Kizuna Holdings Beneish M-Score Historical Data
The historical data trend for Kizuna Holdings'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.
Kizuna Holdings Beneish M-Score Chart
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Kizuna Holdings Annual Data
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May17 |
May18 |
May19 |
May20 |
May21 |
May22 |
May23 |
| Beneish M-Score |
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- |
- |
-2.76 |
-2.59 |
-2.57 |
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Kizuna Holdings Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
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Aug21 |
Nov21 |
Feb22 |
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Feb23 |
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Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.53 |
-2.57 |
-2.44 |
-2.49 |
-2.80 |
Competitive Comparison of Kizuna Holdings's Beneish M-Score
For the Personal Services subindustry, Kizuna Holdings'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.
Kizuna Holdings's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Kizuna Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kizuna Holdings's Beneish M-Score falls into.
Kizuna Holdings 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 Kizuna Holdings 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 * 0.8461 | + | 0.528 * 1.0484 | + | 0.404 * 0.8592 | + | 0.892 * 1.1433 | + | 0.115 * 1.0111 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9753 | + | 4.679 * -0.059347 | - | 0.327 * 1.0061 |
| = | -2.80 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was 円341 Mil.
Revenue was 3277.439 + 3001.557 + 2725.892 + 2732.147 = 円11,737 Mil.
Gross Profit was 1238.711 + 1119.199 + 980.288 + 973.025 = 円4,311 Mil.
Total Current Assets was 円1,979 Mil.
Total Assets was 円32,109 Mil.
Property, Plant and Equipment(Net PPE) was 円25,113 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,816 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,048 Mil.
Total Current Liabilities was 円5,733 Mil.
Long-Term Debt & Capital Lease Obligation was 円19,963 Mil.
Net Income was 308.207 + 193.168 + 96.061 + 173.577 = 円771 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 763.994 + 758.825 + 396.076 + 757.681 = 円2,677 Mil.
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Total Receivables was 円352 Mil.
Revenue was 3027.57 + 2489.471 + 2285.932 + 2463.396 = 円10,266 Mil.
Gross Profit was 1192.537 + 947.573 + 853.094 + 960.153 = 円3,953 Mil.
Total Current Assets was 円2,078 Mil.
Total Assets was 円26,863 Mil.
Property, Plant and Equipment(Net PPE) was 円19,900 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,456 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,734 Mil.
Total Current Liabilities was 円3,254 Mil.
Long-Term Debt & Capital Lease Obligation was 円18,113 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) |
| = | (340.849 / 11737.035) | / | (352.379 / 10266.369) |
| = | 0.02904 | / | 0.034324 |
| | = | 0.8461 |
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) |
| = | (3953.357 / 10266.369) | / | (4311.223 / 11737.035) |
| = | 0.385078 | / | 0.367318 |
| | = | 1.0484 |
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 - (1979.261 + 25113.205) / 32109.096) | / | (1 - (2077.803 + 19900.371) / 26862.858) |
| = | 0.156237 | / | 0.181838 |
| | = | 0.8592 |
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 |
| = | 11737.035 | / | 10266.369 |
| | = | 1.1433 |
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)) |
| = | (1456.054 / (1456.054 + 19900.371)) | / | (1815.789 / (1815.789 + 25113.205)) |
| = | 0.068179 | / | 0.067429 |
| | = | 1.0111 |
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) |
| = | (3048.348 / 11737.035) | / | (2733.809 / 10266.369) |
| = | 0.25972 | / | 0.266288 |
| | = | 0.9753 |
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) |
| = | ((19962.879 + 5733.203) / 32109.096) | / | ((18113.084 + 3254.213) / 26862.858) |
| = | 0.800274 | / | 0.795422 |
| | = | 1.0061 |
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 |
| = | (771.013 - 0 | - | 2676.576) | / | 32109.096 |
| | = | -0.059347 |
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.
Kizuna Holdings has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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