | / | 0.138407 |
| | = | 0.9504 |
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) |
| = | (3474.728 / 9969.677) | / | (3464.654 / 9882.444) |
| = | 0.34853 | / | 0.350587 |
| | = | 0.9941 |
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 - (5358.994 + 3888.09) / 12401.079) | / | (1 - (5060.483 + 3870.005) / 11593.732) |
| = | 0.254332 | / | 0.229714 |
| | = | 1.1072 |
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 |
| = | 9882.444 | / | 9969.677 |
| | = | 0.9913 |
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)) |
| = | (537.184 / (537.184 + 3870.005)) | / | (528.91 / (528.91 + 3888.09)) |
| = | 0.121888 | / | 0.119744 |
| | = | 1.0179 |
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) |
| = | (2307.4 / 9882.444) | / | (2323.818 / 9969.677) |
| = | 0.233485 | / | 0.233089 |
| | = | 1.0017 |
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) |
| = | ((1641.614 + 3913.197) / 12401.079) | / | ((1939.083 + 2853.883) / 11593.732) |
| = | 0.44793 | / | 0.41341 |
| | = | 1.0835 |
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 |
| = | (670.985 - 0 | - | 1027.116) | / | 12401.079 |
| | = | -0.028718 |
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.
Ajinomoto Co has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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