Fuji Oil Co Beneish M-Score Historical Data
The historical data trend for Fuji Oil 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.
Fuji Oil Co Beneish M-Score Chart
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Fuji Oil Co Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-4.17 |
-4.28 |
-0.78 |
-0.68 |
-2.38 |
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Fuji Oil Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.68 |
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-2.38 |
Competitive Comparison of Fuji Oil Co's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Fuji Oil 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.
Fuji Oil Co's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Fuji Oil Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fuji Oil Co's Beneish M-Score falls into.
Fuji Oil 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 Fuji Oil 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 * 1.5014 | + | 0.528 * 0.3824 | + | 0.404 * 1.0138 | + | 0.892 * 0.7475 | + | 0.115 * 0.972 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.020704 | - | 0.327 * 0.9929 |
| = | -2.47 |
* 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 €560 Mil.
Revenue was €4,444 Mil.
Gross Profit was €136 Mil.
Total Current Assets was €1,607 Mil.
Total Assets was €2,395 Mil.
Property, Plant and Equipment(Net PPE) was €585 Mil.
Depreciation, Depletion and Amortization(DDA) was €47 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €1,616 Mil.
Long-Term Debt & Capital Lease Obligation was €122 Mil.
Net Income was €95 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €46 Mil.
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Total Receivables was €499 Mil.
Revenue was €5,946 Mil.
Gross Profit was €69 Mil.
Total Current Assets was €1,474 Mil.
Total Assets was €2,355 Mil.
Property, Plant and Equipment(Net PPE) was €684 Mil.
Depreciation, Depletion and Amortization(DDA) was €54 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €1,583 Mil.
Long-Term Debt & Capital Lease Obligation was €138 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) |
| = | (559.841 / 4444.252) | / | (498.849 / 5945.537) |
| = | 0.12597 | / | 0.083903 |
| | = | 1.5014 |
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) |
| = | (69.499 / 5945.537) | / | (135.846 / 4444.252) |
| = | 0.011689 | / | 0.030567 |
| | = | 0.3824 |
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 - (1606.975 + 584.809) / 2394.651) | / | (1 - (1474.186 + 683.777) / 2354.735) |
| = | 0.084717 | / | 0.083564 |
| | = | 1.0138 |
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 |
| = | 4444.252 | / | 5945.537 |
| | = | 0.7475 |
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)) |
| = | (53.728 / (53.728 + 683.777)) | / | (47.382 / (47.382 + 584.809)) |
| = | 0.072851 | / | 0.074949 |
| | = | 0.972 |
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) |
| = | (0 / 4444.252) | / | (0 / 5945.537) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((121.667 + 1616.383) / 2394.651) | / | ((138.307 + 1583.018) / 2354.735) |
| = | 0.725805 | / | 0.731006 |
| | = | 0.9929 |
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 |
| = | (95.28 - 0 | - | 45.7) | / | 2394.651 |
| | = | 0.020704 |
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.
Fuji Oil Co has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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