Toyota Motor Beneish M-Score Historical Data
The historical data trend for Toyota Motor'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.
Toyota Motor Beneish M-Score Chart
|
Toyota Motor Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.52 |
-2.52 |
-2.50 |
-2.54 |
-2.37 |
|
Toyota Motor Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.35 |
-2.37 |
-2.38 |
-2.38 |
-2.35 |
Competitive Comparison of Toyota Motor's Beneish M-Score
For the Auto Manufacturers subindustry, Toyota Motor'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.
Toyota Motor's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Toyota Motor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toyota Motor's Beneish M-Score falls into.
Toyota Motor 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 Toyota Motor 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 * 0.9698 | + | 0.528 * 0.8704 | + | 0.404 * 0.9631 | + | 0.892 * 1.1122 | + | 0.115 * 1.024 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.877 | + | 4.679 * -0.004951 | - | 0.327 * 1.0027 |
| = | -2.49 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$489,300 Mil.
Revenue was 409767.897 + 381974.214 + 362138.099 + 377608.04 = R$1,531,488 Mil.
Gross Profit was 91382.462 + 79166.715 + 70832.284 + 60978.524 = R$302,360 Mil.
Total Current Assets was R$1,084,040 Mil.
Total Assets was R$2,866,484 Mil.
Property, Plant and Equipment(Net PPE) was R$473,801 Mil.
Depreciation, Depletion and Amortization(DDA) was R$71,768 Mil.
Selling, General, & Admin. Expense(SGA) was R$134,190 Mil.
Total Current Liabilities was R$921,308 Mil.
Long-Term Debt & Capital Lease Obligation was R$655,303 Mil.
Net Income was 46207.444 + 42692.923 + 45027.531 + 21521.589 = R$155,449 Mil.
Non Operating Income was -589.277 + 7874.361 + 14862.939 + 8838.086 = R$30,986 Mil.
Cash Flow from Operations was 17289.736 + 30727.57 + 46636.045 + 44000.577 = R$138,654 Mil.
|
Total Receivables was R$453,627 Mil.
Revenue was 379255.832 + 337348.344 + 319946.24 + 340460.12 = R$1,377,011 Mil.
Gross Profit was 75165.179 + 52102.466 + 52418.656 + 56953.331 = R$236,640 Mil.
Total Current Assets was R$962,651 Mil.
Total Assets was R$2,783,007 Mil.
Property, Plant and Equipment(Net PPE) was R$501,129 Mil.
Depreciation, Depletion and Amortization(DDA) was R$78,013 Mil.
Selling, General, & Admin. Expense(SGA) was R$137,579 Mil.
Total Current Liabilities was R$882,679 Mil.
Long-Term Debt & Capital Lease Obligation was R$643,845 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) |
| = | (489299.657 / 1531488.25) | / | (453627.406 / 1377010.536) |
| = | 0.319493 | / | 0.329429 |
| | = | 0.9698 |
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) |
| = | (236639.632 / 1377010.536) | / | (302359.985 / 1531488.25) |
| = | 0.17185 | / | 0.197429 |
| | = | 0.8704 |
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 - (1084040.258 + 473800.891) / 2866484.293) | / | (1 - (962651.084 + 501129.226) / 2783006.839) |
| = | 0.456532 | / | 0.474029 |
| | = | 0.9631 |
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 |
| = | 1531488.25 | / | 1377010.536 |
| | = | 1.1122 |
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)) |
| = | (78012.869 / (78012.869 + 501129.226)) | / | (71767.508 / (71767.508 + 473800.891)) |
| = | 0.134704 | / | 0.131546 |
| | = | 1.024 |
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) |
| = | (134189.717 / 1531488.25) | / | (137579.038 / 1377010.536) |
| = | 0.08762 | / | 0.099911 |
| | = | 0.877 |
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) |
| = | ((655302.662 + 921308.256) / 2866484.293) | / | ((643845.335 + 882678.978) / 2783006.839) |
| = | 0.550016 | / | 0.548516 |
| | = | 1.0027 |
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 |
| = | (155449.487 - 30986.109 | - | 138653.928) | / | 2866484.293 |
| | = | -0.004951 |
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.
Toyota Motor has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BSP:TMCO34 has been successfully added to your