Toshiba Beneish M-Score Historical Data
The historical data trend for Toshiba'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.
Toshiba Beneish M-Score Chart
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Toshiba Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.09 |
-2.49 |
-2.60 |
-2.65 |
-2.43 |
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Toshiba Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.40 |
-2.44 |
-2.43 |
-2.37 |
-2.89 |
Competitive Comparison of Toshiba's Beneish M-Score
For the Conglomerates subindustry, Toshiba'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.
Toshiba's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Toshiba's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toshiba's Beneish M-Score falls into.
Toshiba 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 Toshiba 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 * 1.0792 | + | 0.528 * 0.9607 | + | 0.404 * 0.912 | + | 0.892 * 0.8747 | + | 0.115 * 0.9858 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0282 | + | 4.679 * -0.053956 | - | 0.327 * 0.9587 |
| = | -2.82 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $5,478 Mil.
Revenue was 5367.412 + 4981.045 + 7417.889 + 5743.907 = $23,510 Mil.
Gross Profit was 1400.981 + 1320.936 + 2176.789 + 1478.97 = $6,378 Mil.
Total Current Assets was $13,370 Mil.
Total Assets was $23,109 Mil.
Property, Plant and Equipment(Net PPE) was $4,093 Mil.
Depreciation, Depletion and Amortization(DDA) was $711 Mil.
Selling, General, & Admin. Expense(SGA) was $5,342 Mil.
Total Current Liabilities was $10,163 Mil.
Long-Term Debt & Capital Lease Obligation was $990 Mil.
Net Income was -180.892 + -179.629 + 318.425 + -123.411 = $-166 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 564.936 + 391.431 + 680.286 + -555.313 = $1,081 Mil.
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Total Receivables was $5,803 Mil.
Revenue was 5964.101 + 5528.811 + 8280.254 + 7104.44 = $26,878 Mil.
Gross Profit was 1504.205 + 1373.167 + 2212.715 + 1914.78 = $7,005 Mil.
Total Current Assets was $14,537 Mil.
Total Assets was $25,396 Mil.
Property, Plant and Equipment(Net PPE) was $4,056 Mil.
Depreciation, Depletion and Amortization(DDA) was $693 Mil.
Selling, General, & Admin. Expense(SGA) was $5,939 Mil.
Total Current Liabilities was $10,318 Mil.
Long-Term Debt & Capital Lease Obligation was $2,467 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) |
| = | (5478.4 / 23510.253) | / | (5803.204 / 26877.606) |
| = | 0.233022 | / | 0.215912 |
| | = | 1.0792 |
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) |
| = | (7004.867 / 26877.606) | / | (6377.676 / 23510.253) |
| = | 0.260621 | / | 0.271272 |
| | = | 0.9607 |
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 - (13369.712 + 4093.388) / 23108.519) | / | (1 - (14537.385 + 4055.748) / 25395.546) |
| = | 0.2443 | / | 0.267859 |
| | = | 0.912 |
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 |
| = | 23510.253 | / | 26877.606 |
| | = | 0.8747 |
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)) |
| = | (692.826 / (692.826 + 4055.748)) | / | (711.048 / (711.048 + 4093.388)) |
| = | 0.145902 | / | 0.147998 |
| | = | 0.9858 |
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) |
| = | (5341.759 / 23510.253) | / | (5939.375 / 26877.606) |
| = | 0.22721 | / | 0.220979 |
| | = | 1.0282 |
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) |
| = | ((990.274 + 10162.9) / 23108.519) | / | ((2467.291 + 10318.165) / 25395.546) |
| = | 0.482643 | / | 0.503453 |
| | = | 0.9587 |
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 |
| = | (-165.507 - 0 | - | 1081.34) | / | 23108.519 |
| | = | -0.053956 |
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.
Toshiba has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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