Mitsubishi Beneish M-Score Historical Data
The historical data trend for Mitsubishi'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.
Mitsubishi Beneish M-Score Chart
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Mitsubishi Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.78 |
-2.68 |
-2.21 |
-2.54 |
-2.59 |
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Mitsubishi Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.54 |
-2.55 |
-2.60 |
-2.63 |
-2.59 |
Competitive Comparison of Mitsubishi's Beneish M-Score
For the Conglomerates subindustry, Mitsubishi'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.
Mitsubishi's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Mitsubishi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mitsubishi's Beneish M-Score falls into.
Mitsubishi 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 Mitsubishi 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 * 1.1333 | + | 0.528 * 0.9841 | + | 0.404 * 0.9636 | + | 0.892 * 0.9071 | + | 0.115 * 0.7062 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1606 | + | 4.679 * -0.016341 | - | 0.327 * 0.9753 |
| = | -2.59 |
* 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4,242,973 Mil.
Revenue was 4862019 + 5144571 + 4825346 + 4735665 = 円19,567,601 Mil.
Gross Profit was 580067 + 626331 + 528972 + 624339 = 円2,359,709 Mil.
Total Current Assets was 円11,676,499 Mil.
Total Assets was 円23,459,572 Mil.
Property, Plant and Equipment(Net PPE) was 円3,148,774 Mil.
Depreciation, Depletion and Amortization(DDA) was 円599,330 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,692,282 Mil.
Total Current Liabilities was 円8,132,081 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,841,086 Mil.
Net Income was 267420 + 230538 + 148355 + 317721 = 円964,034 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 342307 + 308348 + 210085 + 486640 = 円1,347,380 Mil.
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Total Receivables was 円4,127,275 Mil.
Revenue was 5287429 + 5562666 + 5278439 + 5443439 = 円21,571,973 Mil.
Gross Profit was 643773 + 617479 + 523998 + 774712 = 円2,559,962 Mil.
Total Current Assets was 円9,109,303 Mil.
Total Assets was 円22,152,882 Mil.
Property, Plant and Equipment(Net PPE) was 円4,582,325 Mil.
Depreciation, Depletion and Amortization(DDA) was 円583,294 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,607,518 Mil.
Total Current Liabilities was 円6,694,679 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,897,597 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) |
| = | (4242973 / 19567601) | / | (4127275 / 21571973) |
| = | 0.216837 | / | 0.191326 |
| | = | 1.1333 |
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) |
| = | (2559962 / 21571973) | / | (2359709 / 19567601) |
| = | 0.118671 | / | 0.120593 |
| | = | 0.9841 |
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 - (11676499 + 3148774) / 23459572) | / | (1 - (9109303 + 4582325) / 22152882) |
| = | 0.36805 | / | 0.381948 |
| | = | 0.9636 |
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 |
| = | 19567601 | / | 21571973 |
| | = | 0.9071 |
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)) |
| = | (583294 / (583294 + 4582325)) | / | (599330 / (599330 + 3148774)) |
| = | 0.112919 | / | 0.159902 |
| | = | 0.7062 |
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) |
| = | (1692282 / 19567601) | / | (1607518 / 21571973) |
| = | 0.086484 | / | 0.074519 |
| | = | 1.1606 |
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) |
| = | ((3841086 + 8132081) / 23459572) | / | ((4897597 + 6694679) / 22152882) |
| = | 0.510374 | / | 0.523285 |
| | = | 0.9753 |
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 |
| = | (964034 - 0 | - | 1347380) | / | 23459572 |
| | = | -0.016341 |
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.
Mitsubishi has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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