J&B International Beneish M-Score Historical Data
The historical data trend for J&B International'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.
J&B International Beneish M-Score Chart
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J&B International Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-3.01 |
-3.06 |
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J&B International Quarterly Data
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Dec20 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.14 |
-2.67 |
-3.07 |
-3.06 |
-1.85 |
Competitive Comparison of J&B International's Beneish M-Score
For the Textile Manufacturing subindustry, J&B International'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.
J&B International's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, J&B International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where J&B International's Beneish M-Score falls into.
J&B International 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 J&B International 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 * 1.6965 | + | 0.528 * 0.8323 | + | 0.404 * 0.8142 | + | 0.892 * 1.2026 | + | 0.115 * 1.0197 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0318 | + | 4.679 * 0.006794 | - | 0.327 * 1.1682 |
| = | -1.85 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was NT$212 Mil.
Revenue was 410.489 + 412.454 + 257.002 + 304.108 = NT$1,384 Mil.
Gross Profit was 119.491 + 108.594 + 73.053 + 82.805 = NT$384 Mil.
Total Current Assets was NT$814 Mil.
Total Assets was NT$974 Mil.
Property, Plant and Equipment(Net PPE) was NT$136 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$19 Mil.
Selling, General, & Admin. Expense(SGA) was NT$238 Mil.
Total Current Liabilities was NT$312 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2 Mil.
Net Income was 44.196 + 31.447 + 12.325 + 24.14 = NT$112 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -52.435 + 34.905 + 55.687 + 67.332 = NT$105 Mil.
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Total Receivables was NT$104 Mil.
Revenue was 315.299 + 377.276 + 218.914 + 239.355 = NT$1,151 Mil.
Gross Profit was 72.031 + 83.186 + 47.198 + 63.288 = NT$266 Mil.
Total Current Assets was NT$597 Mil.
Total Assets was NT$759 Mil.
Property, Plant and Equipment(Net PPE) was NT$139 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$20 Mil.
Selling, General, & Admin. Expense(SGA) was NT$192 Mil.
Total Current Liabilities was NT$204 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5 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) |
| = | (211.798 / 1384.053) | / | (103.807 / 1150.844) |
| = | 0.153027 | / | 0.090201 |
| | = | 1.6965 |
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) |
| = | (265.703 / 1150.844) | / | (383.943 / 1384.053) |
| = | 0.230877 | / | 0.277405 |
| | = | 0.8323 |
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 - (814.097 + 136.348) / 974.2) | / | (1 - (597.331 + 139.215) / 759.286) |
| = | 0.024384 | / | 0.029949 |
| | = | 0.8142 |
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 |
| = | 1384.053 | / | 1150.844 |
| | = | 1.2026 |
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)) |
| = | (19.705 / (19.705 + 139.215)) | / | (18.874 / (18.874 + 136.348)) |
| = | 0.123993 | / | 0.121594 |
| | = | 1.0197 |
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) |
| = | (238.204 / 1384.053) | / | (191.965 / 1150.844) |
| = | 0.172106 | / | 0.166804 |
| | = | 1.0318 |
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) |
| = | ((2.108 + 311.689) / 974.2) | / | ((4.932 + 204.433) / 759.286) |
| = | 0.322107 | / | 0.275739 |
| | = | 1.1682 |
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 |
| = | (112.108 - 0 | - | 105.489) | / | 974.2 |
| | = | 0.006794 |
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.
J&B International has a M-score of -1.85 suggests that the company is unlikely to be a manipulator.
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