Nitto Denko Beneish M-Score Historical Data
The historical data trend for Nitto Denko'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.
Nitto Denko Beneish M-Score Chart
|
Nitto Denko Annual Data
|
|
Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.97 |
-2.56 |
-2.68 |
-2.56 |
-2.53 |
|
Nitto Denko Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.56 |
-2.81 |
-2.82 |
-2.60 |
-2.53 |
Competitive Comparison of Nitto Denko's Beneish M-Score
For the Specialty Chemicals subindustry, Nitto Denko'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.
Nitto Denko's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Nitto Denko's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nitto Denko's Beneish M-Score falls into.
Nitto Denko 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 Nitto Denko 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 * 1.1913 | + | 0.528 * 1.0046 | + | 0.404 * 0.9566 | + | 0.892 * 0.985 | + | 0.115 * 1.0725 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0201 | + | 4.679 * -0.042237 | - | 0.327 * 1.0133 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円209,341 Mil.
Revenue was 221239 + 244556 + 240888 + 208455 = 円915,138 Mil.
Gross Profit was 74995 + 98491 + 91277 + 66093 = 円330,856 Mil.
Total Current Assets was 円717,957 Mil.
Total Assets was 円1,251,087 Mil.
Property, Plant and Equipment(Net PPE) was 円397,856 Mil.
Depreciation, Depletion and Amortization(DDA) was 円60,811 Mil.
Selling, General, & Admin. Expense(SGA) was 円146,142 Mil.
Total Current Liabilities was 円206,856 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 21079 + 37384 + 29048 + 15168 = 円102,679 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 57672 + 49179 + 37101 + 11569 = 円155,521 Mil.
|
Total Receivables was 円178,388 Mil.
Revenue was 190057 + 254070 + 268540 + 216368 = 円929,035 Mil.
Gross Profit was 52824 + 98654 + 104786 + 81178 = 円337,442 Mil.
Total Current Assets was 円677,189 Mil.
Total Assets was 円1,153,647 Mil.
Property, Plant and Equipment(Net PPE) was 円346,062 Mil.
Depreciation, Depletion and Amortization(DDA) was 円57,362 Mil.
Selling, General, & Admin. Expense(SGA) was 円145,435 Mil.
Total Current Liabilities was 円188,248 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
|
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) |
| = | (209341 / 915138) | / | (178388 / 929035) |
| = | 0.228753 | / | 0.192014 |
| | = | 1.1913 |
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) |
| = | (337442 / 929035) | / | (330856 / 915138) |
| = | 0.363218 | / | 0.361537 |
| | = | 1.0046 |
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 - (717957 + 397856) / 1251087) | / | (1 - (677189 + 346062) / 1153647) |
| = | 0.108125 | / | 0.113029 |
| | = | 0.9566 |
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 |
| = | 915138 | / | 929035 |
| | = | 0.985 |
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)) |
| = | (57362 / (57362 + 346062)) | / | (60811 / (60811 + 397856)) |
| = | 0.142188 | / | 0.132582 |
| | = | 1.0725 |
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) |
| = | (146142 / 915138) | / | (145435 / 929035) |
| = | 0.159694 | / | 0.156544 |
| | = | 1.0201 |
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) |
| = | ((0 + 206856) / 1251087) | / | ((0 + 188248) / 1153647) |
| = | 0.165341 | / | 0.163176 |
| | = | 1.0133 |
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 |
| = | (102679 - 0 | - | 155521) | / | 1251087 |
| | = | -0.042237 |
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.
Nitto Denko has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:6988 has been successfully added to your