Asiro Beneish M-Score Historical Data
The historical data trend for Asiro'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.
Asiro Beneish M-Score Chart
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Asiro Annual Data
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Trend |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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- |
- |
- |
-2.33 |
-1.90 |
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Asiro Quarterly Data
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Oct19 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.09 |
-1.62 |
-1.42 |
-1.90 |
-2.69 |
Competitive Comparison of Asiro's Beneish M-Score
For the Personal Services subindustry, Asiro'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.
Asiro's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Asiro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asiro's Beneish M-Score falls into.
Asiro 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 Asiro 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 * 0.9588 | + | 0.528 * 1.1907 | + | 0.404 * 0.9382 | + | 0.892 * 1.4471 | + | 0.115 * 0.9492 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2503 | + | 4.679 * -0.104018 | - | 0.327 * 1.3303 |
| = | -2.69 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was 円535 Mil.
Revenue was 966.083 + 859.348 + 852.133 + 799.782 = 円3,477 Mil.
Gross Profit was 326.513 + 327.411 + 313.166 + 333.778 = 円1,301 Mil.
Total Current Assets was 円1,789 Mil.
Total Assets was 円3,554 Mil.
Property, Plant and Equipment(Net PPE) was 円395 Mil.
Depreciation, Depletion and Amortization(DDA) was 円142 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,191 Mil.
Total Current Liabilities was 円877 Mil.
Long-Term Debt & Capital Lease Obligation was 円627 Mil.
Net Income was -128.465 + -89.468 + 11.34 + 21.175 = 円-185 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 98.335 + 119.918 + -88.193 + 54.151 = 円184 Mil.
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Total Receivables was 円385 Mil.
Revenue was 686.52 + 613.311 + 567.187 + 535.935 = 円2,403 Mil.
Gross Profit was 282.153 + 237.99 + 265.896 + 284.3 = 円1,070 Mil.
Total Current Assets was 円1,807 Mil.
Total Assets was 円3,552 Mil.
Property, Plant and Equipment(Net PPE) was 円285 Mil.
Depreciation, Depletion and Amortization(DDA) was 円96 Mil.
Selling, General, & Admin. Expense(SGA) was 円658 Mil.
Total Current Liabilities was 円606 Mil.
Long-Term Debt & Capital Lease Obligation was 円524 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) |
| = | (534.759 / 3477.346) | / | (385.423 / 2402.953) |
| = | 0.153784 | / | 0.160396 |
| | = | 0.9588 |
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) |
| = | (1070.339 / 2402.953) | / | (1300.868 / 3477.346) |
| = | 0.445427 | / | 0.374098 |
| | = | 1.1907 |
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 - (1788.828 + 394.601) / 3553.527) | / | (1 - (1806.9 + 285.309) / 3551.978) |
| = | 0.38556 | / | 0.410974 |
| | = | 0.9382 |
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 |
| = | 3477.346 | / | 2402.953 |
| | = | 1.4471 |
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)) |
| = | (95.739 / (95.739 + 285.309)) | / | (142.057 / (142.057 + 394.601)) |
| = | 0.251252 | / | 0.264707 |
| | = | 0.9492 |
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) |
| = | (1191.425 / 3477.346) | / | (658.482 / 2402.953) |
| = | 0.342625 | / | 0.27403 |
| | = | 1.2503 |
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) |
| = | ((627.02 + 876.658) / 3553.527) | / | ((523.555 + 606.278) / 3551.978) |
| = | 0.423151 | / | 0.318086 |
| | = | 1.3303 |
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 |
| = | (-185.418 - 0 | - | 184.211) | / | 3553.527 |
| | = | -0.104018 |
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.
Asiro has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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