Canon Beneish M-Score Historical Data
The historical data trend for Canon'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.
Canon Beneish M-Score Chart
|
Canon Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.79 |
-2.77 |
-2.57 |
-2.33 |
-2.62 |
|
Canon Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.33 |
-2.27 |
-2.27 |
-2.29 |
-2.62 |
Competitive Comparison of Canon's Beneish M-Score
For the Computer Hardware subindustry, Canon'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.
Canon's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Canon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Canon's Beneish M-Score falls into.
Canon 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 Canon 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 * 1.0047 | + | 0.528 * 0.9628 | + | 0.404 * 1.0375 | + | 0.892 * 1.0371 | + | 0.115 * 1.0049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0418 | + | 4.679 * -0.035247 | - | 0.327 * 0.9936 |
| = | -2.62 |
* 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790,455 Mil.
Revenue was 1163718 + 1025247 + 1020882 + 971125 = 円4,180,972 Mil.
Gross Profit was 548079 + 482050 + 484771 + 454010 = 円1,968,910 Mil.
Total Current Assets was 円2,224,086 Mil.
Total Assets was 円5,416,577 Mil.
Property, Plant and Equipment(Net PPE) was 円1,222,004 Mil.
Depreciation, Depletion and Amortization(DDA) was 円238,676 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,261,630 Mil.
Total Current Liabilities was 円1,439,176 Mil.
Long-Term Debt & Capital Lease Obligation was 円95,558 Mil.
Net Income was 80566 + 62134 + 65403 + 56410 = 円264,513 Mil.
Non Operating Income was -4737 + 1805 + 6181 + 994 = 円4,243 Mil.
Cash Flow from Operations was 181305 + 115828 + 80448 + 73609 = 円451,190 Mil.
|
Total Receivables was 円758,606 Mil.
Revenue was 1157175 + 996090 + 998799 + 879350 = 円4,031,414 Mil.
Gross Profit was 518339 + 451033 + 464038 + 394392 = 円1,827,802 Mil.
Total Current Assets was 円2,155,914 Mil.
Total Assets was 円5,095,530 Mil.
Property, Plant and Equipment(Net PPE) was 円1,152,908 Mil.
Depreciation, Depletion and Amortization(DDA) was 円226,492 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,167,673 Mil.
Total Current Liabilities was 円1,365,353 Mil.
Long-Term Debt & Capital Lease Obligation was 円87,748 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) |
| = | (790455 / 4180972) | / | (758606 / 4031414) |
| = | 0.18906 | / | 0.188174 |
| | = | 1.0047 |
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) |
| = | (1827802 / 4031414) | / | (1968910 / 4180972) |
| = | 0.45339 | / | 0.470922 |
| | = | 0.9628 |
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 - (2224086 + 1222004) / 5416577) | / | (1 - (2155914 + 1152908) / 5095530) |
| = | 0.363788 | / | 0.350642 |
| | = | 1.0375 |
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 |
| = | 4180972 | / | 4031414 |
| | = | 1.0371 |
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)) |
| = | (226492 / (226492 + 1152908)) | / | (238676 / (238676 + 1222004)) |
| = | 0.164196 | / | 0.163401 |
| | = | 1.0049 |
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) |
| = | (1261630 / 4180972) | / | (1167673 / 4031414) |
| = | 0.301755 | / | 0.289644 |
| | = | 1.0418 |
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) |
| = | ((95558 + 1439176) / 5416577) | / | ((87748 + 1365353) / 5095530) |
| = | 0.28334 | / | 0.285172 |
| | = | 0.9936 |
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 |
| = | (264513 - 4243 | - | 451190) | / | 5416577 |
| | = | -0.035247 |
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.
Canon has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:7751 has been successfully added to your