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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Kajima's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Kajima was -2.05. The lowest was -2.74. And the median was -2.38.
The historical data trend for Kajima'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.
Kajima Annual Data | |||||||||||||||||||||
Trend | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | Mar23 | Mar24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.32 | -2.69 | -2.16 | -2.05 | -2.39 |
Kajima Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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- | - | - | -2.39 | - |
For the Engineering & Construction subindustry, Kajima'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.
For the Construction industry and Industrials sector, Kajima's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kajima's Beneish M-Score falls into.
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 Kajima 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 * 0.9379 | + | 0.528 * 1.0211 | + | 0.404 * 1.1084 | + | 0.892 * 0.9793 | + | 0.115 * 1.0218 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1 | + | 4.679 * -0.002775 | - | 0.327 * 0.9879 | |||||||
= | -2.51 |
* 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 €5,774 Mil. Revenue was €16,366 Mil. Gross Profit was €1,790 Mil. Total Current Assets was €11,778 Mil. Total Assets was €19,252 Mil. Property, Plant and Equipment(Net PPE) was €3,317 Mil. Depreciation, Depletion and Amortization(DDA) was €167 Mil. Selling, General, & Admin. Expense(SGA) was €0 Mil. Total Current Liabilities was €9,248 Mil. Long-Term Debt & Capital Lease Obligation was €1,554 Mil. Net Income was €706 Mil. Gross Profit was €0 Mil. Cash Flow from Operations was €760 Mil. |
Total Receivables was €6,286 Mil. Revenue was €16,712 Mil. Gross Profit was €1,866 Mil. Total Current Assets was €12,239 Mil. Total Assets was €19,354 Mil. Property, Plant and Equipment(Net PPE) was €3,344 Mil. Depreciation, Depletion and Amortization(DDA) was €173 Mil. Selling, General, & Admin. Expense(SGA) was €0 Mil. Total Current Liabilities was €9,222 Mil. Long-Term Debt & Capital Lease Obligation was €1,770 Mil. |
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) |
= | (5774.181 / 16366.199) | / | (6286.234 / 16711.522) | |
= | 0.352811 | / | 0.376162 | |
= | 0.9379 |
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) | |
= | (1866.403 / 16711.522) | / | (1790.038 / 16366.199) | |
= | 0.111684 | / | 0.109374 | |
= | 1.0211 |
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 - (11777.903 + 3317.097) / 19252.196) | / | (1 - (12239.465 + 3343.865) / 19353.834) | |
= | 0.215934 | / | 0.194819 | |
= | 1.1084 |
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 | |
= | 16366.199 | / | 16711.522 | |
= | 0.9793 |
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)) |
= | (172.672 / (172.672 + 3343.865)) | / | (167.459 / (167.459 + 3317.097)) | |
= | 0.049103 | / | 0.048057 | |
= | 1.0218 |
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) |
= | (0 / 16366.199) | / | (0 / 16711.522) | |
= | 0 | / | 0 | |
= | 1 |
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) |
= | ((1554.06 + 9247.984) / 19252.196) | / | ((1770.392 + 9222.083) / 19353.834) | |
= | 0.561081 | / | 0.567974 | |
= | 0.9879 |
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 | |
= | (706.39 - 0 | - | 759.821) | / | 19252.196 | |
= | -0.002775 |
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.
Kajima has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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