Olympus Beneish M-Score Historical Data
The historical data trend for Olympus'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.
Olympus Beneish M-Score Chart
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Olympus Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.74 |
-3.00 |
-2.78 |
-2.57 |
-2.27 |
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Olympus 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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-2.32 |
-2.27 |
-1.73 |
-1.93 |
-1.72 |
Competitive Comparison of Olympus's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Olympus'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.
Olympus's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Olympus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Olympus's Beneish M-Score falls into.
Olympus 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 Olympus 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 * 0.8819 | + | 0.528 * 1.0138 | + | 0.404 * 0.9351 | + | 0.892 * 1.0848 | + | 0.115 * 1.1229 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0378 | + | 4.679 * 0.163303 | - | 0.327 * 0.876 |
| = | -1.72 |
* 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165,268 Mil.
Revenue was 239070 + 228921 + 207723 + 240378 = 円916,092 Mil.
Gross Profit was 162996 + 151211 + 137226 + 163125 = 円614,558 Mil.
Total Current Assets was 円788,140 Mil.
Total Assets was 円1,468,078 Mil.
Property, Plant and Equipment(Net PPE) was 円249,417 Mil.
Depreciation, Depletion and Amortization(DDA) was 円63,563 Mil.
Selling, General, & Admin. Expense(SGA) was 円455,369 Mil.
Total Current Liabilities was 円379,955 Mil.
Long-Term Debt & Capital Lease Obligation was 円224,718 Mil.
Net Income was 18916 + -24264 + 240560 + 35215 = 円270,427 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -1084 + 41335 + -53112 + 43547 = 円30,686 Mil.
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Total Receivables was 円172,757 Mil.
Revenue was 224485 + 224795 + 192265 + 202939 = 円844,484 Mil.
Gross Profit was 156198 + 151805 + 125721 + 140633 = 円574,357 Mil.
Total Current Assets was 円722,541 Mil.
Total Assets was 円1,392,608 Mil.
Property, Plant and Equipment(Net PPE) was 円233,353 Mil.
Depreciation, Depletion and Amortization(DDA) was 円68,935 Mil.
Selling, General, & Admin. Expense(SGA) was 円404,483 Mil.
Total Current Liabilities was 円355,252 Mil.
Long-Term Debt & Capital Lease Obligation was 円299,512 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) |
| = | (165268 / 916092) | / | (172757 / 844484) |
| = | 0.180405 | / | 0.204571 |
| | = | 0.8819 |
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) |
| = | (574357 / 844484) | / | (614558 / 916092) |
| = | 0.680128 | / | 0.670847 |
| | = | 1.0138 |
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 - (788140 + 249417) / 1468078) | / | (1 - (722541 + 233353) / 1392608) |
| = | 0.293255 | / | 0.313594 |
| | = | 0.9351 |
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 |
| = | 916092 | / | 844484 |
| | = | 1.0848 |
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)) |
| = | (68935 / (68935 + 233353)) | / | (63563 / (63563 + 249417)) |
| = | 0.228044 | / | 0.20309 |
| | = | 1.1229 |
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) |
| = | (455369 / 916092) | / | (404483 / 844484) |
| = | 0.497078 | / | 0.478971 |
| | = | 1.0378 |
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) |
| = | ((224718 + 379955) / 1468078) | / | ((299512 + 355252) / 1392608) |
| = | 0.411881 | / | 0.470171 |
| | = | 0.876 |
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 |
| = | (270427 - 0 | - | 30686) | / | 1468078 |
| | = | 0.163303 |
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.
Olympus has a M-score of -1.72 signals that the company is likely to be a manipulator.
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