Recruit Holdings Co Beneish M-Score Historical Data
The historical data trend for Recruit Holdings 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.
Recruit Holdings Co Beneish M-Score Chart
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Recruit Holdings Co Annual Data
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Mar14 |
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Mar19 |
Mar20 |
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Mar23 |
| Beneish M-Score |
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-2.72 |
-2.87 |
-2.61 |
-2.60 |
-2.66 |
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Recruit Holdings Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec23 |
| Beneish M-Score |
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-2.45 |
-2.66 |
-2.54 |
-2.67 |
-2.62 |
Competitive Comparison of Recruit Holdings Co's Beneish M-Score
For the Internet Content & Information subindustry, Recruit Holdings 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.
Recruit Holdings Co's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Recruit Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Recruit Holdings Co's Beneish M-Score falls into.
Recruit Holdings 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 Recruit Holdings 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 * 0.9602 | + | 0.528 * 1.0116 | + | 0.404 * 0.9935 | + | 0.892 * 1.0116 | + | 0.115 * 0.9715 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9573 | + | 4.679 * -0.038952 | - | 0.327 * 0.8259 |
| = | -2.62 |
* 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522,961 Mil.
Revenue was 866775 + 855110 + 850828 + 827751 = 円3,400,464 Mil.
Gross Profit was 485201 + 491531 + 495617 + 482769 = 円1,955,118 Mil.
Total Current Assets was 円1,653,872 Mil.
Total Assets was 円3,020,266 Mil.
Property, Plant and Equipment(Net PPE) was 円236,477 Mil.
Depreciation, Depletion and Amortization(DDA) was 円117,037 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,521,267 Mil.
Total Current Liabilities was 円694,361 Mil.
Long-Term Debt & Capital Lease Obligation was 円169,219 Mil.
Net Income was 106360 + 115013 + 98060 + 22165 = 円341,598 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 114995 + 190386 + 54558 + 99303 = 円459,242 Mil.
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Total Receivables was 円538,372 Mil.
Revenue was 880119 + 878473 + 843175 + 759742 = 円3,361,509 Mil.
Gross Profit was 504536 + 513947 + 495622 + 441109 = 円1,955,214 Mil.
Total Current Assets was 円1,429,669 Mil.
Total Assets was 円2,708,782 Mil.
Property, Plant and Equipment(Net PPE) was 円259,126 Mil.
Depreciation, Depletion and Amortization(DDA) was 円122,857 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,570,924 Mil.
Total Current Liabilities was 円749,339 Mil.
Long-Term Debt & Capital Lease Obligation was 円188,420 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) |
| = | (522961 / 3400464) | / | (538372 / 3361509) |
| = | 0.153791 | / | 0.160158 |
| | = | 0.9602 |
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) |
| = | (1955214 / 3361509) | / | (1955118 / 3400464) |
| = | 0.581648 | / | 0.574956 |
| | = | 1.0116 |
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 - (1653872 + 236477) / 3020266) | / | (1 - (1429669 + 259126) / 2708782) |
| = | 0.374112 | / | 0.376548 |
| | = | 0.9935 |
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 |
| = | 3400464 | / | 3361509 |
| | = | 1.0116 |
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)) |
| = | (122857 / (122857 + 259126)) | / | (117037 / (117037 + 236477)) |
| = | 0.321629 | / | 0.331068 |
| | = | 0.9715 |
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) |
| = | (1521267 / 3400464) | / | (1570924 / 3361509) |
| = | 0.44737 | / | 0.467327 |
| | = | 0.9573 |
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) |
| = | ((169219 + 694361) / 3020266) | / | ((188420 + 749339) / 2708782) |
| = | 0.285928 | / | 0.346192 |
| | = | 0.8259 |
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 |
| = | (341598 - 0 | - | 459242) | / | 3020266 |
| | = | -0.038952 |
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.
Recruit Holdings Co has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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