Murata Manufacturing Co Beneish M-Score Historical Data
The historical data trend for Murata Manufacturing 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.
Murata Manufacturing Co Beneish M-Score Chart
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Murata Manufacturing Co Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.82 |
-3.04 |
-2.56 |
-2.58 |
-2.67 |
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Murata Manufacturing Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec23 |
| Beneish M-Score |
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-2.45 |
-2.67 |
-2.74 |
-2.68 |
-2.74 |
Competitive Comparison of Murata Manufacturing Co's Beneish M-Score
For the Electronic Components subindustry, Murata Manufacturing 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.
Murata Manufacturing Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Murata Manufacturing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Murata Manufacturing Co's Beneish M-Score falls into.
Murata Manufacturing 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 Murata Manufacturing 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 * 1.1394 | + | 0.528 * 1.0848 | + | 0.404 * 0.9085 | + | 0.892 * 0.8399 | + | 0.115 * 1.0911 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0889 | + | 4.679 * -0.068062 | - | 0.327 * 0.9384 |
| = | -2.79 |
* 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 $2,227 Mil.
Revenue was 3051.739 + 2994.055 + 2601.153 + 2600.5 = $11,247 Mil.
Gross Profit was 1175.693 + 1213.9 + 1016.666 + 883.332 = $4,290 Mil.
Total Current Assets was $10,227 Mil.
Total Assets was $20,753 Mil.
Property, Plant and Equipment(Net PPE) was $8,755 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,171 Mil.
Selling, General, & Admin. Expense(SGA) was $1,725 Mil.
Total Current Liabilities was $2,330 Mil.
Long-Term Debt & Capital Lease Obligation was $308 Mil.
Net Income was 342.808 + 507.66 + 354.405 + 305.766 = $1,511 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 932.835 + 894.748 + 420.025 + 675.521 = $2,923 Mil.
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Total Receivables was $2,328 Mil.
Revenue was 3105.501 + 3374.878 + 3259.561 + 3652.129 = $13,392 Mil.
Gross Profit was 1319.24 + 1400.321 + 1337.313 + 1483.714 = $5,541 Mil.
Total Current Assets was $10,376 Mil.
Total Assets was $20,838 Mil.
Property, Plant and Equipment(Net PPE) was $8,504 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,256 Mil.
Selling, General, & Admin. Expense(SGA) was $1,886 Mil.
Total Current Liabilities was $1,787 Mil.
Long-Term Debt & Capital Lease Obligation was $1,036 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) |
| = | (2227.397 / 11247.447) | / | (2327.713 / 13392.069) |
| = | 0.198036 | / | 0.173813 |
| | = | 1.1394 |
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) |
| = | (5540.588 / 13392.069) | / | (4289.591 / 11247.447) |
| = | 0.413722 | / | 0.381384 |
| | = | 1.0848 |
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 - (10227.113 + 8754.764) / 20753.055) | / | (1 - (10376.178 + 8504.449) / 20838.225) |
| = | 0.085345 | / | 0.093943 |
| | = | 0.9085 |
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 |
| = | 11247.447 | / | 13392.069 |
| | = | 0.8399 |
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)) |
| = | (1256.15 / (1256.15 + 8504.449)) | / | (1170.757 / (1170.757 + 8754.764)) |
| = | 0.128696 | / | 0.117954 |
| | = | 1.0911 |
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) |
| = | (1724.844 / 11247.447) | / | (1886.125 / 13392.069) |
| = | 0.153354 | / | 0.140839 |
| | = | 1.0889 |
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) |
| = | ((308.463 + 2329.813) / 20753.055) | / | ((1035.832 + 1787.254) / 20838.225) |
| = | 0.127127 | / | 0.135476 |
| | = | 0.9384 |
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 |
| = | (1510.639 - 0 | - | 2923.129) | / | 20753.055 |
| | = | -0.068062 |
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.
Murata Manufacturing Co has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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