Noritsu Koki Co Beneish M-Score Historical Data
The historical data trend for Noritsu Koki Co'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.
Noritsu Koki Co Beneish M-Score Chart
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Noritsu Koki Co Annual Data
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Mar13 |
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Mar18 |
Mar19 |
Mar20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.05 |
-2.61 |
4.48 |
-0.82 |
-1.15 |
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Noritsu Koki Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-1.61 |
-1.80 |
-1.71 |
-1.68 |
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Competitive Comparison of Noritsu Koki Co's Beneish M-Score
For the Consumer Electronics subindustry, Noritsu Koki Co'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.
Noritsu Koki Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Noritsu Koki Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Noritsu Koki Co's Beneish M-Score falls into.
Noritsu Koki Co 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 Noritsu Koki Co 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 * 0.8407 | + | 0.528 * 0.8447 | + | 0.404 * 0.8363 | + | 0.892 * 1.323 | + | 0.115 * 1.0066 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9403 | + | 4.679 * 0.024751 | - | 0.327 * 0.9035 |
| = | -2.33 |
* 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13,723 Mil.
Revenue was 27304 + 25763 + 24320 + 24070 = 円101,457 Mil.
Gross Profit was 13996 + 11560 + 11498 + 10807 = 円47,861 Mil.
Total Current Assets was 円121,586 Mil.
Total Assets was 円285,445 Mil.
Property, Plant and Equipment(Net PPE) was 円11,373 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,353 Mil.
Selling, General, & Admin. Expense(SGA) was 円29,109 Mil.
Total Current Liabilities was 円30,826 Mil.
Long-Term Debt & Capital Lease Obligation was 円26,881 Mil.
Net Income was 5235 + 2357 + 3388 + 3402 = 円14,382 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 9067 + 4199 + -14000 + 8051 = 円7,317 Mil.
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Total Receivables was 円12,338 Mil.
Revenue was 17398 + 23853 + 18125 + 17312 = 円76,688 Mil.
Gross Profit was 7207 + 9661 + 6683 + 7007 = 円30,558 Mil.
Total Current Assets was 円87,956 Mil.
Total Assets was 円272,810 Mil.
Property, Plant and Equipment(Net PPE) was 円10,588 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,032 Mil.
Selling, General, & Admin. Expense(SGA) was 円23,399 Mil.
Total Current Liabilities was 円30,167 Mil.
Long-Term Debt & Capital Lease Obligation was 円30,878 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) |
| = | (13723 / 101457) | / | (12338 / 76688) |
| = | 0.135259 | / | 0.160886 |
| | = | 0.8407 |
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) |
| = | (30558 / 76688) | / | (47861 / 101457) |
| = | 0.398472 | / | 0.471737 |
| | = | 0.8447 |
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 - (121586 + 11373) / 285445) | / | (1 - (87956 + 10588) / 272810) |
| = | 0.534204 | / | 0.638782 |
| | = | 0.8363 |
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 |
| = | 101457 | / | 76688 |
| | = | 1.323 |
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)) |
| = | (5032 / (5032 + 10588)) | / | (5353 / (5353 + 11373)) |
| = | 0.322151 | / | 0.320041 |
| | = | 1.0066 |
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) |
| = | (29109 / 101457) | / | (23399 / 76688) |
| = | 0.28691 | / | 0.305119 |
| | = | 0.9403 |
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) |
| = | ((26881 + 30826) / 285445) | / | ((30878 + 30167) / 272810) |
| = | 0.202165 | / | 0.223764 |
| | = | 0.9035 |
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 |
| = | (14382 - 0 | - | 7317) | / | 285445 |
| | = | 0.024751 |
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.
Noritsu Koki Co has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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