CJ Beneish M-Score Historical Data
The historical data trend for CJ'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.
CJ Beneish M-Score Chart
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CJ Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.91 |
-2.85 |
-2.75 |
-2.73 |
-2.96 |
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CJ Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.86 |
-3.00 |
-2.95 |
-2.96 |
Competitive Comparison of CJ's Beneish M-Score
For the Conglomerates subindustry, CJ'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.
CJ's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, CJ's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CJ's Beneish M-Score falls into.
CJ 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 CJ 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 * 0.9412 | + | 0.528 * 0.9955 | + | 0.404 * 0.9987 | + | 0.892 * 1.0105 | + | 0.115 * 1.0357 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8279 | + | 4.679 * -0.102157 | - | 0.327 * 0.9756 |
| = | -2.96 |
* 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 ₩4,930,021 Mil.
Revenue was 10665888.391 + 10619027.201 + 10290328.664 + 9777443.903 = ₩41,352,688 Mil.
Gross Profit was 2895238.526 + 3044003.851 + 2828561.229 + 2629591.72 = ₩11,397,395 Mil.
Total Current Assets was ₩14,584,098 Mil.
Total Assets was ₩47,203,763 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,387,786 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,059,786 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,712,718 Mil.
Total Current Liabilities was ₩15,637,198 Mil.
Long-Term Debt & Capital Lease Obligation was ₩10,958,846 Mil.
Net Income was 34269.16 + 137313.077 + 12332.49 + 10875.976 = ₩194,791 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 1450878.203 + 1483994.045 + 1415161.195 + 666963.238 = ₩5,016,997 Mil.
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Total Receivables was ₩5,184,003 Mil.
Revenue was 10605920.685 + 10891501.269 + 10309493.942 + 9117963.877 = ₩40,924,880 Mil.
Gross Profit was 2742924.491 + 2996920.057 + 2928391.816 + 2560552.956 = ₩11,228,789 Mil.
Total Current Assets was ₩15,173,653 Mil.
Total Assets was ₩48,240,408 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,503,044 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,207,858 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,633,780 Mil.
Total Current Liabilities was ₩16,950,325 Mil.
Long-Term Debt & Capital Lease Obligation was ₩10,910,762 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) |
| = | (4930021.354 / 41352688.159) | / | (5184002.715 / 40924879.773) |
| = | 0.119219 | / | 0.126671 |
| | = | 0.9412 |
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) |
| = | (11228789.32 / 40924879.773) | / | (11397395.326 / 41352688.159) |
| = | 0.274376 | / | 0.275614 |
| | = | 0.9955 |
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 - (14584098.325 + 18387785.989) / 47203762.893) | / | (1 - (15173652.714 + 18503043.702) / 48240408.307) |
| = | 0.301499 | / | 0.301899 |
| | = | 0.9987 |
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 |
| = | 41352688.159 | / | 40924879.773 |
| | = | 1.0105 |
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)) |
| = | (3207857.663 / (3207857.663 + 18503043.702)) | / | (3059786.18 / (3059786.18 + 18387785.989)) |
| = | 0.147753 | / | 0.142664 |
| | = | 1.0357 |
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) |
| = | (4712718.209 / 41352688.159) | / | (5633780.305 / 40924879.773) |
| = | 0.113964 | / | 0.137661 |
| | = | 0.8279 |
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) |
| = | ((10958846.275 + 15637197.515) / 47203762.893) | / | ((10910761.831 + 16950325.414) / 48240408.307) |
| = | 0.563431 | / | 0.577547 |
| | = | 0.9756 |
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 |
| = | (194790.703 - 0 | - | 5016996.681) | / | 47203762.893 |
| | = | -0.102157 |
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.
CJ has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
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