THK Co Beneish M-Score Historical Data
The historical data trend for THK 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.
THK Co Beneish M-Score Chart
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THK Co Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-2.85 |
-2.05 |
-2.64 |
-2.70 |
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THK Co 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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-2.74 |
-2.88 |
-2.92 |
-2.70 |
-2.67 |
Competitive Comparison of THK Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, THK 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.
THK Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, THK Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where THK Co's Beneish M-Score falls into.
THK 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 THK 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 * 1.0028 | + | 0.528 * 1.2035 | + | 0.404 * 1.075 | + | 0.892 * 0.7779 | + | 0.115 * 1.012 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1636 | + | 4.679 * -0.055022 | - | 0.327 * 0.8746 |
| = | -2.78 |
* 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 €520 Mil.
Revenue was 522.744 + 533.839 + 523.027 + 601.081 = €2,181 Mil.
Gross Profit was 111.596 + 123.492 + 107.405 + 138.987 = €481 Mil.
Total Current Assets was €2,061 Mil.
Total Assets was €3,489 Mil.
Property, Plant and Equipment(Net PPE) was €1,198 Mil.
Depreciation, Depletion and Amortization(DDA) was €142 Mil.
Selling, General, & Admin. Expense(SGA) was €383 Mil.
Total Current Liabilities was €498 Mil.
Long-Term Debt & Capital Lease Obligation was €510 Mil.
Net Income was 12.036 + 27.539 + 12.872 + 33.634 = €86 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 50.624 + 77.859 + 37.868 + 111.72 = €278 Mil.
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Total Receivables was €666 Mil.
Revenue was 653.604 + 742.739 + 710.99 + 696.087 = €2,803 Mil.
Gross Profit was 167.739 + 202.976 + 195.269 + 178.93 = €745 Mil.
Total Current Assets was €2,345 Mil.
Total Assets was €3,809 Mil.
Property, Plant and Equipment(Net PPE) was €1,230 Mil.
Depreciation, Depletion and Amortization(DDA) was €148 Mil.
Selling, General, & Admin. Expense(SGA) was €423 Mil.
Total Current Liabilities was €662 Mil.
Long-Term Debt & Capital Lease Obligation was €596 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) |
| = | (519.508 / 2180.691) | / | (665.972 / 2803.42) |
| = | 0.238231 | / | 0.237557 |
| | = | 1.0028 |
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) |
| = | (744.914 / 2803.42) | / | (481.48 / 2180.691) |
| = | 0.265716 | / | 0.220792 |
| | = | 1.2035 |
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 - (2060.563 + 1198.167) / 3489.333) | / | (1 - (2345.239 + 1230.037) / 3809.474) |
| = | 0.066088 | / | 0.061478 |
| | = | 1.075 |
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 |
| = | 2180.691 | / | 2803.42 |
| | = | 0.7779 |
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)) |
| = | (148.071 / (148.071 + 1230.037)) | / | (142.325 / (142.325 + 1198.167)) |
| = | 0.107445 | / | 0.106174 |
| | = | 1.012 |
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) |
| = | (382.711 / 2180.691) | / | (422.839 / 2803.42) |
| = | 0.1755 | / | 0.15083 |
| | = | 1.1636 |
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) |
| = | ((509.849 + 498.366) / 3489.333) | / | ((596.208 + 662.262) / 3809.474) |
| = | 0.288942 | / | 0.330353 |
| | = | 0.8746 |
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 |
| = | (86.081 - 0 | - | 278.071) | / | 3489.333 |
| | = | -0.055022 |
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.
THK Co has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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