Shin-Etsu Chemical Co Beneish M-Score Historical Data
The historical data trend for Shin-Etsu Chemical 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.
Shin-Etsu Chemical Co Beneish M-Score Chart
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Shin-Etsu Chemical Co Annual Data
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| Beneish M-Score |
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-2.67 |
-2.56 |
-2.35 |
-2.51 |
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Shin-Etsu Chemical Co Quarterly Data
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| Beneish M-Score |
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-2.51 |
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Competitive Comparison of Shin-Etsu Chemical Co's Beneish M-Score
For the Chemicals subindustry, Shin-Etsu Chemical 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.
Shin-Etsu Chemical Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Shin-Etsu Chemical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shin-Etsu Chemical Co's Beneish M-Score falls into.
Shin-Etsu Chemical 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 Shin-Etsu Chemical 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 * 1.1859 | + | 0.528 * 1.1456 | + | 0.404 * 0.9616 | + | 0.892 * 0.7671 | + | 0.115 * 1.0699 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.045657 | - | 0.327 * 0.9323 |
| = | -2.64 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $3,216 Mil.
Revenue was $16,119 Mil.
Gross Profit was $6,082 Mil.
Total Current Assets was $20,268 Mil.
Total Assets was $34,361 Mil.
Property, Plant and Equipment(Net PPE) was $11,658 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,519 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $3,474 Mil.
Long-Term Debt & Capital Lease Obligation was $93 Mil.
Net Income was $3,472 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $5,041 Mil.
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Total Receivables was $3,535 Mil.
Revenue was $21,014 Mil.
Gross Profit was $9,083 Mil.
Total Current Assets was $21,423 Mil.
Total Assets was $35,390 Mil.
Property, Plant and Equipment(Net PPE) was $11,358 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,598 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $3,799 Mil.
Long-Term Debt & Capital Lease Obligation was $141 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) |
| = | (3215.969 / 16119.073) | / | (3535.402 / 21014.018) |
| = | 0.199513 | / | 0.16824 |
| | = | 1.1859 |
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) |
| = | (9083.256 / 21014.018) | / | (6082.082 / 16119.073) |
| = | 0.432247 | / | 0.377322 |
| | = | 1.1456 |
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 - (20267.904 + 11657.945) / 34361.381) | / | (1 - (21423.252 + 11358.231) / 35390.108) |
| = | 0.07088 | / | 0.073711 |
| | = | 0.9616 |
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 |
| = | 16119.073 | / | 21014.018 |
| | = | 0.7671 |
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)) |
| = | (1598.273 / (1598.273 + 11358.231)) | / | (1519.297 / (1519.297 + 11657.945)) |
| = | 0.123357 | / | 0.115297 |
| | = | 1.0699 |
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) |
| = | (0 / 16119.073) | / | (0 / 21014.018) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((92.866 + 3473.501) / 34361.381) | / | ((140.741 + 3799.145) / 35390.108) |
| = | 0.10379 | / | 0.111327 |
| | = | 0.9323 |
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 |
| = | (3471.799 - 0 | - | 5040.649) | / | 34361.381 |
| | = | -0.045657 |
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.
Shin-Etsu Chemical Co has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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