Kubota (WAR:KUB) Beneish M-Score : 0.00 (As of Jun. 19, 2024)

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What is Kubota Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Kubota's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Kubota was 0.12. The lowest was -0.62. And the median was -0.25.

Kubota Beneish M-Score Historical Data

The historical data trend for Kubota'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.

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Kubota Beneish M-Score Chart

Kubota Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

0.12

Kubota Quarterly Data
	Dec20	Jun21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial							-	-0.62	-	0.12	-

Competitive Comparison of Kubota's Beneish M-Score

For the Apparel Retail subindustry, Kubota'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.

Kubota's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Kubota's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kubota's Beneish M-Score falls into.

Kubota 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 Kubota for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was zł5.27 Mil.
Revenue was 5.31 + 3.405 + 8.661 + 6.269 = zł23.65 Mil.
Gross Profit was 2.799 + 2.099 + 4.342 + 3.347 = zł12.59 Mil.
Total Current Assets was zł8.10 Mil.
Total Assets was zł8.26 Mil.
Property, Plant and Equipment(Net PPE) was zł0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.15 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł2.10 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was 0.35 + -0.019 + 0.796 + 1.077 = zł2.20 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.00 Mil.
Cash Flow from Operations was -1.827 + 2.399 + 1.231 + -0.852 = zł0.95 Mil.

Total Receivables was zł0.00 Mil.
Revenue was 3.398 + 3.935 + 10.99 + 5.491 = zł23.81 Mil.
Gross Profit was 1.706 + 1.761 + 3.063 + 1.754 = zł8.28 Mil.
Total Current Assets was zł640.08 Mil.
Total Assets was zł672.31 Mil.
Property, Plant and Equipment(Net PPE) was zł23.52 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.16 Mil.
Selling, General, & Admin. Expense(SGA) was zł1.27 Mil.
Total Current Liabilities was zł0.00 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.

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)
	=	(5.272 / 23.645)	/	(0 / 23.814)
	=	0.222965	/	0
	=

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)
	=	(8.284 / 23.814)	/	(12.587 / 23.645)
	=	0.347863	/	0.532332
	=

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 - (8.096 + 0.166) / 8.262)	/	(1 - (640.083 + 23.522) / 672.309)
	=	0	/	0.012946
	=

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
	=	23.645	/	23.814
	=

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))
	=	(0.162 / (0.162 + 23.522))	/	(0.151 / (0.151 + 0.166))
	=	0.00684	/	0.476341
	=

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 / 23.645)	/	(1.269 / 23.814)
	=	0	/	0.053288
	=

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)
	=	((0 + 2.103) / 8.262)	/	((0 + 0) / 672.309)
	=	0.254539	/	0
	=

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
	=	(2.204 - 0	-	0.951)	/	8.262
	=	0.151658

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.

Kubota Beneish M-Score Related Terms

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Kubota (WAR:KUB) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Kubota SA (WAR:KUB) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Street Traktorowa 128/14, Lodz, POL, 91-204

Website

https://www.kubotastore.pl

Kubota SA is a polish footwear and clothing company. It is engaged in the retail and wholesale segment of footwear, clothing, and accessories.

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