Winnovation Culturaltainment Development Beneish M-Score Historical Data
The historical data trend for Winnovation Culturaltainment Development'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.
Winnovation Culturaltainment Development Beneish M-Score Chart
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Winnovation Culturaltainment Development Annual Data
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Trend |
Dec15 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.52 |
-3.24 |
-2.68 |
-2.62 |
-2.79 |
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Winnovation Culturaltainment Development Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.38 |
-2.63 |
-2.30 |
-2.79 |
-2.72 |
Competitive Comparison of Winnovation Culturaltainment Development's Beneish M-Score
For the Conglomerates subindustry, Winnovation Culturaltainment Development'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.
Winnovation Culturaltainment Development's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Winnovation Culturaltainment Development's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Winnovation Culturaltainment Development's Beneish M-Score falls into.
Winnovation Culturaltainment Development 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 Winnovation Culturaltainment Development 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 * 1.6781 | + | 0.528 * 0.6061 | + | 0.404 * 0.8254 | + | 0.892 * 0.6049 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9246 | + | 4.679 * -0.054131 | - | 0.327 * 0.9825 |
| = | -2.72 |
* 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 ¥576 Mil.
Revenue was 296.453 + 779.127 + 688.867 + 769.748 = ¥2,534 Mil.
Gross Profit was 6.307 + 241.528 + 146.414 + 177.603 = ¥572 Mil.
Total Current Assets was ¥7,655 Mil.
Total Assets was ¥12,223 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,957 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥133 Mil.
Total Current Liabilities was ¥5,442 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,165 Mil.
Net Income was -102.394 + -616.646 + 34.995 + 27.823 = ¥-656 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -10.856 + 56.639 + -53.386 + 13.001 = ¥5 Mil.
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Total Receivables was ¥568 Mil.
Revenue was 805.463 + 1202.088 + 949.359 + 1232.862 = ¥4,190 Mil.
Gross Profit was 207.236 + 130.155 + 103.188 + 132.438 = ¥573 Mil.
Total Current Assets was ¥9,244 Mil.
Total Assets was ¥14,075 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,979 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥238 Mil.
Total Current Liabilities was ¥6,395 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,349 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) |
| = | (576.254 / 2534.195) | / | (567.752 / 4189.772) |
| = | 0.227391 | / | 0.135509 |
| | = | 1.6781 |
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) |
| = | (573.017 / 4189.772) | / | (571.852 / 2534.195) |
| = | 0.136766 | / | 0.225654 |
| | = | 0.6061 |
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 - (7655.418 + 3956.627) / 12222.526) | / | (1 - (9243.666 + 3979.197) / 14074.535) |
| = | 0.049947 | / | 0.060512 |
| | = | 0.8254 |
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 |
| = | 2534.195 | / | 4189.772 |
| | = | 0.6049 |
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)) |
| = | (0 / (0 + 3979.197)) | / | (0 / (0 + 3956.627)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (133.332 / 2534.195) | / | (238.407 / 4189.772) |
| = | 0.052613 | / | 0.056902 |
| | = | 0.9246 |
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) |
| = | ((1164.692 + 5442.443) / 12222.526) | / | ((1348.575 + 6395.38) / 14074.535) |
| = | 0.54057 | / | 0.55021 |
| | = | 0.9825 |
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 |
| = | (-656.222 - 0 | - | 5.398) | / | 12222.526 |
| | = | -0.054131 |
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.
Winnovation Culturaltainment Development has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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