Kagome Co Beneish M-Score Historical Data
The historical data trend for Kagome Co'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.
Kagome Co Beneish M-Score Chart
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Kagome Co Annual Data
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Trend |
Mar14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.91 |
-2.48 |
-2.28 |
-2.37 |
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Kagome Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.54 |
-2.40 |
-2.43 |
-2.37 |
-1.98 |
Competitive Comparison of Kagome Co's Beneish M-Score
For the Packaged Foods subindustry, Kagome Co'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.
Kagome Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Kagome Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kagome Co's Beneish M-Score falls into.
Kagome Co 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 Kagome Co 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 * 1.1645 | + | 0.528 * 0.9805 | + | 0.404 * 1.3553 | + | 0.892 * 1.1652 | + | 0.115 * 1.1628 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9502 | + | 4.679 * 0.017944 | - | 0.327 * 1.1323 |
| = | -1.98 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円52,705 Mil.
Revenue was 67378 + 59863 + 59544 + 57313 = 円244,098 Mil.
Gross Profit was 22346 + 21231 + 21522 + 20531 = 円85,630 Mil.
Total Current Assets was 円201,317 Mil.
Total Assets was 円353,708 Mil.
Property, Plant and Equipment(Net PPE) was 円80,109 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,141 Mil.
Selling, General, & Admin. Expense(SGA) was 円65,512 Mil.
Total Current Liabilities was 円145,648 Mil.
Long-Term Debt & Capital Lease Obligation was 円13,660 Mil.
Net Income was 11773 + 906 + 4336 + 3155 = 円20,170 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 13456 + -5273 + 841 + 4799 = 円13,823 Mil.
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Total Receivables was 円38,843 Mil.
Revenue was 48009 + 55011 + 54817 + 51645 = 円209,482 Mil.
Gross Profit was 16509 + 18283 + 19225 + 18039 = 円72,056 Mil.
Total Current Assets was 円130,554 Mil.
Total Assets was 円226,125 Mil.
Property, Plant and Equipment(Net PPE) was 円61,475 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,311 Mil.
Selling, General, & Admin. Expense(SGA) was 円59,169 Mil.
Total Current Liabilities was 円71,793 Mil.
Long-Term Debt & Capital Lease Obligation was 円18,149 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) |
| = | (52705 / 244098) | / | (38843 / 209482) |
| = | 0.215917 | / | 0.185424 |
| | = | 1.1645 |
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) |
| = | (72056 / 209482) | / | (85630 / 244098) |
| = | 0.343972 | / | 0.350802 |
| | = | 0.9805 |
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 - (201317 + 80109) / 353708) | / | (1 - (130554 + 61475) / 226125) |
| = | 0.204355 | / | 0.150784 |
| | = | 1.3553 |
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 |
| = | 244098 | / | 209482 |
| | = | 1.1652 |
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)) |
| = | (8311 / (8311 + 61475)) | / | (9141 / (9141 + 80109)) |
| = | 0.119093 | / | 0.10242 |
| | = | 1.1628 |
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) |
| = | (65512 / 244098) | / | (59169 / 209482) |
| = | 0.268384 | / | 0.282454 |
| | = | 0.9502 |
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) |
| = | ((13660 + 145648) / 353708) | / | ((18149 + 71793) / 226125) |
| = | 0.450394 | / | 0.397753 |
| | = | 1.1323 |
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 |
| = | (20170 - 0 | - | 13823) | / | 353708 |
| | = | 0.017944 |
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.
Kagome Co has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
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