Mitsubishi Beneish M-Score Historical Data
The historical data trend for Mitsubishi'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.
Mitsubishi Beneish M-Score Chart
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Mitsubishi Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.33 |
-2.78 |
-2.68 |
-2.21 |
-2.54 |
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Mitsubishi Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Sep23 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.54 |
-2.55 |
-2.60 |
-2.63 |
Competitive Comparison of Mitsubishi's Beneish M-Score
For the Conglomerates subindustry, Mitsubishi'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.
Mitsubishi's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Mitsubishi's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mitsubishi's Beneish M-Score falls into.
Mitsubishi 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 Mitsubishi 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 * 1.0188 | + | 0.528 * 1.0124 | + | 0.404 * 1.0154 | + | 0.892 * 0.944 | + | 0.115 * 0.993 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1277 | + | 4.679 * -0.025342 | - | 0.327 * 0.9583 |
| = | -2.63 |
* 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4,258,168 Mil.
Revenue was 5144571 + 4825346 + 4735665 + 5287429 = 円19,993,011 Mil.
Gross Profit was 626331 + 528972 + 624339 + 643773 = 円2,423,415 Mil.
Total Current Assets was 円9,553,379 Mil.
Total Assets was 円23,226,990 Mil.
Property, Plant and Equipment(Net PPE) was 円4,718,452 Mil.
Depreciation, Depletion and Amortization(DDA) was 円598,523 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,659,971 Mil.
Total Current Liabilities was 円7,148,028 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,822,743 Mil.
Net Income was 230538 + 148355 + 317721 + 224935 = 円921,549 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 308348 + 210085 + 486640 + 505098 = 円1,510,171 Mil.
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Total Receivables was 円4,427,251 Mil.
Revenue was 5562666 + 5278439 + 5443439 + 4893690 = 円21,178,234 Mil.
Gross Profit was 617479 + 523998 + 774712 + 682837 = 円2,599,026 Mil.
Total Current Assets was 円9,486,324 Mil.
Total Assets was 円22,573,728 Mil.
Property, Plant and Equipment(Net PPE) was 円4,516,179 Mil.
Depreciation, Depletion and Amortization(DDA) was 円568,342 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,559,313 Mil.
Total Current Liabilities was 円7,354,476 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,785,479 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) |
| = | (4258168 / 19993011) | / | (4427251 / 21178234) |
| = | 0.212983 | / | 0.209047 |
| | = | 1.0188 |
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) |
| = | (2599026 / 21178234) | / | (2423415 / 19993011) |
| = | 0.122722 | / | 0.121213 |
| | = | 1.0124 |
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 - (9553379 + 4718452) / 23226990) | / | (1 - (9486324 + 4516179) / 22573728) |
| = | 0.38555 | / | 0.379699 |
| | = | 1.0154 |
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 |
| = | 19993011 | / | 21178234 |
| | = | 0.944 |
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)) |
| = | (568342 / (568342 + 4516179)) | / | (598523 / (598523 + 4718452)) |
| = | 0.111779 | / | 0.112568 |
| | = | 0.993 |
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) |
| = | (1659971 / 19993011) | / | (1559313 / 21178234) |
| = | 0.083028 | / | 0.073628 |
| | = | 1.1277 |
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) |
| = | ((4822743 + 7148028) / 23226990) | / | ((4785479 + 7354476) / 22573728) |
| = | 0.515382 | / | 0.537791 |
| | = | 0.9583 |
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 |
| = | (921549 - 0 | - | 1510171) | / | 23226990 |
| | = | -0.025342 |
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.
Mitsubishi has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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