IHI Beneish M-Score Historical Data
The historical data trend for IHI'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.
IHI Beneish M-Score Chart
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IHI Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.07 |
-2.44 |
-2.39 |
-2.62 |
-2.47 |
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IHI 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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-2.42 |
-2.47 |
-2.33 |
-2.00 |
-2.18 |
Competitive Comparison of IHI's Beneish M-Score
For the Specialty Industrial Machinery subindustry, IHI'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.
IHI's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, IHI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IHI's Beneish M-Score falls into.
IHI 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 IHI 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 * 1.096 | + | 0.528 * 2.0402 | + | 0.404 * 0.9792 | + | 0.892 * 0.9771 | + | 0.115 * 1.1217 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1819 | + | 4.679 * -0.0534 | - | 0.327 * 1.1226 |
| = | -2.18 |
* 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550,958 Mil.
Revenue was 396353 + 171853 + 298457 + 406558 = 円1,273,221 Mil.
Gross Profit was 104971 + -111859 + 58238 + 77835 = 円129,185 Mil.
Total Current Assets was 円1,212,653 Mil.
Total Assets was 円2,089,432 Mil.
Property, Plant and Equipment(Net PPE) was 円329,041 Mil.
Depreciation, Depletion and Amortization(DDA) was 円71,179 Mil.
Selling, General, & Admin. Expense(SGA) was 円216,951 Mil.
Total Current Liabilities was 円1,105,445 Mil.
Long-Term Debt & Capital Lease Obligation was 円355,265 Mil.
Net Income was 27967 + -143172 + 5606 + 17502 = 円-92,097 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -6321 + -21955 + -59541 + 107295 = 円19,478 Mil.
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Total Receivables was 円514,489 Mil.
Revenue was 351926 + 330166 + 264290 + 356712 = 円1,303,094 Mil.
Gross Profit was 81362 + 73852 + 48956 + 65570 = 円269,740 Mil.
Total Current Assets was 円1,102,945 Mil.
Total Assets was 円1,949,703 Mil.
Property, Plant and Equipment(Net PPE) was 円324,798 Mil.
Depreciation, Depletion and Amortization(DDA) was 円80,941 Mil.
Selling, General, & Admin. Expense(SGA) was 円187,875 Mil.
Total Current Liabilities was 円856,117 Mil.
Long-Term Debt & Capital Lease Obligation was 円358,090 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) |
| = | (550958 / 1273221) | / | (514489 / 1303094) |
| = | 0.432728 | / | 0.394821 |
| | = | 1.096 |
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) |
| = | (269740 / 1303094) | / | (129185 / 1273221) |
| = | 0.207 | / | 0.101463 |
| | = | 2.0402 |
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 - (1212653 + 329041) / 2089432) | / | (1 - (1102945 + 324798) / 1949703) |
| = | 0.262147 | / | 0.267713 |
| | = | 0.9792 |
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 |
| = | 1273221 | / | 1303094 |
| | = | 0.9771 |
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)) |
| = | (80941 / (80941 + 324798)) | / | (71179 / (71179 + 329041)) |
| = | 0.19949 | / | 0.17785 |
| | = | 1.1217 |
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) |
| = | (216951 / 1273221) | / | (187875 / 1303094) |
| = | 0.170395 | / | 0.144176 |
| | = | 1.1819 |
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) |
| = | ((355265 + 1105445) / 2089432) | / | ((358090 + 856117) / 1949703) |
| = | 0.699094 | / | 0.622765 |
| | = | 1.1226 |
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 |
| = | (-92097 - 0 | - | 19478) | / | 2089432 |
| | = | -0.0534 |
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.
IHI has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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