Mitsui Chemicals Beneish M-Score Historical Data
The historical data trend for Mitsui Chemicals'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.
Mitsui Chemicals Beneish M-Score Chart
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Mitsui Chemicals Annual Data
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Mar14 |
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Mar23 |
| Beneish M-Score |
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-2.31 |
-3.01 |
-2.78 |
-2.13 |
-2.45 |
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Mitsui Chemicals Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.30 |
-2.45 |
-2.62 |
-2.78 |
-2.78 |
Competitive Comparison of Mitsui Chemicals's Beneish M-Score
For the Specialty Chemicals subindustry, Mitsui Chemicals'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.
Mitsui Chemicals's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Mitsui Chemicals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mitsui Chemicals's Beneish M-Score falls into.
Mitsui Chemicals 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 Mitsui Chemicals 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 * 0.9649 | + | 0.528 * 1.0596 | + | 0.404 * 1.0635 | + | 0.892 * 0.8601 | + | 0.115 * 1.0515 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0878 | + | 4.679 * -0.054208 | - | 0.327 * 0.9534 |
| = | -2.83 |
* 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 $2,335 Mil.
Revenue was 3131.479 + 2811.931 + 2885.756 + 3371.401 = $12,201 Mil.
Gross Profit was 638.339 + 613.521 + 617.163 + 580.918 = $2,450 Mil.
Total Current Assets was $7,826 Mil.
Total Assets was $15,020 Mil.
Property, Plant and Equipment(Net PPE) was $4,437 Mil.
Depreciation, Depletion and Amortization(DDA) was $660 Mil.
Selling, General, & Admin. Expense(SGA) was $1,980 Mil.
Total Current Liabilities was $4,926 Mil.
Long-Term Debt & Capital Lease Obligation was $2,685 Mil.
Net Income was 115.105 + 75.052 + 67.849 + 134.591 = $393 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 202.561 + 659.603 + -82.981 + 427.616 = $1,207 Mil.
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Total Receivables was $2,813 Mil.
Revenue was 3541.746 + 3314.836 + 3554.093 + 3774.826 = $14,186 Mil.
Gross Profit was 742.817 + 691.22 + 780.722 + 803.458 = $3,018 Mil.
Total Current Assets was $8,393 Mil.
Total Assets was $15,459 Mil.
Property, Plant and Equipment(Net PPE) was $4,399 Mil.
Depreciation, Depletion and Amortization(DDA) was $694 Mil.
Selling, General, & Admin. Expense(SGA) was $2,116 Mil.
Total Current Liabilities was $5,595 Mil.
Long-Term Debt & Capital Lease Obligation was $2,622 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) |
| = | (2334.585 / 12200.567) | / | (2813.109 / 14185.501) |
| = | 0.191351 | / | 0.198309 |
| | = | 0.9649 |
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) |
| = | (3018.217 / 14185.501) | / | (2449.941 / 12200.567) |
| = | 0.212768 | / | 0.200806 |
| | = | 1.0596 |
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 - (7825.839 + 4437.473) / 15019.95) | / | (1 - (8392.697 + 4398.947) / 15459.431) |
| = | 0.183532 | / | 0.172567 |
| | = | 1.0635 |
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 |
| = | 12200.567 | / | 14185.501 |
| | = | 0.8601 |
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)) |
| = | (693.506 / (693.506 + 4398.947)) | / | (660.186 / (660.186 + 4437.473)) |
| = | 0.136183 | / | 0.129508 |
| | = | 1.0515 |
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) |
| = | (1979.764 / 12200.567) | / | (2115.999 / 14185.501) |
| = | 0.162268 | / | 0.149166 |
| | = | 1.0878 |
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) |
| = | ((2685.352 + 4925.813) / 15019.95) | / | ((2621.914 + 5594.887) / 15459.431) |
| = | 0.506737 | / | 0.531507 |
| | = | 0.9534 |
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 |
| = | (392.597 - 0 | - | 1206.799) | / | 15019.95 |
| | = | -0.054208 |
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.
Mitsui Chemicals has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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