Vatti Beneish M-Score Historical Data
The historical data trend for Vatti'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.
Vatti Beneish M-Score Chart
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Vatti Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.41 |
-1.83 |
-2.71 |
-2.70 |
-3.14 |
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Vatti 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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-3.19 |
-3.14 |
-3.44 |
-3.11 |
-2.94 |
Competitive Comparison of Vatti's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Vatti'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.
Vatti's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Vatti's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vatti's Beneish M-Score falls into.
Vatti 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 Vatti 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 * 0.7457 | + | 0.528 * 0.9394 | + | 0.404 * 0.9002 | + | 0.892 * 1.0646 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1215 | + | 4.679 * -0.041255 | - | 0.327 * 0.9792 |
| = | -2.94 |
* 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 ¥1,142 Mil.
Revenue was 1474.717 + 1719.525 + 1381.339 + 1801.679 = ¥6,377 Mil.
Gross Profit was 591.503 + 683.136 + 578.258 + 816.673 = ¥2,670 Mil.
Total Current Assets was ¥4,765 Mil.
Total Assets was ¥6,994 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,502 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,449 Mil.
Total Current Liabilities was ¥3,197 Mil.
Long-Term Debt & Capital Lease Obligation was ¥24 Mil.
Net Income was 104.204 + 175.524 + 124.064 + 87.526 = ¥491 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 145.779 + -9.714 + 236.214 + 407.577 = ¥780 Mil.
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Total Receivables was ¥1,439 Mil.
Revenue was 1551.31 + 1684.645 + 1194.946 + 1559.386 = ¥5,990 Mil.
Gross Profit was 643.919 + 694.726 + 473.541 + 543.529 = ¥2,356 Mil.
Total Current Assets was ¥4,682 Mil.
Total Assets was ¥6,871 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,396 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,214 Mil.
Total Current Liabilities was ¥3,230 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2 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) |
| = | (1142.43 / 6377.26) | / | (1438.999 / 5990.287) |
| = | 0.179141 | / | 0.240222 |
| | = | 0.7457 |
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) |
| = | (2355.715 / 5990.287) | / | (2669.57 / 6377.26) |
| = | 0.393256 | / | 0.418608 |
| | = | 0.9394 |
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 - (4765.495 + 1501.943) / 6994.065) | / | (1 - (4682.211 + 1395.926) / 6871.178) |
| = | 0.103892 | / | 0.115416 |
| | = | 0.9002 |
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 |
| = | 6377.26 | / | 5990.287 |
| | = | 1.0646 |
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 + 1395.926)) | / | (0 / (0 + 1501.943)) |
| = | 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) |
| = | (1448.888 / 6377.26) | / | (1213.554 / 5990.287) |
| = | 0.227196 | / | 0.202587 |
| | = | 1.1215 |
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) |
| = | ((24.439 + 3196.702) / 6994.065) | / | ((1.504 + 3230.205) / 6871.178) |
| = | 0.460553 | / | 0.470328 |
| | = | 0.9792 |
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 |
| = | (491.318 - 0 | - | 779.856) | / | 6994.065 |
| | = | -0.041255 |
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.
Vatti has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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