Suzuki Motor Beneish M-Score Historical Data
The historical data trend for Suzuki Motor'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.
Suzuki Motor Beneish M-Score Chart
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Suzuki Motor Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.51 |
-2.78 |
-2.41 |
-2.39 |
-2.46 |
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Suzuki Motor Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.37 |
-2.41 |
-2.46 |
-2.47 |
-2.61 |
Competitive Comparison of Suzuki Motor's Beneish M-Score
For the Auto Manufacturers subindustry, Suzuki Motor'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.
Suzuki Motor's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Suzuki Motor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Suzuki Motor's Beneish M-Score falls into.
Suzuki Motor 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 Suzuki Motor 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 * 0.997 | + | 0.528 * 0.9238 | + | 0.404 * 0.9824 | + | 0.892 * 1.0686 | + | 0.115 * 1.4101 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.037894 | - | 0.327 * 0.9025 |
| = | -2.57 |
* 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 $3,846 Mil.
Revenue was 9774.83 + 9233.808 + 10190.811 + 8969.236 = $38,169 Mil.
Gross Profit was 2785.756 + 2528.076 + 2704.624 + 2427.256 = $10,446 Mil.
Total Current Assets was $17,103 Mil.
Total Assets was $39,981 Mil.
Property, Plant and Equipment(Net PPE) was $11,335 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,382 Mil.
Selling, General, & Admin. Expense(SGA) was $3,106 Mil.
Total Current Liabilities was $10,643 Mil.
Long-Term Debt & Capital Lease Obligation was $3,564 Mil.
Net Income was 722.036 + 723.635 + 464.622 + 326.445 = $2,237 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1657.058 + 623.996 + 1683.93 + -213.194 = $3,752 Mil.
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Total Receivables was $3,610 Mil.
Revenue was 9112.124 + 8552.011 + 9193.292 + 8859.851 = $35,717 Mil.
Gross Profit was 2430.633 + 2125.078 + 2294.547 + 2179.739 = $9,030 Mil.
Total Current Assets was $15,659 Mil.
Total Assets was $34,014 Mil.
Property, Plant and Equipment(Net PPE) was $8,360 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,513 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $11,258 Mil.
Long-Term Debt & Capital Lease Obligation was $2,134 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) |
| = | (3846.44 / 38168.685) | / | (3610.403 / 35717.278) |
| = | 0.100775 | / | 0.101083 |
| | = | 0.997 |
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) |
| = | (9029.997 / 35717.278) | / | (10445.712 / 38168.685) |
| = | 0.252819 | / | 0.273672 |
| | = | 0.9238 |
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 - (17103.068 + 11335.409) / 39981.358) | / | (1 - (15658.676 + 8359.512) / 34014.265) |
| = | 0.288707 | / | 0.293879 |
| | = | 0.9824 |
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 |
| = | 38168.685 | / | 35717.278 |
| | = | 1.0686 |
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)) |
| = | (1512.735 / (1512.735 + 8359.512)) | / | (1381.907 / (1381.907 + 11335.409)) |
| = | 0.153231 | / | 0.108663 |
| | = | 1.4101 |
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) |
| = | (3106.265 / 38168.685) | / | (0 / 35717.278) |
| = | 0.081383 | / | 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) |
| = | ((3564.412 + 10642.766) / 39981.358) | / | ((2134.242 + 11258.122) / 34014.265) |
| = | 0.355345 | / | 0.393728 |
| | = | 0.9025 |
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 |
| = | (2236.738 - 0 | - | 3751.79) | / | 39981.358 |
| | = | -0.037894 |
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.
Suzuki Motor has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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