OMRON Beneish M-Score Historical Data
The historical data trend for OMRON'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.
OMRON Beneish M-Score Chart
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OMRON Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.77 |
-2.65 |
-2.80 |
-2.17 |
-2.16 |
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OMRON 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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-1.86 |
-2.16 |
-2.23 |
-2.43 |
-2.53 |
Competitive Comparison of OMRON's Beneish M-Score
For the Electronic Components subindustry, OMRON'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.
OMRON's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, OMRON's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where OMRON's Beneish M-Score falls into.
OMRON 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 OMRON 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 * 0.9615 | + | 0.528 * 1.0373 | + | 0.404 * 1.3388 | + | 0.892 * 1.0045 | + | 0.115 * 1.0229 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.101 | + | 4.679 * -0.026371 | - | 0.327 * 1.1161 |
| = | -2.53 |
* 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152,886 Mil.
Revenue was 207311 + 197323 + 203351 + 238105 = 円846,090 Mil.
Gross Profit was 86137 + 81487 + 90550 + 107106 = 円365,280 Mil.
Total Current Assets was 円523,696 Mil.
Total Assets was 円1,284,432 Mil.
Property, Plant and Equipment(Net PPE) was 円187,156 Mil.
Depreciation, Depletion and Amortization(DDA) was 円29,099 Mil.
Selling, General, & Admin. Expense(SGA) was 円259,155 Mil.
Total Current Liabilities was 円278,388 Mil.
Long-Term Debt & Capital Lease Obligation was 円47,540 Mil.
Net Income was 1769 + -7316 + 13396 + 23344 = 円31,193 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 6119 + 17878 + 7854 + 33214 = 円65,065 Mil.
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Total Receivables was 円158,301 Mil.
Revenue was 233559 + 220032 + 184386 + 204318 = 円842,295 Mil.
Gross Profit was 105345 + 100985 + 80447 + 90445 = 円377,222 Mil.
Total Current Assets was 円467,873 Mil.
Total Assets was 円944,462 Mil.
Property, Plant and Equipment(Net PPE) was 円161,568 Mil.
Depreciation, Depletion and Amortization(DDA) was 円25,789 Mil.
Selling, General, & Admin. Expense(SGA) was 円234,335 Mil.
Total Current Liabilities was 円188,182 Mil.
Long-Term Debt & Capital Lease Obligation was 円26,548 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) |
| = | (152886 / 846090) | / | (158301 / 842295) |
| = | 0.180697 | / | 0.18794 |
| | = | 0.9615 |
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) |
| = | (377222 / 842295) | / | (365280 / 846090) |
| = | 0.44785 | / | 0.431727 |
| | = | 1.0373 |
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 - (523696 + 187156) / 1284432) | / | (1 - (467873 + 161568) / 944462) |
| = | 0.446563 | / | 0.333545 |
| | = | 1.3388 |
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 |
| = | 846090 | / | 842295 |
| | = | 1.0045 |
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)) |
| = | (25789 / (25789 + 161568)) | / | (29099 / (29099 + 187156)) |
| = | 0.137646 | / | 0.134559 |
| | = | 1.0229 |
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) |
| = | (259155 / 846090) | / | (234335 / 842295) |
| = | 0.306297 | / | 0.27821 |
| | = | 1.101 |
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) |
| = | ((47540 + 278388) / 1284432) | / | ((26548 + 188182) / 944462) |
| = | 0.253753 | / | 0.227357 |
| | = | 1.1161 |
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 |
| = | (31193 - 0 | - | 65065) | / | 1284432 |
| | = | -0.026371 |
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.
OMRON has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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