Creditison Co Beneish M-Score Historical Data
The historical data trend for Creditison 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.
Creditison Co Beneish M-Score Chart
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Creditison Co 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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-2.16 |
-2.42 |
-2.26 |
-2.23 |
-2.03 |
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Creditison Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.05 |
-2.03 |
-2.06 |
-2.14 |
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Competitive Comparison of Creditison Co's Beneish M-Score
For the Credit Services subindustry, Creditison 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.
Creditison Co's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Creditison Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Creditison Co's Beneish M-Score falls into.
Creditison 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 Creditison 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 * 1.0168 | + | 0.528 * 0.9633 | + | 0.404 * 0.9844 | + | 0.892 * 1.0832 | + | 0.115 * 1.6553 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9882 | + | 4.679 * 0.044252 | - | 0.327 * 1.0111 |
| = | -2.14 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was 円3,457,642 Mil.
Revenue was 109479 + 115592 + 107860 + 105174 = 円438,105 Mil.
Gross Profit was 96250 + 100076 + 92833 + 93653 = 円382,812 Mil.
Total Current Assets was 円3,718,573 Mil.
Total Assets was 円4,441,730 Mil.
Property, Plant and Equipment(Net PPE) was 円45,162 Mil.
Depreciation, Depletion and Amortization(DDA) was 円16,604 Mil.
Selling, General, & Admin. Expense(SGA) was 円252,095 Mil.
Total Current Liabilities was 円267,900 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,244,587 Mil.
Net Income was 11850 + 16595 + 10930 + 18047 = 円57,422 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 0 + 32007 + -171142 = 円-139,135 Mil.
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Total Receivables was 円3,139,521 Mil.
Revenue was 108287 + 98985 + 93104 + 104093 = 円404,469 Mil.
Gross Profit was 89237 + 85879 + 80534 + 84794 = 円340,444 Mil.
Total Current Assets was 円3,384,989 Mil.
Total Assets was 円4,053,405 Mil.
Property, Plant and Equipment(Net PPE) was 円39,904 Mil.
Depreciation, Depletion and Amortization(DDA) was 円31,991 Mil.
Selling, General, & Admin. Expense(SGA) was 円235,528 Mil.
Total Current Liabilities was 円293,377 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,876,929 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) |
| = | (3457642 / 438105) | / | (3139521 / 404469) |
| = | 7.892268 | / | 7.762081 |
| | = | 1.0168 |
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) |
| = | (340444 / 404469) | / | (382812 / 438105) |
| = | 0.841706 | / | 0.873791 |
| | = | 0.9633 |
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 - (3718573 + 45162) / 4441730) | / | (1 - (3384989 + 39904) / 4053405) |
| = | 0.152642 | / | 0.155058 |
| | = | 0.9844 |
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 |
| = | 438105 | / | 404469 |
| | = | 1.0832 |
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)) |
| = | (31991 / (31991 + 39904)) | / | (16604 / (16604 + 45162)) |
| = | 0.444968 | / | 0.268821 |
| | = | 1.6553 |
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) |
| = | (252095 / 438105) | / | (235528 / 404469) |
| = | 0.575421 | / | 0.582314 |
| | = | 0.9882 |
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) |
| = | ((3244587 + 267900) / 4441730) | / | ((2876929 + 293377) / 4053405) |
| = | 0.790793 | / | 0.782134 |
| | = | 1.0111 |
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 |
| = | (57422 - 0 | - | -139135) | / | 4441730 |
| | = | 0.044252 |
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.
Creditison Co has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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