Tsugami Beneish M-Score Historical Data
The historical data trend for Tsugami'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.
Tsugami Beneish M-Score Chart
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Tsugami Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.03 |
-3.07 |
-2.26 |
-2.13 |
-2.63 |
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Tsugami 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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-2.36 |
-2.63 |
-2.53 |
-2.97 |
-2.85 |
Competitive Comparison of Tsugami's Beneish M-Score
For the Tools & Accessories subindustry, Tsugami'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.
Tsugami's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Tsugami's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tsugami's Beneish M-Score falls into.
Tsugami 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 Tsugami 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 * 1.079 | + | 0.528 * 1.0032 | + | 0.404 * 1.0361 | + | 0.892 * 0.9148 | + | 0.115 * 1.1258 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.141 | + | 4.679 * -0.087811 | - | 0.327 * 0.883 |
| = | -2.85 |
* 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22,442 Mil.
Revenue was 22545 + 19193 + 21101 + 22535 = 円85,374 Mil.
Gross Profit was 6555 + 4934 + 6092 + 6187 = 円23,768 Mil.
Total Current Assets was 円88,605 Mil.
Total Assets was 円112,503 Mil.
Property, Plant and Equipment(Net PPE) was 円17,842 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,035 Mil.
Selling, General, & Admin. Expense(SGA) was 円11,403 Mil.
Total Current Liabilities was 円39,286 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 1442 + 886 + 1304 + 1616 = 円5,248 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 5519 + 2985 + 3305 + 3318 = 円15,127 Mil.
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Total Receivables was 円22,738 Mil.
Revenue was 24463 + 22428 + 25536 + 20903 = 円93,330 Mil.
Gross Profit was 7086 + 5926 + 7559 + 5496 = 円26,067 Mil.
Total Current Assets was 円85,914 Mil.
Total Assets was 円107,189 Mil.
Property, Plant and Equipment(Net PPE) was 円15,706 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,046 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,925 Mil.
Total Current Liabilities was 円42,391 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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) |
| = | (22442 / 85374) | / | (22738 / 93330) |
| = | 0.262867 | / | 0.24363 |
| | = | 1.079 |
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) |
| = | (26067 / 93330) | / | (23768 / 85374) |
| = | 0.279299 | / | 0.278399 |
| | = | 1.0032 |
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 - (88605 + 17842) / 112503) | / | (1 - (85914 + 15706) / 107189) |
| = | 0.05383 | / | 0.051955 |
| | = | 1.0361 |
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 |
| = | 85374 | / | 93330 |
| | = | 0.9148 |
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)) |
| = | (2046 / (2046 + 15706)) | / | (2035 / (2035 + 17842)) |
| = | 0.115255 | / | 0.10238 |
| | = | 1.1258 |
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) |
| = | (11403 / 85374) | / | (10925 / 93330) |
| = | 0.133565 | / | 0.117058 |
| | = | 1.141 |
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) |
| = | ((0 + 39286) / 112503) | / | ((0 + 42391) / 107189) |
| = | 0.3492 | / | 0.395479 |
| | = | 0.883 |
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 |
| = | (5248 - 0 | - | 15127) | / | 112503 |
| | = | -0.087811 |
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.
Tsugami has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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