Ajinomoto Co Beneish M-Score Historical Data
The historical data trend for Ajinomoto 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.
Ajinomoto Co Beneish M-Score Chart
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Ajinomoto Co Annual Data
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Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.91 |
-2.97 |
-2.67 |
-2.47 |
-2.58 |
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Ajinomoto Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.47 |
-2.49 |
-2.57 |
-2.59 |
-2.58 |
Competitive Comparison of Ajinomoto Co's Beneish M-Score
For the Packaged Foods subindustry, Ajinomoto 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.
Ajinomoto Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Ajinomoto Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ajinomoto Co's Beneish M-Score falls into.
Ajinomoto 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 Ajinomoto 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 * 1.0704 | + | 0.528 * 0.9739 | + | 0.404 * 1.131 | + | 0.892 * 1.0589 | + | 0.115 * 1.0037 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0233 | + | 4.679 * -0.04562 | - | 0.327 * 1.1121 |
| = | -2.58 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円185,564 Mil.
Revenue was 371586 + 379641 + 348482 + 339521 = 円1,439,230 Mil.
Gross Profit was 127026 + 139849 + 120485 + 124087 = 円511,447 Mil.
Total Current Assets was 円709,632 Mil.
Total Assets was 円1,774,495 Mil.
Property, Plant and Equipment(Net PPE) was 円587,407 Mil.
Depreciation, Depletion and Amortization(DDA) was 円78,298 Mil.
Selling, General, & Admin. Expense(SGA) was 円339,729 Mil.
Total Current Liabilities was 円501,465 Mil.
Long-Term Debt & Capital Lease Obligation was 円254,224 Mil.
Net Income was 9519 + 31145 + 19237 + 27220 = 円87,121 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 64628 + 49966 + 36835 + 16645 = 円168,074 Mil.
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Total Receivables was 円163,714 Mil.
Revenue was 332394 + 366867 + 338234 + 321619 = 円1,359,114 Mil.
Gross Profit was 107011 + 129560 + 116253 + 117561 = 円470,385 Mil.
Total Current Assets was 円615,537 Mil.
Total Assets was 円1,511,734 Mil.
Property, Plant and Equipment(Net PPE) was 円536,565 Mil.
Depreciation, Depletion and Amortization(DDA) was 円71,820 Mil.
Selling, General, & Admin. Expense(SGA) was 円313,502 Mil.
Total Current Liabilities was 円339,644 Mil.
Long-Term Debt & Capital Lease Obligation was 円239,244 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) |
| = | (185564 / 1439230) | / | (163714 / 1359114) |
| = | 0.128933 | / | 0.120456 |
| | = | 1.0704 |
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) |
| = | (470385 / 1359114) | / | (511447 / 1439230) |
| = | 0.346097 | / | 0.355362 |
| | = | 0.9739 |
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 - (709632 + 587407) / 1774495) | / | (1 - (615537 + 536565) / 1511734) |
| = | 0.269066 | / | 0.237894 |
| | = | 1.131 |
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 |
| = | 1439230 | / | 1359114 |
| | = | 1.0589 |
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)) |
| = | (71820 / (71820 + 536565)) | / | (78298 / (78298 + 587407)) |
| = | 0.11805 | / | 0.117617 |
| | = | 1.0037 |
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) |
| = | (339729 / 1439230) | / | (313502 / 1359114) |
| = | 0.236049 | / | 0.230666 |
| | = | 1.0233 |
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) |
| = | ((254224 + 501465) / 1774495) | / | ((239244 + 339644) / 1511734) |
| = | 0.425861 | / | 0.38293 |
| | = | 1.1121 |
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 |
| = | (87121 - 0 | - | 168074) | / | 1774495 |
| | = | -0.04562 |
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.
Ajinomoto Co has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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