T.RAD Co Beneish M-Score Historical Data
The historical data trend for T.RAD 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.
T.RAD Co Beneish M-Score Chart
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T.RAD 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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-2.80 |
-2.73 |
-2.61 |
-2.57 |
-3.22 |
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T.RAD Co Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Sep24 |
| Beneish M-Score |
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-2.54 |
-2.91 |
-3.10 |
-3.22 |
-3.28 |
Competitive Comparison of T.RAD Co's Beneish M-Score
For the Auto Parts subindustry, T.RAD 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.
T.RAD Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, T.RAD Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where T.RAD Co's Beneish M-Score falls into.
T.RAD 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 T.RAD 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 * 1.1707 | + | 0.528 * 0.8125 | + | 0.404 * 0.9896 | + | 0.892 * 0.788 | + | 0.115 * 1.2686 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0647 | + | 4.679 * -0.148461 | - | 0.327 * 0.9787 |
| = | -3.28 |
* 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 (Jun23) TTM: |
Total Receivables was 円26,650 Mil.
Revenue was 0 + 36524 + 41910 + 41668 = 円120,102 Mil.
Gross Profit was 0 + 3969 + 3826 + 3654 = 円11,449 Mil.
Total Current Assets was 円62,021 Mil.
Total Assets was 円99,137 Mil.
Property, Plant and Equipment(Net PPE) was 円29,800 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,833 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,985 Mil.
Total Current Liabilities was 円36,329 Mil.
Long-Term Debt & Capital Lease Obligation was 円13,809 Mil.
Net Income was 0 + -107 + 201 + 689 = 円783 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 6680 + 2090 + 6731 = 円15,501 Mil.
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Total Receivables was 円28,889 Mil.
Revenue was 38557 + 33048 + 42350 + 38462 = 円152,417 Mil.
Gross Profit was 3449 + 2657 + 3119 + 2580 = 円11,805 Mil.
Total Current Assets was 円60,531 Mil.
Total Assets was 円97,232 Mil.
Property, Plant and Equipment(Net PPE) was 円29,450 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,335 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,366 Mil.
Total Current Liabilities was 円39,057 Mil.
Long-Term Debt & Capital Lease Obligation was 円11,186 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) |
| = | (26650 / 120102) | / | (28889 / 152417) |
| = | 0.221895 | / | 0.189539 |
| | = | 1.1707 |
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) |
| = | (11805 / 152417) | / | (11449 / 120102) |
| = | 0.077452 | / | 0.095327 |
| | = | 0.8125 |
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 - (62021 + 29800) / 99137) | / | (1 - (60531 + 29450) / 97232) |
| = | 0.073797 | / | 0.074574 |
| | = | 0.9896 |
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 |
| = | 120102 | / | 152417 |
| | = | 0.788 |
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)) |
| = | (6335 / (6335 + 29450)) | / | (4833 / (4833 + 29800)) |
| = | 0.177029 | / | 0.139549 |
| | = | 1.2686 |
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) |
| = | (1985 / 120102) | / | (2366 / 152417) |
| = | 0.016528 | / | 0.015523 |
| | = | 1.0647 |
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) |
| = | ((13809 + 36329) / 99137) | / | ((11186 + 39057) / 97232) |
| = | 0.505745 | / | 0.516733 |
| | = | 0.9787 |
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 |
| = | (783 - 0 | - | 15501) | / | 99137 |
| | = | -0.148461 |
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.
T.RAD Co has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
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