Makita Beneish M-Score Historical Data
The historical data trend for Makita'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.
Makita Beneish M-Score Chart
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Makita Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.27 |
-2.64 |
-2.21 |
-1.70 |
-2.66 |
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Makita 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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-2.22 |
-2.66 |
-2.69 |
-2.99 |
-3.29 |
Competitive Comparison of Makita's Beneish M-Score
For the Tools & Accessories subindustry, Makita'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.
Makita's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Makita's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Makita's Beneish M-Score falls into.
Makita 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 Makita 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 * 1.0187 | + | 0.528 * 0.9369 | + | 0.404 * 1.1796 | + | 0.892 * 0.888 | + | 0.115 * 0.9074 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.063 | + | 4.679 * -0.209466 | - | 0.327 * 0.4642 |
| = | -3.35 |
* 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 $646 Mil.
Revenue was 1256.738 + 1252.744 + 1304.877 + 1379.718 = $5,194 Mil.
Gross Profit was 380.341 + 370.97 + 402.906 + 305.242 = $1,459 Mil.
Total Current Assets was $4,424 Mil.
Total Assets was $6,926 Mil.
Property, Plant and Equipment(Net PPE) was $1,893 Mil.
Depreciation, Depletion and Amortization(DDA) was $204 Mil.
Selling, General, & Admin. Expense(SGA) was $1,118 Mil.
Total Current Liabilities was $917 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 82.101 + 65.143 + 79.125 + -18.808 = $208 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 517.81 + 432.365 + 369.763 + 338.363 = $1,658 Mil.
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Total Receivables was $714 Mil.
Revenue was 1400.625 + 1367.7 + 1458.236 + 1622.813 = $5,849 Mil.
Gross Profit was 335.412 + 323.992 + 420.067 + 460.433 = $1,540 Mil.
Total Current Assets was $5,735 Mil.
Total Assets was $8,282 Mil.
Property, Plant and Equipment(Net PPE) was $1,930 Mil.
Depreciation, Depletion and Amortization(DDA) was $187 Mil.
Selling, General, & Admin. Expense(SGA) was $1,185 Mil.
Total Current Liabilities was $2,362 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (645.958 / 5194.077) | / | (714.125 / 5849.374) |
| = | 0.124364 | / | 0.122086 |
| | = | 1.0187 |
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) |
| = | (1539.904 / 5849.374) | / | (1459.459 / 5194.077) |
| = | 0.26326 | / | 0.280985 |
| | = | 0.9369 |
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 - (4424.43 + 1893.243) / 6925.89) | / | (1 - (5735.049 + 1930.352) / 8281.99) |
| = | 0.087818 | / | 0.074449 |
| | = | 1.1796 |
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 |
| = | 5194.077 | / | 5849.374 |
| | = | 0.888 |
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)) |
| = | (186.659 / (186.659 + 1930.352)) | / | (203.772 / (203.772 + 1893.243)) |
| = | 0.088171 | / | 0.097172 |
| | = | 0.9074 |
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) |
| = | (1118.304 / 5194.077) | / | (1184.727 / 5849.374) |
| = | 0.215304 | / | 0.202539 |
| | = | 1.063 |
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) |
| = | ((0 + 916.826) / 6925.89) | / | ((0 + 2361.542) / 8281.99) |
| = | 0.132377 | / | 0.285142 |
| | = | 0.4642 |
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 |
| = | (207.561 - 0 | - | 1658.301) | / | 6925.89 |
| | = | -0.209466 |
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.
Makita has a M-score of -3.35 suggests that the company is unlikely to be a manipulator.
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