Okamura Beneish M-Score Historical Data
The historical data trend for Okamura'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.
Okamura Beneish M-Score Chart
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Okamura Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.54 |
-2.82 |
-2.26 |
-2.40 |
-2.35 |
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Okamura Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.40 |
-2.28 |
-2.40 |
-2.45 |
-2.35 |
Competitive Comparison of Okamura's Beneish M-Score
For the Business Equipment & Supplies subindustry, Okamura'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.
Okamura's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Okamura's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Okamura's Beneish M-Score falls into.
Okamura 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 Okamura 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 * 1.0279 | + | 0.528 * 0.9606 | + | 0.404 * 1.1217 | + | 0.892 * 1.0768 | + | 0.115 * 1.0844 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.989 | + | 4.679 * -0.003796 | - | 0.327 * 0.9596 |
| = | -2.35 |
* 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81,433 Mil.
Revenue was 88074 + 70609 + 68531 + 71081 = 円298,295 Mil.
Gross Profit was 31518 + 22170 + 22626 + 23458 = 円99,772 Mil.
Total Current Assets was 円144,990 Mil.
Total Assets was 円282,118 Mil.
Property, Plant and Equipment(Net PPE) was 円81,585 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,532 Mil.
Selling, General, & Admin. Expense(SGA) was 円12,904 Mil.
Total Current Liabilities was 円76,291 Mil.
Long-Term Debt & Capital Lease Obligation was 円9,468 Mil.
Net Income was 7646 + 2453 + 4119 + 6062 = 円20,280 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 5926 + 2835 + 9122 + 3468 = 円21,351 Mil.
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Total Receivables was 円73,571 Mil.
Revenue was 79484 + 67609 + 66200 + 63722 = 円277,015 Mil.
Gross Profit was 27915 + 20798 + 20178 + 20114 = 円89,005 Mil.
Total Current Assets was 円137,443 Mil.
Total Assets was 円252,914 Mil.
Property, Plant and Equipment(Net PPE) was 円71,080 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,213 Mil.
Selling, General, & Admin. Expense(SGA) was 円12,116 Mil.
Total Current Liabilities was 円66,470 Mil.
Long-Term Debt & Capital Lease Obligation was 円13,650 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) |
| = | (81433 / 298295) | / | (73571 / 277015) |
| = | 0.272995 | / | 0.265585 |
| | = | 1.0279 |
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) |
| = | (89005 / 277015) | / | (99772 / 298295) |
| = | 0.3213 | / | 0.334474 |
| | = | 0.9606 |
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 - (144990 + 81585) / 282118) | / | (1 - (137443 + 71080) / 252914) |
| = | 0.196879 | / | 0.175518 |
| | = | 1.1217 |
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 |
| = | 298295 | / | 277015 |
| | = | 1.0768 |
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)) |
| = | (6213 / (6213 + 71080)) | / | (6532 / (6532 + 81585)) |
| = | 0.080382 | / | 0.074129 |
| | = | 1.0844 |
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) |
| = | (12904 / 298295) | / | (12116 / 277015) |
| = | 0.043259 | / | 0.043738 |
| | = | 0.989 |
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) |
| = | ((9468 + 76291) / 282118) | / | ((13650 + 66470) / 252914) |
| = | 0.303983 | / | 0.316788 |
| | = | 0.9596 |
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 |
| = | (20280 - 0 | - | 21351) | / | 282118 |
| | = | -0.003796 |
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.
Okamura has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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