Denso Beneish M-Score Historical Data
The historical data trend for Denso'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.
Denso Beneish M-Score Chart
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Denso Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.05 |
-2.44 |
-2.47 |
-2.55 |
-2.77 |
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Denso 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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-2.74 |
-2.77 |
-2.96 |
-3.03 |
-2.71 |
Competitive Comparison of Denso's Beneish M-Score
For the Auto Parts subindustry, Denso'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.
Denso's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Denso's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Denso's Beneish M-Score falls into.
Denso 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 Denso 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 * 0.9676 | + | 0.528 * 1 | + | 0.404 * 0.8566 | + | 0.892 * 0.9941 | + | 0.115 * 1.0145 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8178 | + | 4.679 * -0.039731 | - | 0.327 * 0.9465 |
| = | -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1,166,714 Mil.
Revenue was 1813596 + 1721011 + 1753841 + 1789844 = 円7,078,292 Mil.
Gross Profit was 285069 + 247805 + 251814 + 289343 = 円1,074,031 Mil.
Total Current Assets was 円3,972,351 Mil.
Total Assets was 円8,590,434 Mil.
Property, Plant and Equipment(Net PPE) was 円2,095,965 Mil.
Depreciation, Depletion and Amortization(DDA) was 円376,527 Mil.
Selling, General, & Admin. Expense(SGA) was 円561,745 Mil.
Total Current Liabilities was 円2,070,877 Mil.
Long-Term Debt & Capital Lease Obligation was 円454,930 Mil.
Net Income was 121911 + 96378 + 94459 + 137169 = 円449,917 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 192773 + 119704 + 273171 + 205575 = 円791,223 Mil.
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Total Receivables was 円1,212,938 Mil.
Revenue was 1841391 + 1800638 + 1712860 + 1765638 = 円7,120,527 Mil.
Gross Profit was 298571 + 274052 + 227987 + 279822 = 円1,080,432 Mil.
Total Current Assets was 円3,433,348 Mil.
Total Assets was 円8,319,545 Mil.
Property, Plant and Equipment(Net PPE) was 円2,034,844 Mil.
Depreciation, Depletion and Amortization(DDA) was 円371,803 Mil.
Selling, General, & Admin. Expense(SGA) was 円690,973 Mil.
Total Current Liabilities was 円2,051,089 Mil.
Long-Term Debt & Capital Lease Obligation was 円533,420 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) |
| = | (1166714 / 7078292) | / | (1212938 / 7120527) |
| = | 0.16483 | / | 0.170344 |
| | = | 0.9676 |
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) |
| = | (1080432 / 7120527) | / | (1074031 / 7078292) |
| = | 0.151735 | / | 0.151736 |
| | = | 1 |
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 - (3972351 + 2095965) / 8590434) | / | (1 - (3433348 + 2034844) / 8319545) |
| = | 0.293596 | / | 0.342729 |
| | = | 0.8566 |
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 |
| = | 7078292 | / | 7120527 |
| | = | 0.9941 |
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)) |
| = | (371803 / (371803 + 2034844)) | / | (376527 / (376527 + 2095965)) |
| = | 0.15449 | / | 0.152286 |
| | = | 1.0145 |
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) |
| = | (561745 / 7078292) | / | (690973 / 7120527) |
| = | 0.079362 | / | 0.09704 |
| | = | 0.8178 |
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) |
| = | ((454930 + 2070877) / 8590434) | / | ((533420 + 2051089) / 8319545) |
| = | 0.294026 | / | 0.310655 |
| | = | 0.9465 |
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 |
| = | (449917 - 0 | - | 791223) | / | 8590434 |
| | = | -0.039731 |
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.
Denso has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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