Hitachi Zosen Beneish M-Score Historical Data
The historical data trend for Hitachi Zosen'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.
Hitachi Zosen Beneish M-Score Chart
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Hitachi Zosen Annual Data
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Mar14 |
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Mar23 |
| Beneish M-Score |
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-2.26 |
-2.94 |
-2.59 |
-2.55 |
-2.57 |
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Hitachi Zosen Quarterly Data
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Dec23 |
| Beneish M-Score |
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-2.57 |
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Competitive Comparison of Hitachi Zosen's Beneish M-Score
For the Pollution & Treatment Controls subindustry, Hitachi Zosen'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.
Hitachi Zosen's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Hitachi Zosen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hitachi Zosen's Beneish M-Score falls into.
Hitachi Zosen 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 Hitachi Zosen 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 * 0.9374 | + | 0.528 * 0.9652 | + | 0.404 * 1.0305 | + | 0.892 * 1.1152 | + | 0.115 * 0.895 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0269 | + | 4.679 * -0.025915 | - | 0.327 * 0.9851 |
| = | -2.57 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was 円198,378 Mil.
Revenue was 円492,692 Mil.
Gross Profit was 円83,358 Mil.
Total Current Assets was 円318,853 Mil.
Total Assets was 円479,682 Mil.
Property, Plant and Equipment(Net PPE) was 円98,253 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,973 Mil.
Selling, General, & Admin. Expense(SGA) was 円9,803 Mil.
Total Current Liabilities was 円240,811 Mil.
Long-Term Debt & Capital Lease Obligation was 円68,506 Mil.
Net Income was 円15,577 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円28,008 Mil.
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Total Receivables was 円189,775 Mil.
Revenue was 円441,797 Mil.
Gross Profit was 円72,149 Mil.
Total Current Assets was 円292,241 Mil.
Total Assets was 円461,161 Mil.
Property, Plant and Equipment(Net PPE) was 円110,539 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,921 Mil.
Selling, General, & Admin. Expense(SGA) was 円8,560 Mil.
Total Current Liabilities was 円238,015 Mil.
Long-Term Debt & Capital Lease Obligation was 円63,863 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) |
| = | (198378 / 492692) | / | (189775 / 441797) |
| = | 0.402641 | / | 0.429552 |
| | = | 0.9374 |
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) |
| = | (72149 / 441797) | / | (83358 / 492692) |
| = | 0.163308 | / | 0.169189 |
| | = | 0.9652 |
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 - (318853 + 98253) / 479682) | / | (1 - (292241 + 110539) / 461161) |
| = | 0.130453 | / | 0.126596 |
| | = | 1.0305 |
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 |
| = | 492692 | / | 441797 |
| | = | 1.1152 |
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)) |
| = | (10921 / (10921 + 110539)) | / | (10973 / (10973 + 98253)) |
| = | 0.089914 | / | 0.100461 |
| | = | 0.895 |
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) |
| = | (9803 / 492692) | / | (8560 / 441797) |
| = | 0.019897 | / | 0.019375 |
| | = | 1.0269 |
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) |
| = | ((68506 + 240811) / 479682) | / | ((63863 + 238015) / 461161) |
| = | 0.644838 | / | 0.654604 |
| | = | 0.9851 |
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 |
| = | (15577 - 0 | - | 28008) | / | 479682 |
| | = | -0.025915 |
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.
Hitachi Zosen has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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