Canon Marketing Japan Beneish M-Score Historical Data
The historical data trend for Canon Marketing Japan'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.
Canon Marketing Japan Beneish M-Score Chart
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Canon Marketing Japan Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.05 |
-2.59 |
-2.48 |
-2.53 |
-2.30 |
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Canon Marketing Japan Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.30 |
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Competitive Comparison of Canon Marketing Japan's Beneish M-Score
For the Business Equipment & Supplies subindustry, Canon Marketing Japan'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.
Canon Marketing Japan's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Canon Marketing Japan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Canon Marketing Japan's Beneish M-Score falls into.
Canon Marketing Japan 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 Canon Marketing Japan 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 * 0.9358 | + | 0.528 * 1.0099 | + | 0.404 * 1.3525 | + | 0.892 * 1.0363 | + | 0.115 * 0.9433 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.014911 | - | 0.327 * 0.9996 |
| = | -2.30 |
* 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281,654 Mil.
Revenue was 円609,473 Mil.
Gross Profit was 円204,492 Mil.
Total Current Assets was 円418,611 Mil.
Total Assets was 円557,366 Mil.
Property, Plant and Equipment(Net PPE) was 円85,024 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,239 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円110,590 Mil.
Long-Term Debt & Capital Lease Obligation was 円206 Mil.
Net Income was 円36,493 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円28,182 Mil.
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Total Receivables was 円290,443 Mil.
Revenue was 円588,132 Mil.
Gross Profit was 円199,289 Mil.
Total Current Assets was 円419,708 Mil.
Total Assets was 円543,740 Mil.
Property, Plant and Equipment(Net PPE) was 円85,276 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,621 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円108,062 Mil.
Long-Term Debt & Capital Lease Obligation was 円73 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) |
| = | (281654 / 609473) | / | (290443 / 588132) |
| = | 0.462127 | / | 0.49384 |
| | = | 0.9358 |
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) |
| = | (199289 / 588132) | / | (204492 / 609473) |
| = | 0.338851 | / | 0.335523 |
| | = | 1.0099 |
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 - (418611 + 85024) / 557366) | / | (1 - (419708 + 85276) / 543740) |
| = | 0.096402 | / | 0.071277 |
| | = | 1.3525 |
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 |
| = | 609473 | / | 588132 |
| | = | 1.0363 |
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)) |
| = | (9621 / (9621 + 85276)) | / | (10239 / (10239 + 85024)) |
| = | 0.101384 | / | 0.107481 |
| | = | 0.9433 |
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) |
| = | (0 / 609473) | / | (0 / 588132) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((206 + 110590) / 557366) | / | ((73 + 108062) / 543740) |
| = | 0.198785 | / | 0.198873 |
| | = | 0.9996 |
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 |
| = | (36493 - 0 | - | 28182) | / | 557366 |
| | = | 0.014911 |
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.
Canon Marketing Japan has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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