Colowide Co Beneish M-Score Historical Data
The historical data trend for Colowide 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.
Colowide Co Beneish M-Score Chart
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Colowide Co Annual Data
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Trend |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
Mar25 |
| Beneish M-Score |
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-1.73 |
-2.84 |
-3.28 |
-2.80 |
-2.74 |
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Colowide Co Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.80 |
-2.77 |
-2.70 |
-2.68 |
-2.74 |
Competitive Comparison of Colowide Co's Beneish M-Score
For the Restaurants subindustry, Colowide 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.
Colowide Co's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Colowide Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Colowide Co's Beneish M-Score falls into.
Colowide 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 Colowide 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 * 1.0568 | + | 0.528 * 0.9917 | + | 0.404 * 0.9333 | + | 0.892 * 1.1155 | + | 0.115 * 1.0097 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0118 | + | 4.679 * -0.088266 | - | 0.327 * 0.899 |
| = | -2.74 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was 円15,512 Mil.
Revenue was 68684 + 68273 + 68809 + 63390 = 円269,156 Mil.
Gross Profit was 40194 + 40109 + 40157 + 36306 = 円156,766 Mil.
Total Current Assets was 円95,631 Mil.
Total Assets was 円312,226 Mil.
Property, Plant and Equipment(Net PPE) was 円77,573 Mil.
Depreciation, Depletion and Amortization(DDA) was 円24,462 Mil.
Selling, General, & Admin. Expense(SGA) was 円147,462 Mil.
Total Current Liabilities was 円93,776 Mil.
Long-Term Debt & Capital Lease Obligation was 円114,426 Mil.
Net Income was -1032 + 1896 + -647 + 1032 = 円1,249 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 10167 + 7019 + 5382 + 6240 = 円28,808 Mil.
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Total Receivables was 円13,158 Mil.
Revenue was 62079 + 61190 + 60772 + 57243 = 円241,284 Mil.
Gross Profit was 36306 + 35344 + 34897 + 32821 = 円139,368 Mil.
Total Current Assets was 円67,275 Mil.
Total Assets was 円265,115 Mil.
Property, Plant and Equipment(Net PPE) was 円71,353 Mil.
Depreciation, Depletion and Amortization(DDA) was 円22,788 Mil.
Selling, General, & Admin. Expense(SGA) was 円130,655 Mil.
Total Current Liabilities was 円95,357 Mil.
Long-Term Debt & Capital Lease Obligation was 円101,281 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) |
| = | (15512 / 269156) | / | (13158 / 241284) |
| = | 0.057632 | / | 0.054533 |
| | = | 1.0568 |
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) |
| = | (139368 / 241284) | / | (156766 / 269156) |
| = | 0.57761 | / | 0.582435 |
| | = | 0.9917 |
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 - (95631 + 77573) / 312226) | / | (1 - (67275 + 71353) / 265115) |
| = | 0.445261 | / | 0.477102 |
| | = | 0.9333 |
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 |
| = | 269156 | / | 241284 |
| | = | 1.1155 |
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)) |
| = | (22788 / (22788 + 71353)) | / | (24462 / (24462 + 77573)) |
| = | 0.242062 | / | 0.239741 |
| | = | 1.0097 |
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) |
| = | (147462 / 269156) | / | (130655 / 241284) |
| = | 0.547868 | / | 0.541499 |
| | = | 1.0118 |
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) |
| = | ((114426 + 93776) / 312226) | / | ((101281 + 95357) / 265115) |
| = | 0.666831 | / | 0.741708 |
| | = | 0.899 |
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 |
| = | (1249 - 0 | - | 28808) | / | 312226 |
| | = | -0.088266 |
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.
Colowide Co has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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