Daifuku Co Beneish M-Score Historical Data
The historical data trend for Daifuku 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.
Daifuku Co Beneish M-Score Chart
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Daifuku Co Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.96 |
-2.03 |
-2.47 |
-2.68 |
-2.12 |
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Daifuku Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.75 |
-2.12 |
-1.99 |
-2.45 |
-2.58 |
Competitive Comparison of Daifuku Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Daifuku 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.
Daifuku Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Daifuku Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Daifuku Co's Beneish M-Score falls into.
Daifuku 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 Daifuku 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 * 0.9596 | + | 0.528 * 1.0194 | + | 0.404 * 1.1196 | + | 0.892 * 1.0435 | + | 0.115 * 1.0274 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0389 | + | 4.679 * -0.019395 | - | 0.327 * 1.2019 |
| = | -2.58 |
* 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275,488 Mil.
Revenue was 156122 + 146715 + 134552 + 166233 = 円603,622 Mil.
Gross Profit was 31918 + 24395 + 21543 + 31839 = 円109,695 Mil.
Total Current Assets was 円492,639 Mil.
Total Assets was 円640,379 Mil.
Property, Plant and Equipment(Net PPE) was 円77,337 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,007 Mil.
Selling, General, & Admin. Expense(SGA) was 円53,918 Mil.
Total Current Liabilities was 円220,967 Mil.
Long-Term Debt & Capital Lease Obligation was 円61,239 Mil.
Net Income was 13238 + 7027 + 7179 + 12485 = 円39,929 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 846 + 1452 + -33 + 50084 = 円52,349 Mil.
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Total Receivables was 円275,113 Mil.
Revenue was 157907 + 147571 + 130211 + 142788 = 円578,477 Mil.
Gross Profit was 28576 + 27002 + 22382 + 29205 = 円107,165 Mil.
Total Current Assets was 円425,804 Mil.
Total Assets was 円545,383 Mil.
Property, Plant and Equipment(Net PPE) was 円66,027 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,809 Mil.
Selling, General, & Admin. Expense(SGA) was 円49,735 Mil.
Total Current Liabilities was 円196,863 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,100 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) |
| = | (275488 / 603622) | / | (275113 / 578477) |
| = | 0.456392 | / | 0.475582 |
| | = | 0.9596 |
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) |
| = | (107165 / 578477) | / | (109695 / 603622) |
| = | 0.185254 | / | 0.181728 |
| | = | 1.0194 |
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 - (492639 + 77337) / 640379) | / | (1 - (425804 + 66027) / 545383) |
| = | 0.10994 | / | 0.098192 |
| | = | 1.1196 |
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 |
| = | 603622 | / | 578477 |
| | = | 1.0435 |
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)) |
| = | (8809 / (8809 + 66027)) | / | (10007 / (10007 + 77337)) |
| = | 0.117711 | / | 0.11457 |
| | = | 1.0274 |
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) |
| = | (53918 / 603622) | / | (49735 / 578477) |
| = | 0.089324 | / | 0.085976 |
| | = | 1.0389 |
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) |
| = | ((61239 + 220967) / 640379) | / | ((3100 + 196863) / 545383) |
| = | 0.440686 | / | 0.366647 |
| | = | 1.2019 |
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 |
| = | (39929 - 0 | - | 52349) | / | 640379 |
| | = | -0.019395 |
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.
Daifuku Co has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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