TDK Beneish M-Score Historical Data
The historical data trend for TDK'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.
TDK Beneish M-Score Chart
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TDK Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.65 |
-3.06 |
-2.53 |
-2.23 |
-2.56 |
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TDK 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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-2.47 |
-2.56 |
-2.71 |
-2.86 |
-2.80 |
Competitive Comparison of TDK's Beneish M-Score
For the Electronic Components subindustry, TDK'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.
TDK's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, TDK's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TDK's Beneish M-Score falls into.
TDK 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 TDK 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 * 1.0679 | + | 0.528 * 1.1215 | + | 0.404 * 1.0618 | + | 0.892 * 0.943 | + | 0.115 * 1.039 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0195 | + | 4.679 * -0.095064 | - | 0.327 * 0.934 |
| = | -2.80 |
* 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568,422 Mil.
Revenue was 559250 + 556312 + 503399 + 471852 = 円2,090,813 Mil.
Gross Profit was 181456 + 166949 + 127006 + 71931 = 円547,342 Mil.
Total Current Assets was 円1,707,997 Mil.
Total Assets was 円3,314,424 Mil.
Property, Plant and Equipment(Net PPE) was 円1,012,107 Mil.
Depreciation, Depletion and Amortization(DDA) was 円193,570 Mil.
Selling, General, & Admin. Expense(SGA) was 円434,876 Mil.
Total Current Liabilities was 円1,021,840 Mil.
Long-Term Debt & Capital Lease Obligation was 円469,817 Mil.
Net Income was 65303 + 39463 + 14725 + -22688 = 円96,803 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 128762 + 147199 + 57379 + 78546 = 円411,886 Mil.
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Total Receivables was 円564,472 Mil.
Revenue was 586972 + 611489 + 510504 + 508269 = 円2,217,234 Mil.
Gross Profit was 172348 + 188181 + 152062 + 138345 = 円650,936 Mil.
Total Current Assets was 円1,623,169 Mil.
Total Assets was 円3,173,656 Mil.
Property, Plant and Equipment(Net PPE) was 円1,014,526 Mil.
Depreciation, Depletion and Amortization(DDA) was 円203,109 Mil.
Selling, General, & Admin. Expense(SGA) was 円452,341 Mil.
Total Current Liabilities was 円1,041,781 Mil.
Long-Term Debt & Capital Lease Obligation was 円487,461 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) |
| = | (568422 / 2090813) | / | (564472 / 2217234) |
| = | 0.271866 | / | 0.254584 |
| | = | 1.0679 |
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) |
| = | (650936 / 2217234) | / | (547342 / 2090813) |
| = | 0.29358 | / | 0.261784 |
| | = | 1.1215 |
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 - (1707997 + 1012107) / 3314424) | / | (1 - (1623169 + 1014526) / 3173656) |
| = | 0.179313 | / | 0.168878 |
| | = | 1.0618 |
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 |
| = | 2090813 | / | 2217234 |
| | = | 0.943 |
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)) |
| = | (203109 / (203109 + 1014526)) | / | (193570 / (193570 + 1012107)) |
| = | 0.166806 | / | 0.160549 |
| | = | 1.039 |
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) |
| = | (434876 / 2090813) | / | (452341 / 2217234) |
| = | 0.207994 | / | 0.204011 |
| | = | 1.0195 |
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) |
| = | ((469817 + 1021840) / 3314424) | / | ((487461 + 1041781) / 3173656) |
| = | 0.45005 | / | 0.481855 |
| | = | 0.934 |
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 |
| = | (96803 - 0 | - | 411886) | / | 3314424 |
| | = | -0.095064 |
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.
TDK has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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