AMADA Co Beneish M-Score Historical Data
The historical data trend for AMADA 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.
AMADA Co Beneish M-Score Chart
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AMADA Co Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.65 |
-2.83 |
-2.75 |
-2.44 |
-2.46 |
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AMADA Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.42 |
-2.49 |
-2.46 |
-2.55 |
-2.63 |
Competitive Comparison of AMADA Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, AMADA 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.
AMADA Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, AMADA Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AMADA Co's Beneish M-Score falls into.
AMADA 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 AMADA 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 * 0.9234 | + | 0.528 * 1.0215 | + | 0.404 * 0.9815 | + | 0.892 * 1.046 | + | 0.115 * 0.9515 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0025 | + | 4.679 * -0.028147 | - | 0.327 * 0.9486 |
| = | -2.63 |
* 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130,959 Mil.
Revenue was 101440 + 83093 + 118283 + 98166 = 円400,982 Mil.
Gross Profit was 44491 + 36604 + 49246 + 42457 = 円172,798 Mil.
Total Current Assets was 円410,562 Mil.
Total Assets was 円655,231 Mil.
Property, Plant and Equipment(Net PPE) was 円178,310 Mil.
Depreciation, Depletion and Amortization(DDA) was 円18,867 Mil.
Selling, General, & Admin. Expense(SGA) was 円120,928 Mil.
Total Current Liabilities was 円112,677 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 8613 + 6499 + 12627 + 8251 = 円35,990 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -3346 + 18678 + 24007 + 15094 = 円54,433 Mil.
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Total Receivables was 円135,585 Mil.
Revenue was 100528 + 86522 + 106782 + 89502 = 円383,334 Mil.
Gross Profit was 44543 + 38933 + 45845 + 39429 = 円168,750 Mil.
Total Current Assets was 円419,063 Mil.
Total Assets was 円668,454 Mil.
Property, Plant and Equipment(Net PPE) was 円180,417 Mil.
Depreciation, Depletion and Amortization(DDA) was 円18,072 Mil.
Selling, General, & Admin. Expense(SGA) was 円115,321 Mil.
Total Current Liabilities was 円120,928 Mil.
Long-Term Debt & Capital Lease Obligation was 円249 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) |
| = | (130959 / 400982) | / | (135585 / 383334) |
| = | 0.326596 | / | 0.353699 |
| | = | 0.9234 |
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) |
| = | (168750 / 383334) | / | (172798 / 400982) |
| = | 0.440217 | / | 0.430937 |
| | = | 1.0215 |
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 - (410562 + 178310) / 655231) | / | (1 - (419063 + 180417) / 668454) |
| = | 0.101276 | / | 0.103184 |
| | = | 0.9815 |
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 |
| = | 400982 | / | 383334 |
| | = | 1.046 |
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)) |
| = | (18072 / (18072 + 180417)) | / | (18867 / (18867 + 178310)) |
| = | 0.091048 | / | 0.095686 |
| | = | 0.9515 |
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) |
| = | (120928 / 400982) | / | (115321 / 383334) |
| = | 0.30158 | / | 0.300837 |
| | = | 1.0025 |
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 + 112677) / 655231) | / | ((249 + 120928) / 668454) |
| = | 0.171965 | / | 0.181279 |
| | = | 0.9486 |
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 |
| = | (35990 - 0 | - | 54433) | / | 655231 |
| | = | -0.028147 |
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.
AMADA Co has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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