Sumitomo Rubber Industries Beneish M-Score Historical Data
The historical data trend for Sumitomo Rubber Industries'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.
Sumitomo Rubber Industries Beneish M-Score Chart
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Sumitomo Rubber Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.87 |
-3.01 |
-2.50 |
-2.43 |
-2.95 |
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Sumitomo Rubber Industries 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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-2.43 |
-2.44 |
-2.61 |
-2.75 |
-2.95 |
Competitive Comparison of Sumitomo Rubber Industries's Beneish M-Score
For the Auto Parts subindustry, Sumitomo Rubber Industries'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.
Sumitomo Rubber Industries's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Sumitomo Rubber Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sumitomo Rubber Industries's Beneish M-Score falls into.
Sumitomo Rubber Industries 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 Sumitomo Rubber Industries 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 * 0.9642 | + | 0.528 * 0.8311 | + | 0.404 * 1.1161 | + | 0.892 * 1.0717 | + | 0.115 * 0.9939 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.004 | + | 4.679 * -0.104799 | - | 0.327 * 0.8839 |
| = | -2.95 |
* 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215,970 Mil.
Revenue was 326697 + 289541 + 284400 + 276761 = 円1,177,399 Mil.
Gross Profit was 105522 + 84587 + 69289 + 67103 = 円326,501 Mil.
Total Current Assets was 円624,719 Mil.
Total Assets was 円1,266,732 Mil.
Property, Plant and Equipment(Net PPE) was 円451,621 Mil.
Depreciation, Depletion and Amortization(DDA) was 円78,559 Mil.
Selling, General, & Admin. Expense(SGA) was 円248,831 Mil.
Total Current Liabilities was 円331,089 Mil.
Long-Term Debt & Capital Lease Obligation was 円184,166 Mil.
Net Income was 9843 + 19009 + 4190 + 4006 = 円37,048 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 60118 + 53815 + 45360 + 10507 = 円169,800 Mil.
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Total Receivables was 円209,009 Mil.
Revenue was 317152 + 269400 + 261611 + 250501 = 円1,098,664 Mil.
Gross Profit was 69828 + 55483 + 58368 + 69543 = 円253,222 Mil.
Total Current Assets was 円623,899 Mil.
Total Assets was 円1,225,202 Mil.
Property, Plant and Equipment(Net PPE) was 円436,307 Mil.
Depreciation, Depletion and Amortization(DDA) was 円75,348 Mil.
Selling, General, & Admin. Expense(SGA) was 円231,259 Mil.
Total Current Liabilities was 円352,908 Mil.
Long-Term Debt & Capital Lease Obligation was 円210,907 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) |
| = | (215970 / 1177399) | / | (209009 / 1098664) |
| = | 0.18343 | / | 0.190239 |
| | = | 0.9642 |
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) |
| = | (253222 / 1098664) | / | (326501 / 1177399) |
| = | 0.230482 | / | 0.277307 |
| | = | 0.8311 |
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 - (624719 + 451621) / 1266732) | / | (1 - (623899 + 436307) / 1225202) |
| = | 0.150302 | / | 0.134668 |
| | = | 1.1161 |
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 |
| = | 1177399 | / | 1098664 |
| | = | 1.0717 |
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)) |
| = | (75348 / (75348 + 436307)) | / | (78559 / (78559 + 451621)) |
| = | 0.147263 | / | 0.148174 |
| | = | 0.9939 |
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) |
| = | (248831 / 1177399) | / | (231259 / 1098664) |
| = | 0.21134 | / | 0.210491 |
| | = | 1.004 |
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) |
| = | ((184166 + 331089) / 1266732) | / | ((210907 + 352908) / 1225202) |
| = | 0.406759 | / | 0.460181 |
| | = | 0.8839 |
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 |
| = | (37048 - 0 | - | 169800) | / | 1266732 |
| | = | -0.104799 |
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.
Sumitomo Rubber Industries has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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