Toyota Industries Beneish M-Score Historical Data
The historical data trend for Toyota Industries'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.
Toyota Industries Beneish M-Score Chart
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Toyota Industries Annual Data
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Mar15 |
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Mar20 |
Mar21 |
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Mar23 |
Mar24 |
| Beneish M-Score |
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-2.65 |
-2.18 |
-2.14 |
-2.23 |
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Toyota Industries Quarterly Data
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Jun19 |
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Dec19 |
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Mar24 |
| Beneish M-Score |
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-2.23 |
-2.17 |
-2.15 |
-2.16 |
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Competitive Comparison of Toyota Industries's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Toyota Industries'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.
Toyota Industries's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Toyota Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toyota Industries's Beneish M-Score falls into.
Toyota Industries 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 Toyota Industries 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 * 1.0184 | + | 0.528 * 0.9516 | + | 0.404 * 1.0378 | + | 0.892 * 1.092 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9698 | + | 4.679 * 0.027744 | - | 0.327 * 0.8958 |
| = | -2.22 |
* 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 $10,579 Mil.
Revenue was 6876.883 + 6411.898 + 6292.211 + 6825.502 = $26,406 Mil.
Gross Profit was 1677.507 + 1547.276 + 1439.274 + 1493.854 = $6,158 Mil.
Total Current Assets was $21,601 Mil.
Total Assets was $64,216 Mil.
Property, Plant and Equipment(Net PPE) was $9,432 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $4,444 Mil.
Total Current Liabilities was $10,699 Mil.
Long-Term Debt & Capital Lease Obligation was $9,027 Mil.
Net Income was 638.922 + 350.563 + 615.303 + 176.809 = $1,782 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
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Total Receivables was $9,512 Mil.
Revenue was 6411.958 + 5882.459 + 5670.5 + 6217.323 = $24,182 Mil.
Gross Profit was 1440.568 + 1331.29 + 1279.468 + 1314.804 = $5,366 Mil.
Total Current Assets was $18,880 Mil.
Total Assets was $55,366 Mil.
Property, Plant and Equipment(Net PPE) was $8,918 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $4,197 Mil.
Total Current Liabilities was $11,283 Mil.
Long-Term Debt & Capital Lease Obligation was $7,703 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) |
| = | (10578.734 / 26406.494) | / | (9512.389 / 24182.24) |
| = | 0.400611 | / | 0.393363 |
| | = | 1.0184 |
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) |
| = | (5366.13 / 24182.24) | / | (6157.911 / 26406.494) |
| = | 0.221904 | / | 0.233197 |
| | = | 0.9516 |
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 - (21600.997 + 9432.378) / 64215.576) | / | (1 - (18880.182 + 8917.798) / 55366.372) |
| = | 0.516731 | / | 0.497927 |
| | = | 1.0378 |
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 |
| = | 26406.494 | / | 24182.24 |
| | = | 1.092 |
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)) |
| = | (0 / (0 + 8917.798)) | / | (0 / (0 + 9432.378)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (4444.048 / 26406.494) | / | (4196.524 / 24182.24) |
| = | 0.168294 | / | 0.173537 |
| | = | 0.9698 |
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) |
| = | ((9027.347 + 10698.972) / 64215.576) | / | ((7703.395 + 11283.032) / 55366.372) |
| = | 0.307189 | / | 0.342923 |
| | = | 0.8958 |
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 |
| = | (1781.597 - 0 | - | 0) | / | 64215.576 |
| | = | 0.027744 |
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.
Toyota Industries has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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