Sumitomo Chemical Co Beneish M-Score Historical Data
The historical data trend for Sumitomo Chemical 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.
Sumitomo Chemical Co Beneish M-Score Chart
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Sumitomo Chemical Co Annual Data
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| Beneish M-Score |
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-2.50 |
-2.80 |
-2.34 |
-2.76 |
-2.59 |
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Sumitomo Chemical Co Quarterly Data
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Jun19 |
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| Beneish M-Score |
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-2.76 |
-2.70 |
-2.57 |
-2.51 |
-2.59 |
Competitive Comparison of Sumitomo Chemical Co's Beneish M-Score
For the Chemicals subindustry, Sumitomo Chemical 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.
Sumitomo Chemical Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Sumitomo Chemical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sumitomo Chemical Co's Beneish M-Score falls into.
Sumitomo Chemical 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 Sumitomo Chemical 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 * 1.1597 | + | 0.528 * 1.3807 | + | 0.404 * 0.984 | + | 0.892 * 0.7909 | + | 0.115 * 0.9802 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1909 | + | 4.679 * -0.065052 | - | 0.327 * 1.094 |
| = | -2.70 |
* 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 $4,138 Mil.
Revenue was 4271.993 + 4306.067 + 4218.824 + 3983.804 = $16,781 Mil.
Gross Profit was 577.839 + 1089.272 + 860.07 + 913.51 = $3,441 Mil.
Total Current Assets was $11,186 Mil.
Total Assets was $26,264 Mil.
Property, Plant and Equipment(Net PPE) was $5,317 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,081 Mil.
Selling, General, & Admin. Expense(SGA) was $6,054 Mil.
Total Current Liabilities was $9,635 Mil.
Long-Term Debt & Capital Lease Obligation was $6,525 Mil.
Net Income was -1348.698 + -232.196 + -292.151 + -234.532 = $-2,108 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 558.322 + -136.49 + 112.32 + -933.219 = $-399 Mil.
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Total Receivables was $4,513 Mil.
Revenue was 4774.932 + 5399.571 + 5265.259 + 5778.762 = $21,219 Mil.
Gross Profit was 991.88 + 1565.536 + 1614.58 + 1834.768 = $6,007 Mil.
Total Current Assets was $13,189 Mil.
Total Assets was $31,164 Mil.
Property, Plant and Equipment(Net PPE) was $6,205 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,232 Mil.
Selling, General, & Admin. Expense(SGA) was $6,428 Mil.
Total Current Liabilities was $9,564 Mil.
Long-Term Debt & Capital Lease Obligation was $7,964 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) |
| = | (4138.485 / 16780.688) | / | (4512.506 / 21218.524) |
| = | 0.246622 | / | 0.212668 |
| | = | 1.1597 |
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) |
| = | (6006.764 / 21218.524) | / | (3440.691 / 16780.688) |
| = | 0.283091 | / | 0.205039 |
| | = | 1.3807 |
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 - (11186.074 + 5316.603) / 26263.882) | / | (1 - (13188.892 + 6204.761) / 31163.916) |
| = | 0.371659 | / | 0.377689 |
| | = | 0.984 |
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 |
| = | 16780.688 | / | 21218.524 |
| | = | 0.7909 |
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)) |
| = | (1231.816 / (1231.816 + 6204.761)) | / | (1081.118 / (1081.118 + 5316.603)) |
| = | 0.165643 | / | 0.168985 |
| | = | 0.9802 |
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) |
| = | (6053.777 / 16780.688) | / | (6427.595 / 21218.524) |
| = | 0.360759 | / | 0.302924 |
| | = | 1.1909 |
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) |
| = | ((6525.098 + 9634.898) / 26263.882) | / | ((7963.705 + 9564.012) / 31163.916) |
| = | 0.615294 | / | 0.562436 |
| | = | 1.094 |
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 |
| = | (-2107.577 - 0 | - | -399.067) | / | 26263.882 |
| | = | -0.065052 |
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.
Sumitomo Chemical Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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