NTT Data Group Beneish M-Score Historical Data
The historical data trend for NTT Data Group'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.
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NTT Data Group Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.67 |
-2.84 |
-2.85 |
-2.64 |
-2.03 |
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NTT Data Group 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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-1.89 |
-2.03 |
-2.12 |
-2.07 |
-2.65 |
Competitive Comparison
For the Information Technology Services subindustry, NTT Data Group'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.
NTT Data Group Beneish M-Score Distribution
For the Software industry and Technology sector, NTT Data Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NTT Data Group's Beneish M-Score falls into.
NTT Data Group 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 NTT Data Group 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 * 0.7955 | + | 0.528 * 0.9889 | + | 0.404 * 0.9477 | + | 0.892 * 1.3699 | + | 0.115 * 0.9716 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0661 | + | 4.679 * -0.056138 | - | 0.327 * 1.0273 |
| = | -2.65 |
* 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1,365,861 Mil.
Revenue was 1097649 + 1063557 + 1014955 + 1084074 = 円4,260,235 Mil.
Gross Profit was 291078 + 292199 + 267157 + 287000 = 円1,137,434 Mil.
Total Current Assets was 円2,299,345 Mil.
Total Assets was 円6,661,012 Mil.
Property, Plant and Equipment(Net PPE) was 円1,887,032 Mil.
Depreciation, Depletion and Amortization(DDA) was 円333,365 Mil.
Selling, General, & Admin. Expense(SGA) was 円864,732 Mil.
Total Current Liabilities was 円2,242,459 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,537,364 Mil.
Net Income was 30714 + 25361 + 27661 + 44257 = 円127,993 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 166498 + -16149 + 202560 + 149022 = 円501,931 Mil.
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Total Receivables was 円1,253,276 Mil.
Revenue was 1034684 + 694055 + 677368 + 703698 = 円3,109,805 Mil.
Gross Profit was 281439 + 175881 + 177915 + 185841 = 円821,076 Mil.
Total Current Assets was 円2,108,791 Mil.
Total Assets was 円5,849,001 Mil.
Property, Plant and Equipment(Net PPE) was 円1,447,426 Mil.
Depreciation, Depletion and Amortization(DDA) was 円247,193 Mil.
Selling, General, & Admin. Expense(SGA) was 円592,107 Mil.
Total Current Liabilities was 円1,714,801 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,516,044 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) |
| = | (1365861 / 4260235) | / | (1253276 / 3109805) |
| = | 0.320607 | / | 0.403008 |
| | = | 0.7955 |
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) |
| = | (821076 / 3109805) | / | (1137434 / 4260235) |
| = | 0.264028 | / | 0.266989 |
| | = | 0.9889 |
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 - (2299345 + 1887032) / 6661012) | / | (1 - (2108791 + 1447426) / 5849001) |
| = | 0.37151 | / | 0.391996 |
| | = | 0.9477 |
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 |
| = | 4260235 | / | 3109805 |
| | = | 1.3699 |
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)) |
| = | (247193 / (247193 + 1447426)) | / | (333365 / (333365 + 1887032)) |
| = | 0.145869 | / | 0.150138 |
| | = | 0.9716 |
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) |
| = | (864732 / 4260235) | / | (592107 / 3109805) |
| = | 0.202978 | / | 0.1904 |
| | = | 1.0661 |
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) |
| = | ((1537364 + 2242459) / 6661012) | / | ((1516044 + 1714801) / 5849001) |
| = | 0.567455 | / | 0.552376 |
| | = | 1.0273 |
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 |
| = | (127993 - 0 | - | 501931) | / | 6661012 |
| | = | -0.056138 |
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.
NTT Data Group has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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