Nippon Express Holdings Beneish M-Score Historical Data
The historical data trend for Nippon Express Holdings'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.
Nippon Express Holdings Beneish M-Score Chart
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Nippon Express Holdings Annual Data
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Dec22 |
Dec23 |
| Beneish M-Score |
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Nippon Express Holdings Quarterly Data
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.83 |
Competitive Comparison of Nippon Express Holdings's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Nippon Express Holdings'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.
Nippon Express Holdings's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Nippon Express Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nippon Express Holdings's Beneish M-Score falls into.
Nippon Express Holdings 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 Nippon Express Holdings 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 * 1.1005 | + | 0.528 * 1.0759 | + | 0.404 * 1.2067 | + | 0.892 * 0.8921 | + | 0.115 * 0.9401 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2187 | + | 4.679 * -0.087667 | - | 0.327 * 1.0441 |
| = | -2.83 |
* 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449,716 Mil.
Revenue was 617601 + 563665 + 543485 + 553850 = 円2,278,601 Mil.
Gross Profit was 53273 + 59863 + 53682 + 58020 = 円224,838 Mil.
Total Current Assets was 円837,812 Mil.
Total Assets was 円2,182,715 Mil.
Property, Plant and Equipment(Net PPE) was 円911,177 Mil.
Depreciation, Depletion and Amortization(DDA) was 円164,427 Mil.
Selling, General, & Admin. Expense(SGA) was 円152,676 Mil.
Total Current Liabilities was 円662,200 Mil.
Long-Term Debt & Capital Lease Obligation was 円554,464 Mil.
Net Income was 822 + 6530 + 5073 + 12126 = 円24,551 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 52369 + 51513 + 63879 + 48142 = 円215,903 Mil.
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Total Receivables was 円458,037 Mil.
Revenue was 578016 + 656195 + 659272 + 660603 = 円2,554,086 Mil.
Gross Profit was 55979 + 70497 + 70228 + 74450 = 円271,154 Mil.
Total Current Assets was 円828,373 Mil.
Total Assets was 円1,998,027 Mil.
Property, Plant and Equipment(Net PPE) was 円840,625 Mil.
Depreciation, Depletion and Amortization(DDA) was 円141,088 Mil.
Selling, General, & Admin. Expense(SGA) was 円140,426 Mil.
Total Current Liabilities was 円590,187 Mil.
Long-Term Debt & Capital Lease Obligation was 円476,502 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) |
| = | (449716 / 2278601) | / | (458037 / 2554086) |
| = | 0.197365 | / | 0.179335 |
| | = | 1.1005 |
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) |
| = | (271154 / 2554086) | / | (224838 / 2278601) |
| = | 0.106165 | / | 0.098674 |
| | = | 1.0759 |
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 - (837812 + 911177) / 2182715) | / | (1 - (828373 + 840625) / 1998027) |
| = | 0.198709 | / | 0.164677 |
| | = | 1.2067 |
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 |
| = | 2278601 | / | 2554086 |
| | = | 0.8921 |
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)) |
| = | (141088 / (141088 + 840625)) | / | (164427 / (164427 + 911177)) |
| = | 0.143716 | / | 0.152869 |
| | = | 0.9401 |
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) |
| = | (152676 / 2278601) | / | (140426 / 2554086) |
| = | 0.067004 | / | 0.054981 |
| | = | 1.2187 |
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) |
| = | ((554464 + 662200) / 2182715) | / | ((476502 + 590187) / 1998027) |
| = | 0.557409 | / | 0.533871 |
| | = | 1.0441 |
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 |
| = | (24551 - 0 | - | 215903) | / | 2182715 |
| | = | -0.087667 |
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.
Nippon Express Holdings has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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