Nomura Real Estate Holdings Beneish M-Score Historical Data
The historical data trend for Nomura Real Estate Holdings'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.
Nomura Real Estate Holdings Beneish M-Score Chart
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Nomura Real Estate Holdings Annual Data
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Mar24 |
| Beneish M-Score |
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-2.51 |
-2.44 |
-2.33 |
-1.44 |
-2.69 |
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Nomura Real Estate Holdings Quarterly Data
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Mar24 |
| Beneish M-Score |
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-1.44 |
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-2.69 |
Competitive Comparison of Nomura Real Estate Holdings's Beneish M-Score
For the Real Estate Services subindustry, Nomura Real Estate Holdings'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.
Nomura Real Estate Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Nomura Real Estate Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nomura Real Estate Holdings's Beneish M-Score falls into.
Nomura Real Estate Holdings 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 Nomura Real Estate Holdings 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 * 0.6001 | + | 0.528 * 1.0221 | + | 0.404 * 1.0941 | + | 0.892 * 1.1222 | + | 0.115 * 1.0529 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.001205 | - | 0.327 * 1.0122 |
| = | -2.69 |
* 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27,534 Mil.
Revenue was 円734,715 Mil.
Gross Profit was 円244,464 Mil.
Total Current Assets was 円1,256,777 Mil.
Total Assets was 円2,251,456 Mil.
Property, Plant and Equipment(Net PPE) was 円772,768 Mil.
Depreciation, Depletion and Amortization(DDA) was 円20,445 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円331,064 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,085,040 Mil.
Net Income was 円68,164 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円70,878 Mil.
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Total Receivables was 円40,890 Mil.
Revenue was 円654,735 Mil.
Gross Profit was 円222,662 Mil.
Total Current Assets was 円1,182,306 Mil.
Total Assets was 円2,110,693 Mil.
Property, Plant and Equipment(Net PPE) was 円738,235 Mil.
Depreciation, Depletion and Amortization(DDA) was 円20,593 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円327,829 Mil.
Long-Term Debt & Capital Lease Obligation was 円983,684 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) |
| = | (27534 / 734715) | / | (40890 / 654735) |
| = | 0.037476 | / | 0.062453 |
| | = | 0.6001 |
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) |
| = | (222662 / 654735) | / | (244464 / 734715) |
| = | 0.34008 | / | 0.332733 |
| | = | 1.0221 |
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 - (1256777 + 772768) / 2251456) | / | (1 - (1182306 + 738235) / 2110693) |
| = | 0.098563 | / | 0.09009 |
| | = | 1.0941 |
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 |
| = | 734715 | / | 654735 |
| | = | 1.1222 |
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)) |
| = | (20593 / (20593 + 738235)) | / | (20445 / (20445 + 772768)) |
| = | 0.027138 | / | 0.025775 |
| | = | 1.0529 |
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 / 734715) | / | (0 / 654735) |
| = | 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) |
| = | ((1085040 + 331064) / 2251456) | / | ((983684 + 327829) / 2110693) |
| = | 0.628973 | / | 0.621366 |
| | = | 1.0122 |
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 |
| = | (68164 - 0 | - | 70878) | / | 2251456 |
| | = | -0.001205 |
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.
Nomura Real Estate Holdings has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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