Japan Tobacco Beneish M-Score Historical Data
The historical data trend for Japan Tobacco'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.
Japan Tobacco Beneish M-Score Chart
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Japan Tobacco Annual Data
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Trend |
Mar14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.78 |
-2.63 |
-2.43 |
-2.43 |
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Japan Tobacco 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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-2.41 |
-2.55 |
-2.56 |
-2.43 |
-2.32 |
Competitive Comparison of Japan Tobacco's Beneish M-Score
For the Tobacco subindustry, Japan Tobacco'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.
Japan Tobacco's Beneish M-Score Distribution in the Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Japan Tobacco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Japan Tobacco's Beneish M-Score falls into.
Japan Tobacco 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 Japan Tobacco 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 * 1.1335 | + | 0.528 * 1.0553 | + | 0.404 * 0.9588 | + | 0.892 * 1.0637 | + | 0.115 * 1.1403 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9645 | + | 4.679 * -0.010939 | - | 0.327 * 1.009 |
| = | -2.32 |
* 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571,262 Mil.
Revenue was 740333 + 684059 + 764206 + 727534 = 円2,916,132 Mil.
Gross Profit was 420232 + 337460 + 448642 + 426055 = 円1,632,389 Mil.
Total Current Assets was 円2,984,811 Mil.
Total Assets was 円7,159,003 Mil.
Property, Plant and Equipment(Net PPE) was 円846,256 Mil.
Depreciation, Depletion and Amortization(DDA) was 円181,387 Mil.
Selling, General, & Admin. Expense(SGA) was 円992,634 Mil.
Total Current Liabilities was 円1,629,808 Mil.
Long-Term Debt & Capital Lease Obligation was 円939,268 Mil.
Net Income was 157265 + 40278 + 155001 + 142326 = 円494,870 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 61833 + 76580 + 283574 + 151197 = 円573,184 Mil.
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Total Receivables was 円473,832 Mil.
Revenue was 665278 + 649284 + 741720 + 685323 = 円2,741,605 Mil.
Gross Profit was 402946 + 364777 + 443107 + 408735 = 円1,619,565 Mil.
Total Current Assets was 円2,493,724 Mil.
Total Assets was 円6,346,628 Mil.
Property, Plant and Equipment(Net PPE) was 円775,820 Mil.
Depreciation, Depletion and Amortization(DDA) was 円195,509 Mil.
Selling, General, & Admin. Expense(SGA) was 円967,531 Mil.
Total Current Liabilities was 円1,424,287 Mil.
Long-Term Debt & Capital Lease Obligation was 円832,878 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) |
| = | (571262 / 2916132) | / | (473832 / 2741605) |
| = | 0.195897 | / | 0.17283 |
| | = | 1.1335 |
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) |
| = | (1619565 / 2741605) | / | (1632389 / 2916132) |
| = | 0.590736 | / | 0.559779 |
| | = | 1.0553 |
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 - (2984811 + 846256) / 7159003) | / | (1 - (2493724 + 775820) / 6346628) |
| = | 0.46486 | / | 0.484838 |
| | = | 0.9588 |
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 |
| = | 2916132 | / | 2741605 |
| | = | 1.0637 |
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)) |
| = | (195509 / (195509 + 775820)) | / | (181387 / (181387 + 846256)) |
| = | 0.20128 | / | 0.176508 |
| | = | 1.1403 |
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) |
| = | (992634 / 2916132) | / | (967531 / 2741605) |
| = | 0.340394 | / | 0.352907 |
| | = | 0.9645 |
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) |
| = | ((939268 + 1629808) / 7159003) | / | ((832878 + 1424287) / 6346628) |
| = | 0.358859 | / | 0.355648 |
| | = | 1.009 |
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 |
| = | (494870 - 0 | - | 573184) | / | 7159003 |
| | = | -0.010939 |
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.
Japan Tobacco has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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