FUJIFILM Holdings Beneish M-Score Historical Data
The historical data trend for FUJIFILM Holdings'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.
|
FUJIFILM Holdings Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.61 |
-2.86 |
-2.61 |
-2.62 |
-2.34 |
|
FUJIFILM Holdings Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.29 |
-2.34 |
-2.39 |
-2.48 |
-2.65 |
Competitive Comparison
For the Conglomerates subindustry, FUJIFILM Holdings'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.
FUJIFILM Holdings Beneish M-Score Distribution
For the Conglomerates industry and Industrials sector, FUJIFILM Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FUJIFILM Holdings's Beneish M-Score falls into.
FUJIFILM Holdings 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 FUJIFILM Holdings 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 * 0.9022 | + | 0.528 * 0.9848 | + | 0.404 * 1.0132 | + | 0.892 * 0.9902 | + | 0.115 * 1.3108 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0087 | + | 4.679 * -0.034323 | - | 0.327 * 1.0101 |
| = | -2.71 |
* 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 $4,069 Mil.
Revenue was 5326.663 + 4922.121 + 4674.362 + 5721.655 = $20,645 Mil.
Gross Profit was 2197.296 + 1996.774 + 1861.754 + 2215.573 = $8,271 Mil.
Total Current Assets was $11,277 Mil.
Total Assets was $31,595 Mil.
Property, Plant and Equipment(Net PPE) was $9,371 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,029 Mil.
Selling, General, & Admin. Expense(SGA) was $5,219 Mil.
Total Current Liabilities was $7,859 Mil.
Long-Term Debt & Capital Lease Obligation was $2,080 Mil.
Net Income was 418.109 + 400.068 + 384.923 + 491.433 = $1,695 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 670.746 + 478.542 + 528.24 + 1101.431 = $2,779 Mil.
|
Total Receivables was $4,554 Mil.
Revenue was 5517.03 + 5053.387 + 4671.925 + 5607.063 = $20,849 Mil.
Gross Profit was 2231.564 + 1997.881 + 1899.413 + 2097.575 = $8,226 Mil.
Total Current Assets was $13,019 Mil.
Total Assets was $30,749 Mil.
Property, Plant and Equipment(Net PPE) was $7,215 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,075 Mil.
Selling, General, & Admin. Expense(SGA) was $5,226 Mil.
Total Current Liabilities was $6,876 Mil.
Long-Term Debt & Capital Lease Obligation was $2,700 Mil.
|
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) |
| = | (4068.634 / 20644.801) | / | (4554.23 / 20849.405) |
| = | 0.197078 | / | 0.218435 |
| | = | 0.9022 |
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) |
| = | (8226.433 / 20849.405) | / | (8271.397 / 20644.801) |
| = | 0.394564 | / | 0.400653 |
| | = | 0.9848 |
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 - (11276.997 + 9370.502) / 31594.642) | / | (1 - (13018.535 + 7215.309) / 30749.243) |
| = | 0.346487 | / | 0.341973 |
| | = | 1.0132 |
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 |
| = | 20644.801 | / | 20849.405 |
| | = | 0.9902 |
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)) |
| = | (1074.837 / (1074.837 + 7215.309)) | / | (1028.601 / (1028.601 + 9370.502)) |
| = | 0.129652 | / | 0.098912 |
| | = | 1.3108 |
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) |
| = | (5219.012 / 20644.801) | / | (5225.516 / 20849.405) |
| = | 0.2528 | / | 0.250631 |
| | = | 1.0087 |
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) |
| = | ((2079.705 + 7859.149) / 31594.642) | / | ((2700.356 + 6875.576) / 30749.243) |
| = | 0.314574 | / | 0.31142 |
| | = | 1.0101 |
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 |
| = | (1694.533 - 0 | - | 2778.959) | / | 31594.642 |
| | = | -0.034323 |
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.
FUJIFILM Holdings has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
FUJIF has been successfully added to your