YAMHF (Yamaha Motor Co) Beneish M-Score : -2.81 (As of Mar. 25, 2025)

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What is Yamaha Motor Co 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.

Good Sign:

Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

YAMHF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.4 Max: -2.03
Current: -2.81

During the past 13 years, the highest Beneish M-Score of Yamaha Motor Co was -2.03. The lowest was -2.81. And the median was -2.40.

Yamaha Motor Co Beneish M-Score Historical Data

The historical data trend for Yamaha Motor 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.

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Yamaha Motor Co Beneish M-Score Chart

Yamaha Motor Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.70

-2.38

-2.03

-2.13

-2.81

Yamaha Motor Co Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.13	-2.25	-2.21	-2.66	-2.81

Competitive Comparison of Yamaha Motor Co's Beneish M-Score

For the Auto Manufacturers subindustry, Yamaha Motor 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.

Yamaha Motor Co's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Yamaha Motor Co's Beneish M-Score distribution charts can be found below:

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

Yamaha Motor 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 Yamaha Motor Co 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 * 0.982

0.528 * 0.9319

0.404 * 1.0788

0.892 * 0.9992

0.115 * 0.874

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.2331

4.679 * -0.025442

0.327 * 1.0326

-2.86

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was $3,581 Mil.
Revenue was 3896.328 + 4395.995 + 4474.712 + 4285.616 = $17,053 Mil.
Gross Profit was 1158.65 + 1419.184 + 1455.093 + 1409.491 = $5,442 Mil.
Total Current Assets was $10,457 Mil.
Total Assets was $18,097 Mil.
Property, Plant and Equipment(Net PPE) was $3,165 Mil.
Depreciation, Depletion and Amortization(DDA) was $550 Mil.
Selling, General, & Admin. Expense(SGA) was $4,254 Mil.
Total Current Liabilities was $7,463 Mil.
Long-Term Debt & Capital Lease Obligation was $1,766 Mil.
Net Income was -181.999 + 160.8 + 361.732 + 373.605 = $714 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -97.52 + 644.361 + 707.564 + -79.85 = $1,175 Mil.

Total Receivables was $3,649 Mil.
Revenue was 4025.156 + 4117.88 + 4385.614 + 4537.188 = $17,066 Mil.
Gross Profit was 1197.682 + 959.62 + 1425.224 + 1493.016 = $5,076 Mil.
Total Current Assets was $10,755 Mil.
Total Assets was $17,863 Mil.
Property, Plant and Equipment(Net PPE) was $3,013 Mil.
Depreciation, Depletion and Amortization(DDA) was $448 Mil.
Selling, General, & Admin. Expense(SGA) was $1,906 Mil.
Total Current Liabilities was $6,009 Mil.
Long-Term Debt & Capital Lease Obligation was $2,813 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)
	=	(3580.733 / 17052.651)	/	(3649.295 / 17065.838)
	=	0.209981	/	0.213836
	=	0.982

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)
	=	(5075.542 / 17065.838)	/	(5442.418 / 17052.651)
	=	0.297409	/	0.319154
	=	0.9319

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 - (10456.557 + 3165.141) / 18096.503)	/	(1 - (10755.229 + 3013.47) / 17863.142)
	=	0.247275	/	0.229212
	=	1.0788

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
	=	17052.651	/	17065.838
	=	0.9992

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))
	=	(448.139 / (448.139 + 3013.47))	/	(550.367 / (550.367 + 3165.141))
	=	0.12946	/	0.148127
	=	0.874

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)
	=	(4253.632 / 17052.651)	/	(1906.267 / 17065.838)
	=	0.249441	/	0.111701
	=	2.2331

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)
	=	((1766.045 + 7462.642) / 18096.503)	/	((2812.875 + 6008.862) / 17863.142)
	=	0.509971	/	0.493851
	=	1.0326

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
	=	(714.138 - 0	-	1174.555)	/	18096.503
	=	-0.025442

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.

Yamaha Motor Co has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.

Yamaha Motor Co Beneish M-Score Related Terms

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Yamaha Motor Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Yamaha Motor Co Ltd (OTCPK:YAMHF) » Definitions » Beneish M-Score

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Traded in Other Exchanges

YMHAY:USA 7272:Japan YMA:Germany

Address

2500, Shingai, Iwata, Shizuoka, JPN, 438-8501

Website

http://www.yamaha-motor.co.jp

Yamaha Motor Co Ltd is an automobile and electronics manufacturing company. The company is organised into five segments based on product type: motorcycles, marine products, power products, industrial machinery and robots, and other products. The motorcycles segment, contributing the majority of consolidated revenue, manufactures on- and off-road motorcycles, along with related motorcycle parts. Marine Products, the next-largest contributor to revenue, manufactures outboard motors, personal watercraft, and boats. Yamaha derives the majority of sales from Asia, with North America and Europe the next most significant markets.