Renesas Electronics Beneish M-Score Historical Data
The historical data trend for Renesas Electronics'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.
Renesas Electronics Beneish M-Score Chart
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Renesas Electronics Annual Data
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Mar14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-3.10 |
-2.20 |
-2.65 |
-2.62 |
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Renesas Electronics Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar23 |
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Mar24 |
| Beneish M-Score |
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-2.73 |
-2.71 |
-2.47 |
-2.62 |
-2.43 |
Competitive Comparison of Renesas Electronics's Beneish M-Score
For the Semiconductors subindustry, Renesas Electronics'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.
Renesas Electronics's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Renesas Electronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Renesas Electronics's Beneish M-Score falls into.
Renesas Electronics 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 Renesas Electronics 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 * 1.2504 | + | 0.528 * 0.9941 | + | 0.404 * 1.0766 | + | 0.892 * 0.9656 | + | 0.115 * 1.1891 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1263 | + | 4.679 * -0.054391 | - | 0.327 * 0.7569 |
| = | -2.43 |
* 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184,595 Mil.
Revenue was 351790 + 361933 + 379391 + 368717 = 円1,461,831 Mil.
Gross Profit was 197463 + 203497 + 219551 + 211169 = 円831,680 Mil.
Total Current Assets was 円623,470 Mil.
Total Assets was 円3,233,747 Mil.
Property, Plant and Equipment(Net PPE) was 円307,166 Mil.
Depreciation, Depletion and Amortization(DDA) was 円188,843 Mil.
Selling, General, & Admin. Expense(SGA) was 円478,266 Mil.
Total Current Liabilities was 円697,983 Mil.
Long-Term Debt & Capital Lease Obligation was 円222,960 Mil.
Net Income was 79866 + 65952 + 75329 + 90594 = 円311,741 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 62404 + 156513 + 111144 + 157567 = 円487,628 Mil.
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Total Receivables was 円152,897 Mil.
Revenue was 359374 + 390813 + 387132 + 376620 = 円1,513,939 Mil.
Gross Profit was 200111 + 218242 + 219961 + 217898 = 円856,212 Mil.
Total Current Assets was 円735,384 Mil.
Total Assets was 円2,840,835 Mil.
Property, Plant and Equipment(Net PPE) was 円226,119 Mil.
Depreciation, Depletion and Amortization(DDA) was 円187,043 Mil.
Selling, General, & Admin. Expense(SGA) was 円439,761 Mil.
Total Current Liabilities was 円613,432 Mil.
Long-Term Debt & Capital Lease Obligation was 円455,504 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) |
| = | (184595 / 1461831) | / | (152897 / 1513939) |
| = | 0.126277 | / | 0.100993 |
| | = | 1.2504 |
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) |
| = | (856212 / 1513939) | / | (831680 / 1461831) |
| = | 0.565553 | / | 0.56893 |
| | = | 0.9941 |
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 - (623470 + 307166) / 3233747) | / | (1 - (735384 + 226119) / 2840835) |
| = | 0.712211 | / | 0.661542 |
| | = | 1.0766 |
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 |
| = | 1461831 | / | 1513939 |
| | = | 0.9656 |
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)) |
| = | (187043 / (187043 + 226119)) | / | (188843 / (188843 + 307166)) |
| = | 0.452711 | / | 0.380725 |
| | = | 1.1891 |
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) |
| = | (478266 / 1461831) | / | (439761 / 1513939) |
| = | 0.327169 | / | 0.290475 |
| | = | 1.1263 |
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) |
| = | ((222960 + 697983) / 3233747) | / | ((455504 + 613432) / 2840835) |
| = | 0.284791 | / | 0.376275 |
| | = | 0.7569 |
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 |
| = | (311741 - 0 | - | 487628) | / | 3233747 |
| | = | -0.054391 |
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.
Renesas Electronics has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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