The Zenitaka Beneish M-Score Historical Data
The historical data trend for The Zenitaka'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.
The Zenitaka Beneish M-Score Chart
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The Zenitaka Annual Data
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Mar14 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.21 |
-2.01 |
-3.49 |
-1.39 |
-2.03 |
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The Zenitaka Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-2.03 |
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Competitive Comparison of The Zenitaka's Beneish M-Score
For the Engineering & Construction subindustry, The Zenitaka'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.
The Zenitaka's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, The Zenitaka's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Zenitaka's Beneish M-Score falls into.
The Zenitaka 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 The Zenitaka 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 * 1.0107 | + | 0.528 * 1.2045 | + | 0.404 * 1.1014 | + | 0.892 * 1.0563 | + | 0.115 * 1.5191 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.033111 | - | 0.327 * 0.9087 |
| = | -2.03 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was 円52,860 Mil.
Revenue was 円107,634 Mil.
Gross Profit was 円7,369 Mil.
Total Current Assets was 円75,436 Mil.
Total Assets was 円155,749 Mil.
Property, Plant and Equipment(Net PPE) was 円29,842 Mil.
Depreciation, Depletion and Amortization(DDA) was 円498 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円57,001 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,924 Mil.
Net Income was 円2,245 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-2,912 Mil.
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Total Receivables was 円49,516 Mil.
Revenue was 円101,902 Mil.
Gross Profit was 円8,403 Mil.
Total Current Assets was 円92,337 Mil.
Total Assets was 円155,098 Mil.
Property, Plant and Equipment(Net PPE) was 円17,128 Mil.
Depreciation, Depletion and Amortization(DDA) was 円438 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円62,328 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,534 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) |
| = | (52860 / 107634) | / | (49516 / 101902) |
| = | 0.491109 | / | 0.485918 |
| | = | 1.0107 |
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) |
| = | (8403 / 101902) | / | (7369 / 107634) |
| = | 0.082462 | / | 0.068463 |
| | = | 1.2045 |
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 - (75436 + 29842) / 155749) | / | (1 - (92337 + 17128) / 155098) |
| = | 0.324053 | / | 0.29422 |
| | = | 1.1014 |
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 |
| = | 107634 | / | 101902 |
| | = | 1.0563 |
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)) |
| = | (438 / (438 + 17128)) | / | (498 / (498 + 29842)) |
| = | 0.024935 | / | 0.016414 |
| | = | 1.5191 |
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) |
| = | (0 / 107634) | / | (0 / 101902) |
| = | 0 | / | 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) |
| = | ((4924 + 57001) / 155749) | / | ((5534 + 62328) / 155098) |
| = | 0.397595 | / | 0.437543 |
| | = | 0.9087 |
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 |
| = | (2245 - 0 | - | -2912) | / | 155749 |
| | = | 0.033111 |
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.
The Zenitaka has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.
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