Tsugami Beneish M-Score Historical Data
The historical data trend for Tsugami'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.
Tsugami Beneish M-Score Chart
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Tsugami Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.07 |
-2.26 |
-2.13 |
-2.63 |
-2.47 |
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Tsugami Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.97 |
-2.85 |
-2.47 |
-2.36 |
-2.25 |
Competitive Comparison of Tsugami's Beneish M-Score
For the Tools & Accessories subindustry, Tsugami'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.
Tsugami's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Tsugami's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tsugami's Beneish M-Score falls into.
Tsugami 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 Tsugami 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 * 1.2139 | + | 0.528 * 0.885 | + | 0.404 * 0.9674 | + | 0.892 * 1.0703 | + | 0.115 * 1.0187 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.116 | + | 4.679 * 0.005042 | - | 0.327 * 0.8851 |
| = | -2.25 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was 円28,759 Mil.
Revenue was 24064 + 25731 + 21089 + 22545 = 円93,429 Mil.
Gross Profit was 7830 + 8914 + 6087 + 6555 = 円29,386 Mil.
Total Current Assets was 円93,741 Mil.
Total Assets was 円118,399 Mil.
Property, Plant and Equipment(Net PPE) was 円18,524 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,054 Mil.
Selling, General, & Admin. Expense(SGA) was 円13,421 Mil.
Total Current Liabilities was 円34,964 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 2108 + 2705 + 1743 + 1442 = 円7,998 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 1495 + 313 + 74 + 5519 = 円7,401 Mil.
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Total Receivables was 円22,136 Mil.
Revenue was 19193 + 21101 + 22535 + 24463 = 円87,292 Mil.
Gross Profit was 4934 + 6092 + 6187 + 7086 = 円24,299 Mil.
Total Current Assets was 円87,743 Mil.
Total Assets was 円111,443 Mil.
Property, Plant and Equipment(Net PPE) was 円17,732 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,007 Mil.
Selling, General, & Admin. Expense(SGA) was 円11,236 Mil.
Total Current Liabilities was 円37,183 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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) |
| = | (28759 / 93429) | / | (22136 / 87292) |
| = | 0.307817 | / | 0.253586 |
| | = | 1.2139 |
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) |
| = | (24299 / 87292) | / | (29386 / 93429) |
| = | 0.278365 | / | 0.314528 |
| | = | 0.885 |
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 - (93741 + 18524) / 118399) | / | (1 - (87743 + 17732) / 111443) |
| = | 0.051808 | / | 0.053552 |
| | = | 0.9674 |
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 |
| = | 93429 | / | 87292 |
| | = | 1.0703 |
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)) |
| = | (2007 / (2007 + 17732)) | / | (2054 / (2054 + 18524)) |
| = | 0.101677 | / | 0.099815 |
| | = | 1.0187 |
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) |
| = | (13421 / 93429) | / | (11236 / 87292) |
| = | 0.143649 | / | 0.128717 |
| | = | 1.116 |
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) |
| = | ((0 + 34964) / 118399) | / | ((0 + 37183) / 111443) |
| = | 0.295307 | / | 0.33365 |
| | = | 0.8851 |
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 |
| = | (7998 - 0 | - | 7401) | / | 118399 |
| | = | 0.005042 |
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.
Tsugami has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
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