Olympus Beneish M-Score Historical Data
The historical data trend for Olympus'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.
Olympus Beneish M-Score Chart
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Olympus 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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-3.00 |
-2.78 |
-2.57 |
-2.27 |
-1.76 |
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Olympus Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.72 |
-1.76 |
-2.61 |
-2.65 |
-2.59 |
Competitive Comparison of Olympus's Beneish M-Score
For the Medical Devices subindustry, Olympus'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.
Olympus's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Olympus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Olympus's Beneish M-Score falls into.
Olympus 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 Olympus 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 * 1.0588 | + | 0.528 * 0.9949 | + | 0.404 * 1.2087 | + | 0.892 * 1.0787 | + | 0.115 * 1.0055 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0116 | + | 4.679 * -0.069504 | - | 0.327 * 0.9542 |
| = | -2.59 |
* 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188,762 Mil.
Revenue was 251192 + 239208 + 234821 + 260496 = 円985,717 Mil.
Gross Profit was 167979 + 166750 + 156206 + 173690 = 円664,625 Mil.
Total Current Assets was 円647,390 Mil.
Total Assets was 円1,406,931 Mil.
Property, Plant and Equipment(Net PPE) was 円260,850 Mil.
Depreciation, Depletion and Amortization(DDA) was 円66,024 Mil.
Selling, General, & Admin. Expense(SGA) was 円495,300 Mil.
Total Current Liabilities was 円414,555 Mil.
Long-Term Debt & Capital Lease Obligation was 円138,365 Mil.
Net Income was 27406 + 34395 + 14583 + 7354 = 円83,738 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 32587 + 70455 + 23257 + 55226 = 円181,525 Mil.
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Total Receivables was 円165,268 Mil.
Revenue was 239070 + 226608 + 207723 + 240378 = 円913,779 Mil.
Gross Profit was 162996 + 149661 + 137226 + 163125 = 円613,008 Mil.
Total Current Assets was 円788,140 Mil.
Total Assets was 円1,468,078 Mil.
Property, Plant and Equipment(Net PPE) was 円249,417 Mil.
Depreciation, Depletion and Amortization(DDA) was 円63,563 Mil.
Selling, General, & Admin. Expense(SGA) was 円453,886 Mil.
Total Current Liabilities was 円379,955 Mil.
Long-Term Debt & Capital Lease Obligation was 円224,718 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) |
| = | (188762 / 985717) | / | (165268 / 913779) |
| = | 0.191497 | / | 0.180862 |
| | = | 1.0588 |
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) |
| = | (613008 / 913779) | / | (664625 / 985717) |
| = | 0.670849 | / | 0.674255 |
| | = | 0.9949 |
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 - (647390 + 260850) / 1406931) | / | (1 - (788140 + 249417) / 1468078) |
| = | 0.354453 | / | 0.293255 |
| | = | 1.2087 |
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 |
| = | 985717 | / | 913779 |
| | = | 1.0787 |
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)) |
| = | (63563 / (63563 + 249417)) | / | (66024 / (66024 + 260850)) |
| = | 0.20309 | / | 0.201986 |
| | = | 1.0055 |
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) |
| = | (495300 / 985717) | / | (453886 / 913779) |
| = | 0.502477 | / | 0.496713 |
| | = | 1.0116 |
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) |
| = | ((138365 + 414555) / 1406931) | / | ((224718 + 379955) / 1468078) |
| = | 0.392997 | / | 0.411881 |
| | = | 0.9542 |
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 |
| = | (83738 - 0 | - | 181525) | / | 1406931 |
| | = | -0.069504 |
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.
Olympus has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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