Toho Co Beneish M-Score Historical Data
The historical data trend for Toho 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.
Toho Co Beneish M-Score Chart
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Toho Co Annual Data
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Feb15 |
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Feb20 |
Feb21 |
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Feb23 |
Feb24 |
| Beneish M-Score |
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-2.45 |
-2.45 |
-2.90 |
-2.59 |
-2.50 |
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Toho Co Quarterly Data
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May19 |
Aug19 |
Nov19 |
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Feb24 |
| Beneish M-Score |
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-2.59 |
-2.54 |
-2.61 |
-3.07 |
-2.50 |
Competitive Comparison of Toho Co's Beneish M-Score
For the Entertainment subindustry, Toho 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.
Toho Co's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Toho Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toho Co's Beneish M-Score falls into.
Toho 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 Toho 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 * 0.6501 | + | 0.528 * 0.9653 | + | 0.404 * 1.1995 | + | 0.892 * 1.0767 | + | 0.115 * 1.2642 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0219 | + | 4.679 * 0.002889 | - | 0.327 * 0.9361 |
| = | -2.61 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $515 Mil.
Revenue was 536.357 + 423.961 + 452.333 + 541.053 = $1,954 Mil.
Gross Profit was 262.614 + 184.421 + 199.861 + 253.449 = $900 Mil.
Total Current Assets was $1,394 Mil.
Total Assets was $4,116 Mil.
Property, Plant and Equipment(Net PPE) was $1,503 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $59 Mil.
Total Current Liabilities was $462 Mil.
Long-Term Debt & Capital Lease Obligation was $15 Mil.
Net Income was 112.83 + 44.435 + 65.34 + 89.681 = $312 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 93.948 + 1.45 + 127.034 + 77.962 = $300 Mil.
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Total Receivables was $736 Mil.
Revenue was 485.222 + 416.898 + 432.337 + 480.137 = $1,815 Mil.
Gross Profit was 196.217 + 184.71 + 199.448 + 226.824 = $807 Mil.
Total Current Assets was $1,689 Mil.
Total Assets was $4,014 Mil.
Property, Plant and Equipment(Net PPE) was $1,334 Mil.
Depreciation, Depletion and Amortization(DDA) was $84 Mil.
Selling, General, & Admin. Expense(SGA) was $54 Mil.
Total Current Liabilities was $494 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) |
| = | (515.149 / 1953.704) | / | (735.984 / 1814.594) |
| = | 0.263678 | / | 0.405592 |
| | = | 0.6501 |
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) |
| = | (807.199 / 1814.594) | / | (900.345 / 1953.704) |
| = | 0.444837 | / | 0.46084 |
| | = | 0.9653 |
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 - (1393.597 + 1502.864) / 4116.071) | / | (1 - (1688.946 + 1333.754) / 4014.369) |
| = | 0.296304 | / | 0.24703 |
| | = | 1.1995 |
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 |
| = | 1953.704 | / | 1814.594 |
| | = | 1.0767 |
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)) |
| = | (84.333 / (84.333 + 1333.754)) | / | (74.184 / (74.184 + 1502.864)) |
| = | 0.05947 | / | 0.04704 |
| | = | 1.2642 |
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) |
| = | (58.874 / 1953.704) | / | (53.509 / 1814.594) |
| = | 0.030135 | / | 0.029488 |
| | = | 1.0219 |
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) |
| = | ((14.631 + 462.126) / 4116.071) | / | ((2.45 + 494.279) / 4014.369) |
| = | 0.115828 | / | 0.123738 |
| | = | 0.9361 |
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 |
| = | (312.286 - 0 | - | 300.394) | / | 4116.071 |
| | = | 0.002889 |
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.
Toho Co has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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