SoftBank Beneish M-Score Historical Data
The historical data trend for SoftBank'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.
SoftBank Beneish M-Score Chart
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SoftBank Annual Data
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Mar15 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.62 |
-2.84 |
-2.60 |
-2.71 |
-2.54 |
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SoftBank Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec20 |
Mar21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.54 |
-2.49 |
-2.46 |
-2.63 |
Competitive Comparison of SoftBank's Beneish M-Score
For the Telecom Services subindustry, SoftBank'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.
SoftBank's Beneish M-Score Distribution in the Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, SoftBank's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SoftBank's Beneish M-Score falls into.
SoftBank 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 SoftBank 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 * 1.0099 | + | 0.528 * 1.0092 | + | 0.404 * 1.0256 | + | 0.892 * 1.0368 | + | 0.115 * 1.0139 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0184 | + | 4.679 * -0.043348 | - | 0.327 * 1.0061 |
| = | -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2,594,268 Mil.
Revenue was 1577806 + 1504092 + 1429666 + 1566540 = 円6,078,104 Mil.
Gross Profit was 751685 + 751320 + 715927 + 634460 = 円2,853,392 Mil.
Total Current Assets was 円5,327,699 Mil.
Total Assets was 円15,392,974 Mil.
Property, Plant and Equipment(Net PPE) was 円2,439,846 Mil.
Depreciation, Depletion and Amortization(DDA) was 円757,149 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,059,421 Mil.
Total Current Liabilities was 円7,056,988 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,941,003 Mil.
Net Income was 104541 + 155422 + 146719 + 22760 = 円429,442 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 402406 + 414839 + 172142 + 107307 = 円1,096,694 Mil.
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Total Receivables was 円2,477,562 Mil.
Revenue was 1536904 + 1446556 + 1361999 + 1516777 = 円5,862,236 Mil.
Gross Profit was 706407 + 691667 + 685380 + 693917 = 円2,777,371 Mil.
Total Current Assets was 円5,213,916 Mil.
Total Assets was 円14,703,357 Mil.
Property, Plant and Equipment(Net PPE) was 円2,387,262 Mil.
Depreciation, Depletion and Amortization(DDA) was 円754,353 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,950,360 Mil.
Total Current Liabilities was 円6,355,828 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,085,642 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) |
| = | (2594268 / 6078104) | / | (2477562 / 5862236) |
| = | 0.426822 | / | 0.422631 |
| | = | 1.0099 |
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) |
| = | (2777371 / 5862236) | / | (2853392 / 6078104) |
| = | 0.473773 | / | 0.469454 |
| | = | 1.0092 |
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 - (5327699 + 2439846) / 15392974) | / | (1 - (5213916 + 2387262) / 14703357) |
| = | 0.495384 | / | 0.483031 |
| | = | 1.0256 |
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 |
| = | 6078104 | / | 5862236 |
| | = | 1.0368 |
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)) |
| = | (754353 / (754353 + 2387262)) | / | (757149 / (757149 + 2439846)) |
| = | 0.240116 | / | 0.236831 |
| | = | 1.0139 |
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) |
| = | (2059421 / 6078104) | / | (1950360 / 5862236) |
| = | 0.338826 | / | 0.332699 |
| | = | 1.0184 |
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) |
| = | ((3941003 + 7056988) / 15392974) | / | ((4085642 + 6355828) / 14703357) |
| = | 0.714481 | / | 0.710142 |
| | = | 1.0061 |
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 |
| = | (429442 - 0 | - | 1096694) | / | 15392974 |
| | = | -0.043348 |
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.
SoftBank has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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