Mitsubishi Heavy Industries Beneish M-Score Historical Data
The historical data trend for Mitsubishi Heavy 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.
Mitsubishi Heavy Industries Beneish M-Score Chart
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Mitsubishi Heavy Industries Annual Data
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Mar23 |
| Beneish M-Score |
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-2.84 |
-2.94 |
-2.11 |
-2.52 |
-2.40 |
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Mitsubishi Heavy Industries Quarterly Data
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Mar19 |
Jun19 |
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Dec23 |
| Beneish M-Score |
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-2.55 |
-2.40 |
-2.38 |
-2.27 |
-2.19 |
Competitive Comparison of Mitsubishi Heavy Industries's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Mitsubishi Heavy 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.
Mitsubishi Heavy Industries's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Mitsubishi Heavy Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mitsubishi Heavy Industries's Beneish M-Score falls into.
Mitsubishi Heavy 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 Mitsubishi Heavy 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 * 1.0768 | + | 0.528 * 0.9154 | + | 0.404 * 1.0368 | + | 0.892 * 1.0897 | + | 0.115 * 0.9639 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9981 | + | 4.679 * 0.034157 | - | 0.327 * 0.9748 |
| = | -2.19 |
* 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1,738,288 Mil.
Revenue was 1191394 + 1085292 + 983980 + 1264751 = 円4,525,417 Mil.
Gross Profit was 251178 + 201219 + 192838 + 240901 = 円886,136 Mil.
Total Current Assets was 円3,445,126 Mil.
Total Assets was 円6,018,192 Mil.
Property, Plant and Equipment(Net PPE) was 円926,737 Mil.
Depreciation, Depletion and Amortization(DDA) was 円150,084 Mil.
Selling, General, & Admin. Expense(SGA) was 円653,034 Mil.
Total Current Liabilities was 円3,000,861 Mil.
Long-Term Debt & Capital Lease Obligation was 円797,753 Mil.
Net Income was 46106 + 38756 + 53187 + 64010 = 円202,059 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -120955 + -21045 + -160187 + 298680 = 円-3,507 Mil.
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Total Receivables was 円1,481,496 Mil.
Revenue was 1062779 + 1003934 + 871332 + 1214908 = 円4,152,953 Mil.
Gross Profit was 198117 + 182835 + 143163 + 220254 = 円744,369 Mil.
Total Current Assets was 円3,130,571 Mil.
Total Assets was 円5,477,694 Mil.
Property, Plant and Equipment(Net PPE) was 円901,767 Mil.
Depreciation, Depletion and Amortization(DDA) was 円139,956 Mil.
Selling, General, & Admin. Expense(SGA) was 円600,429 Mil.
Total Current Liabilities was 円2,722,238 Mil.
Long-Term Debt & Capital Lease Obligation was 円824,610 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) |
| = | (1738288 / 4525417) | / | (1481496 / 4152953) |
| = | 0.384117 | / | 0.356733 |
| | = | 1.0768 |
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) |
| = | (744369 / 4152953) | / | (886136 / 4525417) |
| = | 0.179238 | / | 0.195813 |
| | = | 0.9154 |
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 - (3445126 + 926737) / 6018192) | / | (1 - (3130571 + 901767) / 5477694) |
| = | 0.273559 | / | 0.263862 |
| | = | 1.0368 |
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 |
| = | 4525417 | / | 4152953 |
| | = | 1.0897 |
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)) |
| = | (139956 / (139956 + 901767)) | / | (150084 / (150084 + 926737)) |
| = | 0.13435 | / | 0.139377 |
| | = | 0.9639 |
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) |
| = | (653034 / 4525417) | / | (600429 / 4152953) |
| = | 0.144304 | / | 0.144579 |
| | = | 0.9981 |
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) |
| = | ((797753 + 3000861) / 6018192) | / | ((824610 + 2722238) / 5477694) |
| = | 0.631189 | / | 0.647508 |
| | = | 0.9748 |
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 |
| = | (202059 - 0 | - | -3507) | / | 6018192 |
| | = | 0.034157 |
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.
Mitsubishi Heavy Industries has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
Mitsubishi Heavy Industries (TSE:7011) Business Description
Traded in Other Exchanges
Address
2-3 Marunouchi 3-chome, Chiyoda-ku, Tokyo, JPN, 100-8332
Mitsubishi Heavy Industries Ltd is engaged in the manufacturing and sale of ships, industrial machinery, and aircraft. The segments of the company are Energy, Plants and Infrastructure Systems, Logistics, Thermal and Drive Systems, and Aircraft, Defense, and Space. The company earns maximum revenue from the energy segment which handles clean gas, steam power systems, nuclear power systems, compressors, and marine machinery. The Plants and Infrastructure Systems segment of the company deals with commercial ships, engineering, machine tools, and machinery systems; Logistics, Thermal, and Drive Systems provide material handling systems, engines, HVAC systems, and automotive air-conditioners; and the Aircraft, Defense, and Space cover commercial aircraft, defense aircraft, and others.
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