ORG Technology Co Beneish M-Score Historical Data
The historical data trend for ORG Technology Co'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.
ORG Technology Co Beneish M-Score Chart
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ORG Technology Co Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.25 |
-2.35 |
-2.36 |
-2.81 |
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ORG Technology Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.42 |
-2.80 |
-3.05 |
-2.81 |
-3.13 |
Competitive Comparison of ORG Technology Co's Beneish M-Score
For the Packaging & Containers subindustry, ORG Technology Co'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.
ORG Technology Co's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, ORG Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ORG Technology Co's Beneish M-Score falls into.
ORG Technology Co 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 ORG Technology Co 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 * 0.9439 | + | 0.528 * 0.7568 | + | 0.404 * 1.0274 | + | 0.892 * 1.0043 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.204 | + | 4.679 * -0.096656 | - | 0.327 * 0.9985 |
| = | -3.13 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥3,714 Mil.
Revenue was 3551.44 + 3135.849 + 3582.458 + 3772.601 = ¥14,042 Mil.
Gross Profit was 648.321 + 387.674 + 585.986 + 637.836 = ¥2,260 Mil.
Total Current Assets was ¥6,971 Mil.
Total Assets was ¥16,457 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,676 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥525 Mil.
Total Current Liabilities was ¥6,131 Mil.
Long-Term Debt & Capital Lease Obligation was ¥752 Mil.
Net Income was 279.336 + 68.106 + 243.125 + 252.764 = ¥843 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 608.807 + 349.224 + 860.962 + 614.964 = ¥2,434 Mil.
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Total Receivables was ¥3,918 Mil.
Revenue was 3351.937 + 3202.632 + 4021.382 + 3405.641 = ¥13,982 Mil.
Gross Profit was 497.753 + 256.25 + 516.027 + 432.76 = ¥1,703 Mil.
Total Current Assets was ¥7,330 Mil.
Total Assets was ¥16,850 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,723 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥434 Mil.
Total Current Liabilities was ¥5,972 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,087 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) |
| = | (3713.99 / 14042.348) | / | (3917.827 / 13981.592) |
| = | 0.264485 | / | 0.280213 |
| | = | 0.9439 |
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) |
| = | (1702.79 / 13981.592) | / | (2259.817 / 14042.348) |
| = | 0.121788 | / | 0.160929 |
| | = | 0.7568 |
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 - (6970.751 + 5675.862) / 16456.501) | / | (1 - (7329.596 + 5723.205) / 16849.519) |
| = | 0.231513 | / | 0.225331 |
| | = | 1.0274 |
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 |
| = | 14042.348 | / | 13981.592 |
| | = | 1.0043 |
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 + 5723.205)) | / | (0 / (0 + 5675.862)) |
| = | 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) |
| = | (524.536 / 14042.348) | / | (433.766 / 13981.592) |
| = | 0.037354 | / | 0.031024 |
| | = | 1.204 |
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) |
| = | ((752.412 + 6131.458) / 16456.501) | / | ((1086.669 + 5971.887) / 16849.519) |
| = | 0.418307 | / | 0.418917 |
| | = | 0.9985 |
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 |
| = | (843.331 - 0 | - | 2433.957) | / | 16456.501 |
| | = | -0.096656 |
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.
ORG Technology Co has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.
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