Panasonic Holdings Beneish M-Score Historical Data
The historical data trend for Panasonic Holdings'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.
Panasonic Holdings Beneish M-Score Chart
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Panasonic Holdings Annual Data
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Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.77 |
-2.54 |
-2.19 |
-2.54 |
-2.66 |
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Panasonic Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar24 |
| Beneish M-Score |
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-2.54 |
-2.56 |
-2.63 |
-2.65 |
-2.66 |
Competitive Comparison of Panasonic Holdings's Beneish M-Score
For the Consumer Electronics subindustry, Panasonic Holdings'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.
Panasonic Holdings's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Panasonic Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Panasonic Holdings's Beneish M-Score falls into.
Panasonic Holdings 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 Panasonic Holdings 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 * 1.0148 | + | 0.528 * 0.9193 | + | 0.404 * 1.0319 | + | 0.892 * 1.014 | + | 0.115 * 1.1882 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0657 | + | 4.679 * -0.044936 | - | 0.327 * 0.9201 |
| = | -2.66 |
* 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1,361,050 Mil.
Revenue was 2196114 + 2180882 + 2089730 + 2029694 = 円8,496,420 Mil.
Gross Profit was 637251 + 662155 + 606714 + 588235 = 円2,494,355 Mil.
Total Current Assets was 円4,152,758 Mil.
Total Assets was 円9,411,195 Mil.
Property, Plant and Equipment(Net PPE) was 円1,829,769 Mil.
Depreciation, Depletion and Amortization(DDA) was 円399,984 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,104,356 Mil.
Total Current Liabilities was 円3,121,687 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,295,420 Mil.
Net Income was 44816 + 110799 + 87454 + 200925 = 円443,994 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 268565 + 206579 + 165135 + 226619 = 円866,898 Mil.
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Total Receivables was 円1,322,593 Mil.
Revenue was 2154421 + 2160592 + 2090068 + 1973861 = 円8,378,942 Mil.
Gross Profit was 604100 + 568893 + 560873 + 527582 = 円2,261,448 Mil.
Total Current Assets was 円3,802,885 Mil.
Total Assets was 円8,059,527 Mil.
Property, Plant and Equipment(Net PPE) was 円1,411,209 Mil.
Depreciation, Depletion and Amortization(DDA) was 円382,289 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,947,371 Mil.
Total Current Liabilities was 円2,873,420 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,237,981 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) |
| = | (1361050 / 8496420) | / | (1322593 / 8378942) |
| = | 0.160191 | / | 0.157847 |
| | = | 1.0148 |
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) |
| = | (2261448 / 8378942) | / | (2494355 / 8496420) |
| = | 0.269897 | / | 0.293577 |
| | = | 0.9193 |
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 - (4152758 + 1829769) / 9411195) | / | (1 - (3802885 + 1411209) / 8059527) |
| = | 0.364318 | / | 0.353052 |
| | = | 1.0319 |
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 |
| = | 8496420 | / | 8378942 |
| | = | 1.014 |
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)) |
| = | (382289 / (382289 + 1411209)) | / | (399984 / (399984 + 1829769)) |
| = | 0.213153 | / | 0.179385 |
| | = | 1.1882 |
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) |
| = | (2104356 / 8496420) | / | (1947371 / 8378942) |
| = | 0.247676 | / | 0.232413 |
| | = | 1.0657 |
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) |
| = | ((1295420 + 3121687) / 9411195) | / | ((1237981 + 2873420) / 8059527) |
| = | 0.469346 | / | 0.510129 |
| | = | 0.9201 |
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 |
| = | (443994 - 0 | - | 866898) | / | 9411195 |
| | = | -0.044936 |
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.
Panasonic Holdings has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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