Toridoll Holdings Beneish M-Score Historical Data
The historical data trend for Toridoll Holdings'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.
Toridoll Holdings Beneish M-Score Chart
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Toridoll Holdings Annual Data
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Mar15 |
Mar16 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.42 |
-2.66 |
-2.97 |
-2.70 |
-2.76 |
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Toridoll Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.70 |
-2.62 |
-2.56 |
-2.78 |
-2.76 |
Competitive Comparison of Toridoll Holdings's Beneish M-Score
For the Restaurants subindustry, Toridoll Holdings'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.
Toridoll Holdings's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Toridoll Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toridoll Holdings's Beneish M-Score falls into.
Toridoll Holdings 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 Toridoll Holdings 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 * 1.0369 | + | 0.528 * 0.9823 | + | 0.404 * 1.0775 | + | 0.892 * 1.2317 | + | 0.115 * 1.0697 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9829 | + | 4.679 * -0.115149 | - | 0.327 * 1.0313 |
| = | -2.76 |
* 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9,678 Mil.
Revenue was 59610 + 59740 + 59939 + 52664 = 円231,953 Mil.
Gross Profit was 45454 + 45132 + 45630 + 39955 = 円176,171 Mil.
Total Current Assets was 円85,960 Mil.
Total Assets was 円322,357 Mil.
Property, Plant and Equipment(Net PPE) was 円145,687 Mil.
Depreciation, Depletion and Amortization(DDA) was 円28,873 Mil.
Selling, General, & Admin. Expense(SGA) was 円161,637 Mil.
Total Current Liabilities was 円92,583 Mil.
Long-Term Debt & Capital Lease Obligation was 円130,314 Mil.
Net Income was -888 + 1965 + 1951 + 2647 = 円5,675 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 10860 + 9401 + 12675 + 9858 = 円42,794 Mil.
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Total Receivables was 円7,578 Mil.
Revenue was 47454 + 48897 + 48154 + 43816 = 円188,321 Mil.
Gross Profit was 35599 + 36209 + 35806 + 32889 = 円140,503 Mil.
Total Current Assets was 円77,801 Mil.
Total Assets was 円266,235 Mil.
Property, Plant and Equipment(Net PPE) was 円118,902 Mil.
Depreciation, Depletion and Amortization(DDA) was 円25,559 Mil.
Selling, General, & Admin. Expense(SGA) was 円133,519 Mil.
Total Current Liabilities was 円59,470 Mil.
Long-Term Debt & Capital Lease Obligation was 円119,027 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) |
| = | (9678 / 231953) | / | (7578 / 188321) |
| = | 0.041724 | / | 0.04024 |
| | = | 1.0369 |
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) |
| = | (140503 / 188321) | / | (176171 / 231953) |
| = | 0.746082 | / | 0.759512 |
| | = | 0.9823 |
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 - (85960 + 145687) / 322357) | / | (1 - (77801 + 118902) / 266235) |
| = | 0.281396 | / | 0.261168 |
| | = | 1.0775 |
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 |
| = | 231953 | / | 188321 |
| | = | 1.2317 |
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)) |
| = | (25559 / (25559 + 118902)) | / | (28873 / (28873 + 145687)) |
| = | 0.176927 | / | 0.165404 |
| | = | 1.0697 |
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) |
| = | (161637 / 231953) | / | (133519 / 188321) |
| = | 0.696852 | / | 0.708997 |
| | = | 0.9829 |
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) |
| = | ((130314 + 92583) / 322357) | / | ((119027 + 59470) / 266235) |
| = | 0.69146 | / | 0.670449 |
| | = | 1.0313 |
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 |
| = | (5675 - 0 | - | 42794) | / | 322357 |
| | = | -0.115149 |
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.
Toridoll Holdings has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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