J Trust Co Beneish M-Score Historical Data
The historical data trend for J Trust 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.
J Trust Co Beneish M-Score Chart
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J Trust Co Annual Data
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Trend |
Mar13 |
Mar14 |
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Mar17 |
Mar18 |
Mar19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.37 |
-7.62 |
- |
-1.37 |
-1.74 |
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J Trust Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.50 |
-1.94 |
-1.36 |
-1.84 |
-2.24 |
Competitive Comparison of J Trust Co's Beneish M-Score
For the Financial Conglomerates subindustry, J Trust 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.
J Trust Co's Beneish M-Score Distribution in the Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, J Trust Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where J Trust Co's Beneish M-Score falls into.
J Trust 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 J Trust 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 * 0.8984 | + | 0.528 * 1.3606 | + | 0.404 * 1.021 | + | 0.892 * 1.2509 | + | 0.115 * 0.7659 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9007 | + | 4.679 * -0.013535 | - | 0.327 * 1.0604 |
| = | -2.24 |
* 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818,807 Mil.
Revenue was 31554 + 29702 + 30927 + 27560 = 円119,743 Mil.
Gross Profit was 9472 + 5845 + 10378 + 8598 = 円34,293 Mil.
Total Current Assets was 円1,011,709 Mil.
Total Assets was 円1,285,024 Mil.
Property, Plant and Equipment(Net PPE) was 円9,566 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,455 Mil.
Selling, General, & Admin. Expense(SGA) was 円37,970 Mil.
Total Current Liabilities was 円15,263 Mil.
Long-Term Debt & Capital Lease Obligation was 円60,759 Mil.
Net Income was 38 + -2030 + 2308 + 6906 = 円7,222 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 45837 + -43312 + 21688 + 402 = 円24,615 Mil.
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Total Receivables was 円728,591 Mil.
Revenue was 26036 + 25056 + 23295 + 21336 = 円95,723 Mil.
Gross Profit was 8268 + 8773 + 10812 + 9446 = 円37,299 Mil.
Total Current Assets was 円879,895 Mil.
Total Assets was 円1,117,872 Mil.
Property, Plant and Equipment(Net PPE) was 円13,251 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,106 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,698 Mil.
Total Current Liabilities was 円14,446 Mil.
Long-Term Debt & Capital Lease Obligation was 円47,921 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) |
| = | (818807 / 119743) | / | (728591 / 95723) |
| = | 6.838036 | / | 7.611452 |
| | = | 0.8984 |
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) |
| = | (37299 / 95723) | / | (34293 / 119743) |
| = | 0.389656 | / | 0.286388 |
| | = | 1.3606 |
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 - (1011709 + 9566) / 1285024) | / | (1 - (879895 + 13251) / 1117872) |
| = | 0.205248 | / | 0.20103 |
| | = | 1.021 |
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 |
| = | 119743 | / | 95723 |
| | = | 1.2509 |
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)) |
| = | (5106 / (5106 + 13251)) | / | (5455 / (5455 + 9566)) |
| = | 0.27815 | / | 0.363158 |
| | = | 0.7659 |
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) |
| = | (37970 / 119743) | / | (33698 / 95723) |
| = | 0.317096 | / | 0.352037 |
| | = | 0.9007 |
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) |
| = | ((60759 + 15263) / 1285024) | / | ((47921 + 14446) / 1117872) |
| = | 0.05916 | / | 0.055791 |
| | = | 1.0604 |
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 |
| = | (7222 - 0 | - | 24615) | / | 1285024 |
| | = | -0.013535 |
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.
J Trust Co has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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