DeNA Co Beneish M-Score Historical Data
The historical data trend for DeNA 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.
DeNA Co Beneish M-Score Chart
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DeNA Co Annual Data
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Trend |
Mar14 |
Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.85 |
-3.76 |
-2.42 |
-2.26 |
-2.54 |
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DeNA Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-2.54 |
-2.36 |
-2.16 |
-2.65 |
Competitive Comparison of DeNA Co's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, DeNA 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.
DeNA Co's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, DeNA Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DeNA Co's Beneish M-Score falls into.
DeNA 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 DeNA 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 * 1.0682 | + | 0.528 * 1.0524 | + | 0.404 * 1.0591 | + | 0.892 * 1.0341 | + | 0.115 * 0.8716 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0239 | + | 4.679 * -0.066046 | - | 0.327 * 0.9651 |
| = | -2.65 |
* 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 円20,767 Mil.
Revenue was 29002 + 38997 + 36150 + 33519 = 円137,668 Mil.
Gross Profit was 10900 + 18623 + 17128 + 15751 = 円62,402 Mil.
Total Current Assets was 円107,192 Mil.
Total Assets was 円316,975 Mil.
Property, Plant and Equipment(Net PPE) was 円21,220 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,769 Mil.
Selling, General, & Admin. Expense(SGA) was 円62,528 Mil.
Total Current Liabilities was 円34,233 Mil.
Long-Term Debt & Capital Lease Obligation was 円39,659 Mil.
Net Income was -38635 + 2763 + 4639 + 1570 = 円-29,663 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -5246 + -445 + -3970 + 933 = 円-8,728 Mil.
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Total Receivables was 円18,801 Mil.
Revenue was 30172 + 36449 + 34773 + 31738 = 円133,132 Mil.
Gross Profit was 12950 + 18027 + 17362 + 15167 = 円63,506 Mil.
Total Current Assets was 円128,311 Mil.
Total Assets was 円338,967 Mil.
Property, Plant and Equipment(Net PPE) was 円20,255 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,410 Mil.
Selling, General, & Admin. Expense(SGA) was 円59,056 Mil.
Total Current Liabilities was 円74,899 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,981 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) |
| = | (20767 / 137668) | / | (18801 / 133132) |
| = | 0.150848 | / | 0.141221 |
| | = | 1.0682 |
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) |
| = | (63506 / 133132) | / | (62402 / 137668) |
| = | 0.477015 | / | 0.453279 |
| | = | 1.0524 |
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 - (107192 + 21220) / 316975) | / | (1 - (128311 + 20255) / 338967) |
| = | 0.594883 | / | 0.56171 |
| | = | 1.0591 |
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 |
| = | 137668 | / | 133132 |
| | = | 1.0341 |
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)) |
| = | (5410 / (5410 + 20255)) | / | (6769 / (6769 + 21220)) |
| = | 0.210793 | / | 0.241845 |
| | = | 0.8716 |
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) |
| = | (62528 / 137668) | / | (59056 / 133132) |
| = | 0.454194 | / | 0.44359 |
| | = | 1.0239 |
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) |
| = | ((39659 + 34233) / 316975) | / | ((6981 + 74899) / 338967) |
| = | 0.233116 | / | 0.241557 |
| | = | 0.9651 |
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 |
| = | (-29663 - 0 | - | -8728) | / | 316975 |
| | = | -0.066046 |
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.
DeNA Co has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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