Shiseido Co Beneish M-Score Historical Data
The historical data trend for Shiseido 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.
Shiseido Co Beneish M-Score Chart
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Shiseido Co Annual Data
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Trend |
Mar14 |
Mar15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.19 |
-2.72 |
-2.74 |
-2.30 |
-2.87 |
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Shiseido Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.30 |
-2.57 |
-2.81 |
-3.01 |
-2.87 |
Competitive Comparison of Shiseido Co's Beneish M-Score
For the Household & Personal Products subindustry, Shiseido 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.
Shiseido Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Shiseido Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shiseido Co's Beneish M-Score falls into.
Shiseido 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 Shiseido 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 * 0.9018 | + | 0.528 * 0.9456 | + | 0.404 * 1.1374 | + | 0.892 * 0.9116 | + | 0.115 * 0.9429 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.065 | + | 4.679 * -0.053587 | - | 0.327 * 0.9441 |
| = | -2.87 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was 円149,688 Mil.
Revenue was 250621 + 228228 + 254179 + 240009 = 円973,037 Mil.
Gross Profit was 188142 + 167561 + 190217 + 169476 = 円715,396 Mil.
Total Current Assets was 円470,014 Mil.
Total Assets was 円1,255,497 Mil.
Property, Plant and Equipment(Net PPE) was 円402,386 Mil.
Depreciation, Depletion and Amortization(DDA) was 円75,492 Mil.
Selling, General, & Admin. Expense(SGA) was 円698,657 Mil.
Total Current Liabilities was 円368,345 Mil.
Long-Term Debt & Capital Lease Obligation was 円209,065 Mil.
Net Income was 1232 + 8763 + 3073 + 8680 = 円21,748 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 27916 + 17432 + 40732 + 2946 = 円89,026 Mil.
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Total Receivables was 円182,069 Mil.
Revenue was 304612 + 269343 + 259376 + 234023 = 円1,067,354 Mil.
Gross Profit was 219859 + 175322 + 180061 + 166780 = 円742,022 Mil.
Total Current Assets was 円524,229 Mil.
Total Assets was 円1,307,661 Mil.
Property, Plant and Equipment(Net PPE) was 円432,615 Mil.
Depreciation, Depletion and Amortization(DDA) was 円75,718 Mil.
Selling, General, & Admin. Expense(SGA) was 円719,579 Mil.
Total Current Liabilities was 円389,562 Mil.
Long-Term Debt & Capital Lease Obligation was 円247,441 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) |
| = | (149688 / 973037) | / | (182069 / 1067354) |
| = | 0.153836 | / | 0.17058 |
| | = | 0.9018 |
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) |
| = | (742022 / 1067354) | / | (715396 / 973037) |
| = | 0.695198 | / | 0.73522 |
| | = | 0.9456 |
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 - (470014 + 402386) / 1255497) | / | (1 - (524229 + 432615) / 1307661) |
| = | 0.305136 | / | 0.268278 |
| | = | 1.1374 |
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 |
| = | 973037 | / | 1067354 |
| | = | 0.9116 |
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)) |
| = | (75718 / (75718 + 432615)) | / | (75492 / (75492 + 402386)) |
| = | 0.148954 | / | 0.157973 |
| | = | 0.9429 |
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) |
| = | (698657 / 973037) | / | (719579 / 1067354) |
| = | 0.718017 | / | 0.674171 |
| | = | 1.065 |
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) |
| = | ((209065 + 368345) / 1255497) | / | ((247441 + 389562) / 1307661) |
| = | 0.459906 | / | 0.487132 |
| | = | 0.9441 |
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 |
| = | (21748 - 0 | - | 89026) | / | 1255497 |
| | = | -0.053587 |
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.
Shiseido Co has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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