Konica Minolta Beneish M-Score Historical Data
The historical data trend for Konica Minolta'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.
Konica Minolta Beneish M-Score Chart
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Konica Minolta Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.49 |
-2.71 |
-2.78 |
-2.65 |
-2.86 |
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Konica Minolta Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.33 |
-2.86 |
-2.91 |
-3.04 |
-3.19 |
Competitive Comparison of Konica Minolta's Beneish M-Score
For the Business Equipment & Supplies subindustry, Konica Minolta'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.
Konica Minolta's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Konica Minolta's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Konica Minolta's Beneish M-Score falls into.
Konica Minolta 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 Konica Minolta 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 * 0.9274 | + | 0.528 * 0.9717 | + | 0.404 * 0.8495 | + | 0.892 * 1.0751 | + | 0.115 * 1.0061 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9859 | + | 4.679 * -0.134524 | - | 0.327 * 1.028 |
| = | -3.19 |
* 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299,156 Mil.
Revenue was 289205 + 286355 + 266408 + 309370 = 円1,151,338 Mil.
Gross Profit was 130879 + 125340 + 111900 + 134355 = 円502,474 Mil.
Total Current Assets was 円703,360 Mil.
Total Assets was 円1,343,230 Mil.
Property, Plant and Equipment(Net PPE) was 円283,377 Mil.
Depreciation, Depletion and Amortization(DDA) was 円75,662 Mil.
Selling, General, & Admin. Expense(SGA) was 円471,497 Mil.
Total Current Liabilities was 円524,596 Mil.
Long-Term Debt & Capital Lease Obligation was 円272,082 Mil.
Net Income was 343 + 1073 + -5566 + -99897 = 円-104,047 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 14518 + 31820 + 206 + 30106 = 円76,650 Mil.
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Total Receivables was 円300,042 Mil.
Revenue was 290283 + 282894 + 247849 + 249902 = 円1,070,928 Mil.
Gross Profit was 125572 + 121258 + 104758 + 102584 = 円454,172 Mil.
Total Current Assets was 円710,183 Mil.
Total Assets was 円1,442,495 Mil.
Property, Plant and Equipment(Net PPE) was 円281,640 Mil.
Depreciation, Depletion and Amortization(DDA) was 円75,776 Mil.
Selling, General, & Admin. Expense(SGA) was 円444,829 Mil.
Total Current Liabilities was 円560,418 Mil.
Long-Term Debt & Capital Lease Obligation was 円271,822 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) |
| = | (299156 / 1151338) | / | (300042 / 1070928) |
| = | 0.259833 | / | 0.28017 |
| | = | 0.9274 |
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) |
| = | (454172 / 1070928) | / | (502474 / 1151338) |
| = | 0.424092 | / | 0.436426 |
| | = | 0.9717 |
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 - (703360 + 283377) / 1343230) | / | (1 - (710183 + 281640) / 1442495) |
| = | 0.2654 | / | 0.312425 |
| | = | 0.8495 |
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 |
| = | 1151338 | / | 1070928 |
| | = | 1.0751 |
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)) |
| = | (75776 / (75776 + 281640)) | / | (75662 / (75662 + 283377)) |
| = | 0.212011 | / | 0.210735 |
| | = | 1.0061 |
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) |
| = | (471497 / 1151338) | / | (444829 / 1070928) |
| = | 0.409521 | / | 0.415368 |
| | = | 0.9859 |
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) |
| = | ((272082 + 524596) / 1343230) | / | ((271822 + 560418) / 1442495) |
| = | 0.593106 | / | 0.576945 |
| | = | 1.028 |
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 |
| = | (-104047 - 0 | - | 76650) | / | 1343230 |
| | = | -0.134524 |
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.
Konica Minolta has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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