Panasonic Holdings Beneish M-Score Historical Data
The historical data trend for Panasonic 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.
Panasonic Holdings Beneish M-Score Chart
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Panasonic Holdings Annual Data
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Mar15 |
Mar16 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.77 |
-2.54 |
-2.19 |
-2.54 |
-2.66 |
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Panasonic Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.63 |
-2.65 |
-2.66 |
-2.76 |
-2.83 |
Competitive Comparison of Panasonic Holdings's Beneish M-Score
For the Consumer Electronics subindustry, Panasonic 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.
Panasonic Holdings's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Panasonic Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Panasonic Holdings's Beneish M-Score falls into.
Panasonic 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 Panasonic 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 * 1.0154 | + | 0.528 * 0.9376 | + | 0.404 * 1.0392 | + | 0.892 * 0.959 | + | 0.115 * 1.2262 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0591 | + | 4.679 * -0.060374 | - | 0.327 * 0.9852 |
| = | -2.78 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $8,769 Mil.
Revenue was 14897.247 + 13440.321 + 14658.487 + 15146.96 = $58,143 Mil.
Gross Profit was 4539.243 + 3998.252 + 4253.484 + 4598.889 = $17,390 Mil.
Total Current Assets was $27,612 Mil.
Total Assets was $65,164 Mil.
Property, Plant and Equipment(Net PPE) was $13,455 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,740 Mil.
Selling, General, & Admin. Expense(SGA) was $14,647 Mil.
Total Current Liabilities was $21,518 Mil.
Long-Term Debt & Capital Lease Obligation was $9,530 Mil.
Net Income was 827.371 + 447.441 + 299.135 + 769.536 = $2,343 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1605.999 + 1444.318 + 1792.601 + 1434.761 = $6,278 Mil.
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Total Receivables was $9,005 Mil.
Revenue was 14134.6 + 14358.526 + 16118.148 + 16014.492 = $60,626 Mil.
Gross Profit was 4103.717 + 4161.311 + 4519.531 + 4216.683 = $17,001 Mil.
Total Current Assets was $29,084 Mil.
Total Assets was $61,721 Mil.
Property, Plant and Equipment(Net PPE) was $10,675 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,794 Mil.
Selling, General, & Admin. Expense(SGA) was $14,420 Mil.
Total Current Liabilities was $20,447 Mil.
Long-Term Debt & Capital Lease Obligation was $9,403 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) |
| = | (8769.275 / 58143.015) | / | (9005.452 / 60625.766) |
| = | 0.150823 | / | 0.148542 |
| | = | 1.0154 |
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) |
| = | (17001.242 / 60625.766) | / | (17389.868 / 58143.015) |
| = | 0.280429 | / | 0.299088 |
| | = | 0.9376 |
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 - (27612.414 + 13455.44) / 65163.654) | / | (1 - (29083.736 + 10674.91) / 61720.87) |
| = | 0.369774 | / | 0.355831 |
| | = | 1.0392 |
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 |
| = | 58143.015 | / | 60625.766 |
| | = | 0.959 |
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)) |
| = | (2794.032 / (2794.032 + 10674.91)) | / | (2739.807 / (2739.807 + 13455.44)) |
| = | 0.207443 | / | 0.169174 |
| | = | 1.2262 |
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) |
| = | (14647.062 / 58143.015) | / | (14419.599 / 60625.766) |
| = | 0.251914 | / | 0.237846 |
| | = | 1.0591 |
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) |
| = | ((9529.716 + 21517.964) / 65163.654) | / | ((9403.429 + 20447.198) / 61720.87) |
| = | 0.476457 | / | 0.483639 |
| | = | 0.9852 |
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 |
| = | (2343.483 - 0 | - | 6277.679) | / | 65163.654 |
| | = | -0.060374 |
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.
Panasonic Holdings has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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