Kubota Beneish M-Score Historical Data
The historical data trend for Kubota'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.
Kubota Beneish M-Score Chart
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Kubota Annual Data
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Trend |
Mar14 |
Mar15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.59 |
-2.32 |
-1.97 |
-2.12 |
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Kubota 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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-1.97 |
-1.91 |
-1.95 |
-2.11 |
-2.12 |
Competitive Comparison of Kubota's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Kubota'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.
Kubota's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Kubota's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kubota's Beneish M-Score falls into.
Kubota 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 Kubota 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 * 1.0891 | + | 0.528 * 0.8838 | + | 0.404 * 0.9953 | + | 0.892 * 1.0584 | + | 0.115 * 0.9455 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9945 | + | 4.679 * 0.050334 | - | 0.327 * 0.9818 |
| = | -2.17 |
* 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 $6,898 Mil.
Revenue was 5295.68 + 4993.006 + 5224.158 + 5847.208 = $21,360 Mil.
Gross Profit was 1573.82 + 1428.34 + 1475.161 + 1721.993 = $6,199 Mil.
Total Current Assets was $17,922 Mil.
Total Assets was $37,222 Mil.
Property, Plant and Equipment(Net PPE) was $5,050 Mil.
Depreciation, Depletion and Amortization(DDA) was $757 Mil.
Selling, General, & Admin. Expense(SGA) was $3,801 Mil.
Total Current Liabilities was $10,370 Mil.
Long-Term Debt & Capital Lease Obligation was $9,216 Mil.
Net Income was 389.557 + 362.156 + 422.494 + 516.967 = $1,691 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 295.83 + 258.757 + 48.982 + -785.902 = $-182 Mil.
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Total Receivables was $5,985 Mil.
Revenue was 5369.381 + 4838.109 + 4975.698 + 4999.199 = $20,182 Mil.
Gross Profit was 1403.011 + 1240.289 + 1188.539 + 1344.767 = $5,177 Mil.
Total Current Assets was $16,957 Mil.
Total Assets was $35,319 Mil.
Property, Plant and Equipment(Net PPE) was $4,775 Mil.
Depreciation, Depletion and Amortization(DDA) was $671 Mil.
Selling, General, & Admin. Expense(SGA) was $3,611 Mil.
Total Current Liabilities was $11,738 Mil.
Long-Term Debt & Capital Lease Obligation was $7,191 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) |
| = | (6897.824 / 21360.052) | / | (5984.54 / 20182.387) |
| = | 0.322931 | / | 0.296523 |
| | = | 1.0891 |
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) |
| = | (5176.606 / 20182.387) | / | (6199.314 / 21360.052) |
| = | 0.256491 | / | 0.290229 |
| | = | 0.8838 |
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 - (17921.545 + 5049.683) / 37221.775) | / | (1 - (16957.22 + 4775.199) / 35318.979) |
| = | 0.382855 | / | 0.384682 |
| | = | 0.9953 |
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 |
| = | 21360.052 | / | 20182.387 |
| | = | 1.0584 |
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)) |
| = | (671.417 / (671.417 + 4775.199)) | / | (757.057 / (757.057 + 5049.683)) |
| = | 0.123272 | / | 0.130376 |
| | = | 0.9455 |
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) |
| = | (3801.277 / 21360.052) | / | (3611.394 / 20182.387) |
| = | 0.177962 | / | 0.178938 |
| | = | 0.9945 |
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) |
| = | ((9215.858 + 10369.818) / 37221.775) | / | ((7191.324 + 11737.593) / 35318.979) |
| = | 0.526189 | / | 0.535942 |
| | = | 0.9818 |
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 |
| = | (1691.174 - 0 | - | -182.333) | / | 37221.775 |
| | = | 0.050334 |
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.
Kubota has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.
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