Toyota Boshoku Beneish M-Score Historical Data
The historical data trend for Toyota Boshoku'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.
Toyota Boshoku Beneish M-Score Chart
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Toyota Boshoku Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.94 |
-2.59 |
-2.78 |
-2.75 |
-2.90 |
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Toyota Boshoku Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.87 |
-2.90 |
-2.87 |
-2.95 |
-2.71 |
Competitive Comparison of Toyota Boshoku's Beneish M-Score
For the Auto Parts subindustry, Toyota Boshoku'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.
Toyota Boshoku's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Toyota Boshoku's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toyota Boshoku's Beneish M-Score falls into.
Toyota Boshoku 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 Toyota Boshoku 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 * 0.9104 | + | 0.528 * 1.0485 | + | 0.404 * 1.3055 | + | 0.892 * 1.0121 | + | 0.115 * 1.023 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1311 | + | 4.679 * -0.067452 | - | 0.327 * 0.9243 |
| = | -2.71 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was 円277,346 Mil.
Revenue was 498534 + 460165 + 488000 + 482446 = 円1,929,145 Mil.
Gross Profit was 52247 + 47880 + 50357 + 49147 = 円199,631 Mil.
Total Current Assets was 円666,786 Mil.
Total Assets was 円1,115,624 Mil.
Property, Plant and Equipment(Net PPE) was 円346,568 Mil.
Depreciation, Depletion and Amortization(DDA) was 円55,583 Mil.
Selling, General, & Admin. Expense(SGA) was 円131,719 Mil.
Total Current Liabilities was 円367,303 Mil.
Long-Term Debt & Capital Lease Obligation was 円155,000 Mil.
Net Income was 14777 + 4810 + 8696 + 15773 = 円44,056 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 28443 + 16748 + 38638 + 35478 = 円119,307 Mil.
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Total Receivables was 円301,003 Mil.
Revenue was 507120 + 488559 + 475499 + 434866 = 円1,906,044 Mil.
Gross Profit was 56333 + 57216 + 48776 + 44473 = 円206,798 Mil.
Total Current Assets was 円732,888 Mil.
Total Assets was 円1,117,899 Mil.
Property, Plant and Equipment(Net PPE) was 円306,513 Mil.
Depreciation, Depletion and Amortization(DDA) was 円50,474 Mil.
Selling, General, & Admin. Expense(SGA) was 円115,059 Mil.
Total Current Liabilities was 円436,218 Mil.
Long-Term Debt & Capital Lease Obligation was 円130,000 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) |
| = | (277346 / 1929145) | / | (301003 / 1906044) |
| = | 0.143766 | / | 0.15792 |
| | = | 0.9104 |
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) |
| = | (206798 / 1906044) | / | (199631 / 1929145) |
| = | 0.108496 | / | 0.103482 |
| | = | 1.0485 |
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 - (666786 + 346568) / 1115624) | / | (1 - (732888 + 306513) / 1117899) |
| = | 0.091671 | / | 0.070219 |
| | = | 1.3055 |
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 |
| = | 1929145 | / | 1906044 |
| | = | 1.0121 |
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)) |
| = | (50474 / (50474 + 306513)) | / | (55583 / (55583 + 346568)) |
| = | 0.141389 | / | 0.138214 |
| | = | 1.023 |
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) |
| = | (131719 / 1929145) | / | (115059 / 1906044) |
| = | 0.068278 | / | 0.060365 |
| | = | 1.1311 |
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) |
| = | ((155000 + 367303) / 1115624) | / | ((130000 + 436218) / 1117899) |
| = | 0.468171 | / | 0.506502 |
| | = | 0.9243 |
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 |
| = | (44056 - 0 | - | 119307) | / | 1115624 |
| | = | -0.067452 |
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.
Toyota Boshoku has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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