Yamaha Beneish M-Score Historical Data
The historical data trend for Yamaha'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.
Yamaha Beneish M-Score Chart
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Yamaha Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.54 |
-2.90 |
-2.48 |
-2.43 |
-1.62 |
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Yamaha 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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-1.59 |
-1.62 |
-1.90 |
-2.04 |
-2.28 |
Competitive Comparison of Yamaha's Beneish M-Score
For the Leisure subindustry, Yamaha'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.
Yamaha's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Yamaha's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yamaha's Beneish M-Score falls into.
Yamaha 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 Yamaha 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 * 1.1236 | + | 0.528 * 1.0193 | + | 0.404 * 1.2804 | + | 0.892 * 1.0245 | + | 0.115 * 1.0025 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0776 | + | 4.679 * -0.014648 | - | 0.327 * 0.9344 |
| = | -2.28 |
* 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79,875 Mil.
Revenue was 122160 + 113432 + 106196 + 113189 = 円454,977 Mil.
Gross Profit was 46972 + 42901 + 39596 + 40366 = 円169,835 Mil.
Total Current Assets was 円353,530 Mil.
Total Assets was 円627,200 Mil.
Property, Plant and Equipment(Net PPE) was 円138,891 Mil.
Depreciation, Depletion and Amortization(DDA) was 円20,561 Mil.
Selling, General, & Admin. Expense(SGA) was 円134,767 Mil.
Total Current Liabilities was 円97,275 Mil.
Long-Term Debt & Capital Lease Obligation was 円9,531 Mil.
Net Income was 5774 + 8456 + 6721 + 8179 = 円29,130 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 6403 + 10913 + 8785 + 12216 = 円38,317 Mil.
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Total Receivables was 円69,386 Mil.
Revenue was 120211 + 112119 + 105889 + 105866 = 円444,085 Mil.
Gross Profit was 46588 + 43175 + 41009 + 38199 = 円168,971 Mil.
Total Current Assets was 円352,629 Mil.
Total Assets was 円577,135 Mil.
Property, Plant and Equipment(Net PPE) was 円127,649 Mil.
Depreciation, Depletion and Amortization(DDA) was 円18,952 Mil.
Selling, General, & Admin. Expense(SGA) was 円122,065 Mil.
Total Current Liabilities was 円94,951 Mil.
Long-Term Debt & Capital Lease Obligation was 円10,229 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) |
| = | (79875 / 454977) | / | (69386 / 444085) |
| = | 0.175558 | / | 0.156245 |
| | = | 1.1236 |
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) |
| = | (168971 / 444085) | / | (169835 / 454977) |
| = | 0.380492 | / | 0.373283 |
| | = | 1.0193 |
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 - (353530 + 138891) / 627200) | / | (1 - (352629 + 127649) / 577135) |
| = | 0.21489 | / | 0.167824 |
| | = | 1.2804 |
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 |
| = | 454977 | / | 444085 |
| | = | 1.0245 |
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)) |
| = | (18952 / (18952 + 127649)) | / | (20561 / (20561 + 138891)) |
| = | 0.129276 | / | 0.128948 |
| | = | 1.0025 |
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) |
| = | (134767 / 454977) | / | (122065 / 444085) |
| = | 0.296206 | / | 0.274869 |
| | = | 1.0776 |
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) |
| = | ((9531 + 97275) / 627200) | / | ((10229 + 94951) / 577135) |
| = | 0.17029 | / | 0.182245 |
| | = | 0.9344 |
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 |
| = | (29130 - 0 | - | 38317) | / | 627200 |
| | = | -0.014648 |
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.
Yamaha has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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