Ricoh Co Beneish M-Score Historical Data
The historical data trend for Ricoh 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.
Ricoh Co Beneish M-Score Chart
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Ricoh Co Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.49 |
-3.16 |
-2.44 |
-2.59 |
-2.32 |
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Ricoh Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-2.32 |
-2.32 |
-2.45 |
-2.51 |
Competitive Comparison of Ricoh Co's Beneish M-Score
For the Business Equipment & Supplies subindustry, Ricoh 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.
Ricoh Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Ricoh Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ricoh Co's Beneish M-Score falls into.
Ricoh 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 Ricoh 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 * 0.9516 | + | 0.528 * 0.9977 | + | 0.404 * 1.0775 | + | 0.892 * 1.1453 | + | 0.115 * 0.8927 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0027 | + | 4.679 * -0.029563 | - | 0.327 * 0.9877 |
| = | -2.51 |
* 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472,473 Mil.
Revenue was 585098 + 577989 + 534601 + 605572 = 円2,303,260 Mil.
Gross Profit was 210394 + 196083 + 190198 + 206558 = 円803,233 Mil.
Total Current Assets was 円1,162,785 Mil.
Total Assets was 円2,207,785 Mil.
Property, Plant and Equipment(Net PPE) was 円255,849 Mil.
Depreciation, Depletion and Amortization(DDA) was 円109,181 Mil.
Selling, General, & Admin. Expense(SGA) was 円751,211 Mil.
Total Current Liabilities was 円871,916 Mil.
Long-Term Debt & Capital Lease Obligation was 円221,986 Mil.
Net Income was 14663 + 6819 + 8795 + 26929 = 円57,206 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 30834 + -3077 + 34478 + 60240 = 円122,475 Mil.
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Total Receivables was 円433,495 Mil.
Revenue was 555072 + 514195 + 459341 + 482392 = 円2,011,000 Mil.
Gross Profit was 192578 + 178281 + 168005 + 160808 = 円699,672 Mil.
Total Current Assets was 円1,113,338 Mil.
Total Assets was 円2,039,598 Mil.
Property, Plant and Equipment(Net PPE) was 円249,669 Mil.
Depreciation, Depletion and Amortization(DDA) was 円90,952 Mil.
Selling, General, & Admin. Expense(SGA) was 円654,098 Mil.
Total Current Liabilities was 円796,366 Mil.
Long-Term Debt & Capital Lease Obligation was 円226,776 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) |
| = | (472473 / 2303260) | / | (433495 / 2011000) |
| = | 0.205132 | / | 0.215562 |
| | = | 0.9516 |
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) |
| = | (699672 / 2011000) | / | (803233 / 2303260) |
| = | 0.347922 | / | 0.348737 |
| | = | 0.9977 |
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 - (1162785 + 255849) / 2207785) | / | (1 - (1113338 + 249669) / 2039598) |
| = | 0.35744 | / | 0.331728 |
| | = | 1.0775 |
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 |
| = | 2303260 | / | 2011000 |
| | = | 1.1453 |
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)) |
| = | (90952 / (90952 + 249669)) | / | (109181 / (109181 + 255849)) |
| = | 0.267018 | / | 0.299101 |
| | = | 0.8927 |
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) |
| = | (751211 / 2303260) | / | (654098 / 2011000) |
| = | 0.326151 | / | 0.32526 |
| | = | 1.0027 |
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) |
| = | ((221986 + 871916) / 2207785) | / | ((226776 + 796366) / 2039598) |
| = | 0.495475 | / | 0.501639 |
| | = | 0.9877 |
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 |
| = | (57206 - 0 | - | 122475) | / | 2207785 |
| | = | -0.029563 |
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.
Ricoh Co has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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