Komatsu Beneish M-Score Historical Data
The historical data trend for Komatsu'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.
|
Komatsu Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.36 |
-2.75 |
-2.60 |
-2.41 |
-2.23 |
|
Komatsu Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.29 |
-2.23 |
-2.32 |
-2.44 |
-2.35 |
Competitive Comparison
For the Farm & Heavy Construction Machinery subindustry, Komatsu'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.
Komatsu Beneish M-Score Distribution
For the Farm & Heavy Construction Machinery industry and Industrials sector, Komatsu's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Komatsu's Beneish M-Score falls into.
Komatsu 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 Komatsu 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 * 1.0175 | + | 0.528 * 0.933 | + | 0.404 * 0.991 | + | 0.892 * 1.142 | + | 0.115 * 1.0182 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9743 | + | 4.679 * -0.000583 | - | 0.327 * 0.9411 |
| = | -2.35 |
* 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1,126,805 Mil.
Revenue was 971996 + 923443 + 899551 + 1004243 = 円3,799,233 Mil.
Gross Profit was 307022 + 297486 + 288310 + 291405 = 円1,184,223 Mil.
Total Current Assets was 円3,145,557 Mil.
Total Assets was 円5,369,420 Mil.
Property, Plant and Equipment(Net PPE) was 円949,542 Mil.
Depreciation, Depletion and Amortization(DDA) was 円155,547 Mil.
Selling, General, & Admin. Expense(SGA) was 円585,667 Mil.
Total Current Liabilities was 円1,522,040 Mil.
Long-Term Debt & Capital Lease Obligation was 円626,740 Mil.
Net Income was 98719 + 100121 + 105427 + 94487 = 円398,754 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 91170 + 101882 + 85431 + 123402 = 円401,885 Mil.
|
Total Receivables was 円969,749 Mil.
Revenue was 920497 + 854927 + 763808 + 787646 = 円3,326,878 Mil.
Gross Profit was 276336 + 252878 + 218407 + 219906 = 円967,527 Mil.
Total Current Assets was 円2,748,219 Mil.
Total Assets was 円4,783,649 Mil.
Property, Plant and Equipment(Net PPE) was 円889,851 Mil.
Depreciation, Depletion and Amortization(DDA) was 円148,870 Mil.
Selling, General, & Admin. Expense(SGA) was 円526,377 Mil.
Total Current Liabilities was 円1,443,497 Mil.
Long-Term Debt & Capital Lease Obligation was 円590,778 Mil.
|
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) |
| = | (1126805 / 3799233) | / | (969749 / 3326878) |
| = | 0.296587 | / | 0.291489 |
| | = | 1.0175 |
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) |
| = | (967527 / 3326878) | / | (1184223 / 3799233) |
| = | 0.290821 | / | 0.311701 |
| | = | 0.933 |
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 - (3145557 + 949542) / 5369420) | / | (1 - (2748219 + 889851) / 4783649) |
| = | 0.237329 | / | 0.239478 |
| | = | 0.991 |
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 |
| = | 3799233 | / | 3326878 |
| | = | 1.142 |
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)) |
| = | (148870 / (148870 + 889851)) | / | (155547 / (155547 + 949542)) |
| = | 0.14332 | / | 0.140755 |
| | = | 1.0182 |
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) |
| = | (585667 / 3799233) | / | (526377 / 3326878) |
| = | 0.154154 | / | 0.15822 |
| | = | 0.9743 |
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) |
| = | ((626740 + 1522040) / 5369420) | / | ((590778 + 1443497) / 4783649) |
| = | 0.400188 | / | 0.425256 |
| | = | 0.9411 |
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 |
| = | (398754 - 0 | - | 401885) | / | 5369420 |
| | = | -0.000583 |
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.
Komatsu has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:6301 has been successfully added to your