Unicharm Beneish M-Score Historical Data
The historical data trend for Unicharm'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.
Unicharm Beneish M-Score Chart
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Unicharm Annual Data
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Trend |
Mar14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-3.14 |
-2.48 |
-2.37 |
-2.76 |
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Unicharm 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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-2.37 |
-2.49 |
-2.52 |
-2.58 |
-2.76 |
Competitive Comparison of Unicharm's Beneish M-Score
For the Household & Personal Products subindustry, Unicharm'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.
Unicharm's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Unicharm's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Unicharm's Beneish M-Score falls into.
Unicharm 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 Unicharm 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 * 0.9447 | + | 0.528 * 0.9803 | + | 0.404 * 1.1137 | + | 0.892 * 1.0487 | + | 0.115 * 1.0072 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0198 | + | 4.679 * -0.067361 | - | 0.327 * 0.962 |
| = | -2.76 |
* 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151,561 Mil.
Revenue was 254359 + 233493 + 233098 + 220839 = 円941,789 Mil.
Gross Profit was 98270 + 88611 + 87034 + 77612 = 円351,527 Mil.
Total Current Assets was 円638,902 Mil.
Total Assets was 円1,133,627 Mil.
Property, Plant and Equipment(Net PPE) was 円285,585 Mil.
Depreciation, Depletion and Amortization(DDA) was 円43,253 Mil.
Selling, General, & Admin. Expense(SGA) was 円223,554 Mil.
Total Current Liabilities was 円270,073 Mil.
Long-Term Debt & Capital Lease Obligation was 円13,588 Mil.
Net Income was 25060 + 26326 + 18151 + 16516 = 円86,053 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 48090 + 33478 + 37853 + 42994 = 円162,415 Mil.
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Total Receivables was 円152,971 Mil.
Revenue was 243474 + 232935 + 217240 + 204373 = 円898,022 Mil.
Gross Profit was 84793 + 86651 + 80743 + 76413 = 円328,600 Mil.
Total Current Assets was 円603,756 Mil.
Total Assets was 円1,049,218 Mil.
Property, Plant and Equipment(Net PPE) was 円271,662 Mil.
Depreciation, Depletion and Amortization(DDA) was 円41,486 Mil.
Selling, General, & Admin. Expense(SGA) was 円209,034 Mil.
Total Current Liabilities was 円256,663 Mil.
Long-Term Debt & Capital Lease Obligation was 円16,235 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) |
| = | (151561 / 941789) | / | (152971 / 898022) |
| = | 0.160929 | / | 0.170342 |
| | = | 0.9447 |
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) |
| = | (328600 / 898022) | / | (351527 / 941789) |
| = | 0.365915 | / | 0.373255 |
| | = | 0.9803 |
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 - (638902 + 285585) / 1133627) | / | (1 - (603756 + 271662) / 1049218) |
| = | 0.184487 | / | 0.165647 |
| | = | 1.1137 |
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 |
| = | 941789 | / | 898022 |
| | = | 1.0487 |
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)) |
| = | (41486 / (41486 + 271662)) | / | (43253 / (43253 + 285585)) |
| = | 0.13248 | / | 0.131533 |
| | = | 1.0072 |
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) |
| = | (223554 / 941789) | / | (209034 / 898022) |
| = | 0.237372 | / | 0.232772 |
| | = | 1.0198 |
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) |
| = | ((13588 + 270073) / 1133627) | / | ((16235 + 256663) / 1049218) |
| = | 0.250224 | / | 0.260097 |
| | = | 0.962 |
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 |
| = | (86053 - 0 | - | 162415) | / | 1133627 |
| | = | -0.067361 |
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.
Unicharm has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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