Monex Group Beneish M-Score Historical Data
The historical data trend for Monex Group'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.
Monex Group Beneish M-Score Chart
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Monex Group Annual Data
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Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.76 |
-1.84 |
-1.77 |
-2.46 |
-2.53 |
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Monex Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Dec21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.46 |
-2.25 |
-2.49 |
-3.38 |
-2.53 |
Competitive Comparison of Monex Group's Beneish M-Score
For the Capital Markets subindustry, Monex Group'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.
Monex Group's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Monex Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Monex Group's Beneish M-Score falls into.
Monex Group 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 Monex Group 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 * 0.5291 | + | 0.528 * 0.999 | + | 0.404 * 0.9078 | + | 0.892 * 1.0619 | + | 0.115 * 1.0583 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7356 | + | 4.679 * 0.03051 | - | 0.327 * 0.4718 |
| = | -2.53 |
* 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47,870 Mil.
Revenue was 37194 + 15463 + 22836 + 22167 = 円97,660 Mil.
Gross Profit was 37178 + 15412 + 22795 + 22148 = 円97,533 Mil.
Total Current Assets was 円594,614 Mil.
Total Assets was 円761,642 Mil.
Property, Plant and Equipment(Net PPE) was 円6,579 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,153 Mil.
Selling, General, & Admin. Expense(SGA) was 円61,612 Mil.
Total Current Liabilities was 円9,079 Mil.
Long-Term Debt & Capital Lease Obligation was 円100,161 Mil.
Net Income was 24751 + 2284 + 1844 + 2414 = 円31,293 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -7018 + 20812 + -26071 + 20332 = 円8,055 Mil.
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Total Receivables was 円85,206 Mil.
Revenue was 38526 + 12191 + 21166 + 20084 = 円91,967 Mil.
Gross Profit was 38513 + 12079 + 21111 + 20055 = 円91,758 Mil.
Total Current Assets was 円1,149,034 Mil.
Total Assets was 円1,504,110 Mil.
Property, Plant and Equipment(Net PPE) was 円6,043 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,542 Mil.
Selling, General, & Admin. Expense(SGA) was 円78,871 Mil.
Total Current Liabilities was 円41,576 Mil.
Long-Term Debt & Capital Lease Obligation was 円415,709 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) |
| = | (47870 / 97660) | / | (85206 / 91967) |
| = | 0.49017 | / | 0.926484 |
| | = | 0.5291 |
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) |
| = | (91758 / 91967) | / | (97533 / 97660) |
| = | 0.997727 | / | 0.9987 |
| | = | 0.999 |
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 - (594614 + 6579) / 761642) | / | (1 - (1149034 + 6043) / 1504110) |
| = | 0.210662 | / | 0.232053 |
| | = | 0.9078 |
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 |
| = | 97660 | / | 91967 |
| | = | 1.0619 |
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)) |
| = | (8542 / (8542 + 6043)) | / | (8153 / (8153 + 6579)) |
| = | 0.58567 | / | 0.553421 |
| | = | 1.0583 |
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) |
| = | (61612 / 97660) | / | (78871 / 91967) |
| = | 0.630883 | / | 0.857601 |
| | = | 0.7356 |
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) |
| = | ((100161 + 9079) / 761642) | / | ((415709 + 41576) / 1504110) |
| = | 0.143427 | / | 0.304024 |
| | = | 0.4718 |
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 |
| = | (31293 - 0 | - | 8055) | / | 761642 |
| | = | 0.03051 |
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.
Monex Group has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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