JFE Holdings Beneish M-Score Historical Data
The historical data trend for JFE 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.
JFE Holdings Beneish M-Score Chart
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JFE Holdings Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.87 |
-2.65 |
-2.55 |
-2.49 |
-2.71 |
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JFE Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.49 |
-2.59 |
-2.77 |
-2.76 |
-2.71 |
Competitive Comparison of JFE Holdings's Beneish M-Score
For the Steel subindustry, JFE 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.
JFE Holdings's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, JFE Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JFE Holdings's Beneish M-Score falls into.
JFE 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 JFE 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 * 1.0234 | + | 0.528 * 0.9121 | + | 0.404 * 1.0634 | + | 0.892 * 0.9821 | + | 0.115 * 1.0105 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0603 | + | 4.679 * -0.048922 | - | 0.327 * 0.9281 |
| = | -2.71 |
* 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896,997 Mil.
Revenue was 1308885 + 1289159 + 1314501 + 1262086 = 円5,174,631 Mil.
Gross Profit was 165447 + 168716 + 170028 + 151993 = 円656,184 Mil.
Total Current Assets was 円2,627,020 Mil.
Total Assets was 円5,754,964 Mil.
Property, Plant and Equipment(Net PPE) was 円2,046,975 Mil.
Depreciation, Depletion and Amortization(DDA) was 円274,101 Mil.
Selling, General, & Admin. Expense(SGA) was 円408,681 Mil.
Total Current Liabilities was 円1,620,195 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,403,849 Mil.
Net Income was 34498 + 52831 + 50489 + 59603 = 円197,421 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 313061 + -40469 + 317487 + -111112 = 円478,967 Mil.
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Total Receivables was 円892,408 Mil.
Revenue was 1360206 + 1344252 + 1310735 + 1253600 = 円5,268,793 Mil.
Gross Profit was 124931 + 156028 + 159195 + 169267 = 円609,421 Mil.
Total Current Assets was 円2,558,615 Mil.
Total Assets was 円5,524,040 Mil.
Property, Plant and Equipment(Net PPE) was 円1,989,664 Mil.
Depreciation, Depletion and Amortization(DDA) was 円269,600 Mil.
Selling, General, & Admin. Expense(SGA) was 円392,445 Mil.
Total Current Liabilities was 円1,661,798 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,465,939 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) |
| = | (896997 / 5174631) | / | (892408 / 5268793) |
| = | 0.173345 | / | 0.169376 |
| | = | 1.0234 |
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) |
| = | (609421 / 5268793) | / | (656184 / 5174631) |
| = | 0.115666 | / | 0.126808 |
| | = | 0.9121 |
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 - (2627020 + 2046975) / 5754964) | / | (1 - (2558615 + 1989664) / 5524040) |
| = | 0.187832 | / | 0.176639 |
| | = | 1.0634 |
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 |
| = | 5174631 | / | 5268793 |
| | = | 0.9821 |
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)) |
| = | (269600 / (269600 + 1989664)) | / | (274101 / (274101 + 2046975)) |
| = | 0.119331 | / | 0.118092 |
| | = | 1.0105 |
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) |
| = | (408681 / 5174631) | / | (392445 / 5268793) |
| = | 0.078978 | / | 0.074485 |
| | = | 1.0603 |
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) |
| = | ((1403849 + 1620195) / 5754964) | / | ((1465939 + 1661798) / 5524040) |
| = | 0.525467 | / | 0.566205 |
| | = | 0.9281 |
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 |
| = | (197421 - 0 | - | 478967) | / | 5754964 |
| | = | -0.048922 |
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.
JFE Holdings has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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