Internet Initiative Japan Beneish M-Score Historical Data
The historical data trend for Internet Initiative Japan'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.
Internet Initiative Japan Beneish M-Score Chart
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Internet Initiative Japan 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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-3.10 |
-3.25 |
-3.09 |
-3.03 |
-2.73 |
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Internet Initiative Japan Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.86 |
-2.73 |
-2.85 |
-2.87 |
-2.66 |
Competitive Comparison of Internet Initiative Japan's Beneish M-Score
For the Telecom Services subindustry, Internet Initiative Japan'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.
Internet Initiative Japan's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Internet Initiative Japan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Internet Initiative Japan's Beneish M-Score falls into.
Internet Initiative Japan 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 Internet Initiative Japan 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 * 1.1227 | + | 0.528 * 0.991 | + | 0.404 * 1.0514 | + | 0.892 * 1.091 | + | 0.115 * 1.015 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.004 | + | 4.679 * -0.075569 | - | 0.327 * 1.1148 |
| = | -2.66 |
* 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48,257 Mil.
Revenue was 72900 + 66778 + 61420 + 67369 = 円268,467 Mil.
Gross Profit was 16764 + 15389 + 13800 + 16252 = 円62,205 Mil.
Total Current Assets was 円115,764 Mil.
Total Assets was 円262,530 Mil.
Property, Plant and Equipment(Net PPE) was 円68,836 Mil.
Depreciation, Depletion and Amortization(DDA) was 円29,476 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,453 Mil.
Total Current Liabilities was 円96,861 Mil.
Long-Term Debt & Capital Lease Obligation was 円60 Mil.
Net Income was 4657 + 4739 + 3583 + 5984 = 円18,963 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 11536 + 11035 + 5016 + 11215 = 円38,802 Mil.
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Total Receivables was 円39,397 Mil.
Revenue was 63377 + 63772 + 58190 + 60735 = 円246,074 Mil.
Gross Profit was 15165 + 13792 + 12700 + 14844 = 円56,501 Mil.
Total Current Assets was 円103,148 Mil.
Total Assets was 円234,858 Mil.
Property, Plant and Equipment(Net PPE) was 円65,400 Mil.
Depreciation, Depletion and Amortization(DDA) was 円28,610 Mil.
Selling, General, & Admin. Expense(SGA) was 円30,541 Mil.
Total Current Liabilities was 円74,102 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,671 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) |
| = | (48257 / 268467) | / | (39397 / 246074) |
| = | 0.17975 | / | 0.160102 |
| | = | 1.1227 |
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) |
| = | (56501 / 246074) | / | (62205 / 268467) |
| = | 0.22961 | / | 0.231704 |
| | = | 0.991 |
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 - (115764 + 68836) / 262530) | / | (1 - (103148 + 65400) / 234858) |
| = | 0.296842 | / | 0.282341 |
| | = | 1.0514 |
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 |
| = | 268467 | / | 246074 |
| | = | 1.091 |
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)) |
| = | (28610 / (28610 + 65400)) | / | (29476 / (29476 + 68836)) |
| = | 0.304329 | / | 0.299821 |
| | = | 1.015 |
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) |
| = | (33453 / 268467) | / | (30541 / 246074) |
| = | 0.124607 | / | 0.124113 |
| | = | 1.004 |
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) |
| = | ((60 + 96861) / 262530) | / | ((3671 + 74102) / 234858) |
| = | 0.369181 | / | 0.331149 |
| | = | 1.1148 |
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 |
| = | (18963 - 0 | - | 38802) | / | 262530 |
| | = | -0.075569 |
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.
Internet Initiative Japan has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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