Nippon Shinyaku Co Beneish M-Score Historical Data
The historical data trend for Nippon Shinyaku 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.
Nippon Shinyaku Co Beneish M-Score Chart
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Nippon Shinyaku Co Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.96 |
-2.16 |
-2.92 |
-2.43 |
-2.48 |
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Nippon Shinyaku Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Dec21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.48 |
-2.39 |
-2.30 |
-2.41 |
Competitive Comparison of Nippon Shinyaku Co's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Nippon Shinyaku 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.
Nippon Shinyaku Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Nippon Shinyaku Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nippon Shinyaku Co's Beneish M-Score falls into.
Nippon Shinyaku 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 Nippon Shinyaku 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 * 0.8838 | + | 0.528 * 0.9422 | + | 0.404 * 1.2051 | + | 0.892 * 1.0416 | + | 0.115 * 1.0117 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.018 | + | 4.679 * 0.00993 | - | 0.327 * 0.8541 |
| = | -2.41 |
* 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47,507 Mil.
Revenue was 39413 + 36301 + 37012 + 34256 = 円146,982 Mil.
Gross Profit was 26120 + 23943 + 24050 + 20832 = 円94,945 Mil.
Total Current Assets was 円160,901 Mil.
Total Assets was 円247,830 Mil.
Property, Plant and Equipment(Net PPE) was 円35,330 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,057 Mil.
Selling, General, & Admin. Expense(SGA) was 円35,761 Mil.
Total Current Liabilities was 円27,193 Mil.
Long-Term Debt & Capital Lease Obligation was 円751 Mil.
Net Income was 7826 + 7426 + 8749 + 138 = 円24,139 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 188 + 7412 + 526 + 13552 = 円21,678 Mil.
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Total Receivables was 円51,607 Mil.
Revenue was 38783 + 35517 + 35619 + 31192 = 円141,111 Mil.
Gross Profit was 24218 + 21454 + 21690 + 18522 = 円85,884 Mil.
Total Current Assets was 円158,427 Mil.
Total Assets was 円231,876 Mil.
Property, Plant and Equipment(Net PPE) was 円33,388 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,843 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,724 Mil.
Total Current Liabilities was 円29,740 Mil.
Long-Term Debt & Capital Lease Obligation was 円873 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) |
| = | (47507 / 146982) | / | (51607 / 141111) |
| = | 0.323216 | / | 0.365719 |
| | = | 0.8838 |
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) |
| = | (85884 / 141111) | / | (94945 / 146982) |
| = | 0.608627 | / | 0.645963 |
| | = | 0.9422 |
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 - (160901 + 35330) / 247830) | / | (1 - (158427 + 33388) / 231876) |
| = | 0.208203 | / | 0.172769 |
| | = | 1.2051 |
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 |
| = | 146982 | / | 141111 |
| | = | 1.0416 |
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)) |
| = | (4843 / (4843 + 33388)) | / | (5057 / (5057 + 35330)) |
| = | 0.126677 | / | 0.125214 |
| | = | 1.0117 |
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) |
| = | (35761 / 146982) | / | (33724 / 141111) |
| = | 0.243302 | / | 0.238989 |
| | = | 1.018 |
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) |
| = | ((751 + 27193) / 247830) | / | ((873 + 29740) / 231876) |
| = | 0.112755 | / | 0.132023 |
| | = | 0.8541 |
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 |
| = | (24139 - 0 | - | 21678) | / | 247830 |
| | = | 0.00993 |
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.
Nippon Shinyaku Co has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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