TRYT Beneish M-Score Historical Data
The historical data trend for TRYT'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.
TRYT Beneish M-Score Chart
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TRYT Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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0.00 |
0.00 |
0.00 |
-2.42 |
-2.48 |
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TRYT Quarterly Data
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Dec20 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
| Beneish M-Score |
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-2.44 |
-2.45 |
-2.48 |
-2.49 |
-2.59 |
TSE:9164 vs KFY, RHI, TNET: Beneish M-Score Comparison
For the Staffing & Employment Services subindustry, TRYT'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.
TRYT Beneish M-Score vs Business Services Industry
For the Business Services industry and Industrials sector, TRYT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TRYT's Beneish M-Score falls into.
TRYT 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 TRYT 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 * 0.9549 | + | 0.528 * 1.0143 | + | 0.404 * 1.0372 | + | 0.892 * 1.0485 | + | 0.115 * 0.8336 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0862 | + | 4.679 * -0.023329 | - | 0.327 * 0.9763 |
| = | -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 (Jun25) TTM: | Last Year (Jun24) TTM: |
Total Receivables was 円5,020 Mil.
Revenue was 20302 + 12827 + 12435 + 12723 = 円58,287 Mil.
Gross Profit was 15079 + 7670 + 7295 + 7713 = 円37,757 Mil.
Total Current Assets was 円10,808 Mil.
Total Assets was 円79,086 Mil.
Property, Plant and Equipment(Net PPE) was 円9,784 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,556 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,539 Mil.
Total Current Liabilities was 円13,933 Mil.
Long-Term Debt & Capital Lease Obligation was 円33,276 Mil.
Net Income was 4471 + -1041 + -695 + -578 = 円2,157 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 6204 + -981 + -277 + -944 = 円4,002 Mil.
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Total Receivables was 円5,014 Mil.
Revenue was 20106 + 11852 + 11554 + 12077 = 円55,589 Mil.
Gross Profit was 15209 + 7013 + 6759 + 7544 = 円36,525 Mil.
Total Current Assets was 円12,418 Mil.
Total Assets was 円82,258 Mil.
Property, Plant and Equipment(Net PPE) was 円11,181 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,444 Mil.
Selling, General, & Admin. Expense(SGA) was 円29,448 Mil.
Total Current Liabilities was 円13,932 Mil.
Long-Term Debt & Capital Lease Obligation was 円36,361 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) |
| = | (5020 / 58287) | / | (5014 / 55589) |
| = | 0.086126 | / | 0.090198 |
| | = | 0.9549 |
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) |
| = | (36525 / 55589) | / | (37757 / 58287) |
| = | 0.657054 | / | 0.647777 |
| | = | 1.0143 |
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 - (10808 + 9784) / 79086) | / | (1 - (12418 + 11181) / 82258) |
| = | 0.739625 | / | 0.71311 |
| | = | 1.0372 |
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 |
| = | 58287 | / | 55589 |
| | = | 1.0485 |
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)) |
| = | (1444 / (1444 + 11181)) | / | (1556 / (1556 + 9784)) |
| = | 0.114376 | / | 0.137213 |
| | = | 0.8336 |
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) |
| = | (33539 / 58287) | / | (29448 / 55589) |
| = | 0.575411 | / | 0.529745 |
| | = | 1.0862 |
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) |
| = | ((33276 + 13933) / 79086) | / | ((36361 + 13932) / 82258) |
| = | 0.596932 | / | 0.611406 |
| | = | 0.9763 |
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 |
| = | (2157 - 0 | - | 4002) | / | 79086 |
| | = | -0.023329 |
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.
TRYT has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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