YASKF (YASKAWA Electric) Beneish M-Score : -2.72 (As of Dec. 11, 2024)

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What is YASKAWA Electric 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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

YASKF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36 Med: -2.43 Max: -1.78
Current: -2.72

During the past 13 years, the highest Beneish M-Score of YASKAWA Electric was -1.78. The lowest was -3.36. And the median was -2.43.

YASKAWA Electric Beneish M-Score Historical Data

The historical data trend for YASKAWA Electric'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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YASKAWA Electric Beneish M-Score Chart

YASKAWA Electric Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Beneish M-Score

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-2.53

-2.56

-2.51

-1.95

-2.53

YASKAWA Electric Quarterly Data
	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24
Beneish M-Score	Get a 7-Day Free Trial															-2.13	-2.47	-2.53	-2.62	-2.72

Competitive Comparison of YASKAWA Electric's Beneish M-Score

For the Electrical Equipment & Parts subindustry, YASKAWA Electric'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.

YASKAWA Electric's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, YASKAWA Electric's Beneish M-Score distribution charts can be found below:

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

YASKAWA Electric 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 YASKAWA Electric 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 * 1.0086

0.528 * 0.9782

0.404 * 0.9422

0.892 * 0.8732

0.115 * 1.1364

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0989

4.679 * -0.021135

0.327 * 0.9718

-2.71

This Year (Aug24) TTM:

Last Year (Aug23) TTM:

Total Receivables was $1,076 Mil.
Revenue was 883.088 + 849.482 + 1011.449 + 904.282 = $3,648 Mil.
Gross Profit was 318.615 + 298.917 + 375.805 + 329.044 = $1,322 Mil.
Total Current Assets was $3,157 Mil.
Total Assets was $4,834 Mil.
Property, Plant and Equipment(Net PPE) was $933 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $962 Mil.
Total Current Liabilities was $1,295 Mil.
Long-Term Debt & Capital Lease Obligation was $478 Mil.
Net Income was 59.153 + 59.017 + 106.266 + 70.551 = $295 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 49.076 + 101.989 + 109.775 + 136.305 = $397 Mil.

Total Receivables was $1,222 Mil.
Revenue was 1011.629 + 1039.837 + 1115.664 + 1010.853 = $4,178 Mil.
Gross Profit was 364.214 + 371.323 + 393.254 + 352.627 = $1,481 Mil.
Total Current Assets was $3,105 Mil.
Total Assets was $4,699 Mil.
Property, Plant and Equipment(Net PPE) was $827 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General, & Admin. Expense(SGA) was $1,003 Mil.
Total Current Liabilities was $1,403 Mil.
Long-Term Debt & Capital Lease Obligation was $371 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)
	=	(1076.074 / 3648.301)	/	(1221.774 / 4177.983)
	=	0.294952	/	0.292432
	=	1.0086

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)
	=	(1481.418 / 4177.983)	/	(1322.381 / 3648.301)
	=	0.354577	/	0.362465
	=	0.9782

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 - (3157.316 + 932.922) / 4833.633)	/	(1 - (3105.227 + 827.066) / 4699.338)
	=	0.153796	/	0.163224
	=	0.9422

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
	=	3648.301	/	4177.983
	=	0.8732

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))
	=	(146.277 / (146.277 + 827.066))	/	(142.171 / (142.171 + 932.922))
	=	0.150283	/	0.132241
	=	1.1364

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)
	=	(962.17 / 3648.301)	/	(1002.733 / 4177.983)
	=	0.263731	/	0.240004
	=	1.0989

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)
	=	((478.463 + 1294.597) / 4833.633)	/	((370.817 + 1402.98) / 4699.338)
	=	0.366817	/	0.377457
	=	0.9718

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
	=	(294.987 - 0	-	397.145)	/	4833.633
	=	-0.021135

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.

YASKAWA Electric has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.

YASKAWA Electric Beneish M-Score Related Terms

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YASKAWA Electric Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » YASKAWA Electric Corp (OTCPK:YASKF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

YASKY:USA 6506:Japan YEC:Germany

Address

2-1, Kurosaki-shiroishi, Yahatanishi-ku, Kitakyushu, JPN, 806-0004

Website

http://www.yaskawa.co.jp

Yaskawa Electric manufactures and sells servo motors, AC drives (inverters), industrial robots, and other motor-based products. It operates mainly in Asia, the Americas, and Europe, the Middle East, and Africa. According to the company, it has the leading global share with AC servo motors/controllers—its cumulative AC servo motor shipments reached 20 million units in 2020—and it is also considered as one of the big four industrial robotics companies. The company was founded in 1915, and its head office is in Kitakyushu, Fukuoka Prefecture, Japan.