Subaru Beneish M-Score Historical Data
The historical data trend for Subaru'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.
Subaru Beneish M-Score Chart
|
Subaru Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.48 |
-2.48 |
-2.72 |
-2.65 |
-2.77 |
|
Subaru 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
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.75 |
-2.77 |
-2.69 |
-2.69 |
-2.78 |
Competitive Comparison of Subaru's Beneish M-Score
For the Auto Manufacturers subindustry, Subaru'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.
Subaru's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Subaru's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Subaru's Beneish M-Score falls into.
Subaru 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 Subaru 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 * 0.815 | + | 0.528 * 0.9121 | + | 0.404 * 0.9364 | + | 0.892 * 1.2589 | + | 0.115 * 1.1016 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9077 | + | 4.679 * -0.06914 | - | 0.327 * 0.9692 |
| = | -2.78 |
* 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359,014 Mil.
Revenue was 1282943 + 1131315 + 1082140 + 966484 = 円4,462,882 Mil.
Gross Profit was 308493 + 238321 + 200967 + 184369 = 円932,150 Mil.
Total Current Assets was 円2,702,904 Mil.
Total Assets was 円4,354,883 Mil.
Property, Plant and Equipment(Net PPE) was 円911,657 Mil.
Depreciation, Depletion and Amortization(DDA) was 円223,891 Mil.
Selling, General, & Admin. Expense(SGA) was 円381,762 Mil.
Total Current Liabilities was 円1,085,312 Mil.
Long-Term Debt & Capital Lease Obligation was 円289,000 Mil.
Net Income was 147911 + 77706 + 73242 + 46012 = 円344,871 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 200456 + 137810 + 129614 + 178086 = 円645,966 Mil.
|
Total Receivables was 円349,891 Mil.
Revenue was 1057088 + 916795 + 834101 + 737006 = 円3,544,990 Mil.
Gross Profit was 221049 + 190957 + 140100 + 123229 = 円675,335 Mil.
Total Current Assets was 円2,311,694 Mil.
Total Assets was 円3,847,504 Mil.
Property, Plant and Equipment(Net PPE) was 円837,287 Mil.
Depreciation, Depletion and Amortization(DDA) was 円232,323 Mil.
Selling, General, & Admin. Expense(SGA) was 円334,077 Mil.
Total Current Liabilities was 円998,682 Mil.
Long-Term Debt & Capital Lease Obligation was 円254,095 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) |
| = | (359014 / 4462882) | / | (349891 / 3544990) |
| = | 0.080444 | / | 0.0987 |
| | = | 0.815 |
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) |
| = | (675335 / 3544990) | / | (932150 / 4462882) |
| = | 0.190504 | / | 0.208867 |
| | = | 0.9121 |
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 - (2702904 + 911657) / 4354883) | / | (1 - (2311694 + 837287) / 3847504) |
| = | 0.169998 | / | 0.181552 |
| | = | 0.9364 |
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 |
| = | 4462882 | / | 3544990 |
| | = | 1.2589 |
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)) |
| = | (232323 / (232323 + 837287)) | / | (223891 / (223891 + 911657)) |
| = | 0.217203 | / | 0.197166 |
| | = | 1.1016 |
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) |
| = | (381762 / 4462882) | / | (334077 / 3544990) |
| = | 0.085542 | / | 0.094239 |
| | = | 0.9077 |
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) |
| = | ((289000 + 1085312) / 4354883) | / | ((254095 + 998682) / 3847504) |
| = | 0.31558 | / | 0.325608 |
| | = | 0.9692 |
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 |
| = | (344871 - 0 | - | 645966) | / | 4354883 |
| | = | -0.06914 |
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.
Subaru has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:7270 has been successfully added to your