Kurita Water Industries Beneish M-Score Historical Data
The historical data trend for Kurita Water 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.
Kurita Water Industries Beneish M-Score Chart
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Kurita Water Industries Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.87 |
-2.71 |
-2.59 |
-2.70 |
-2.50 |
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Kurita Water Industries Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.70 |
-2.56 |
-2.57 |
-2.65 |
-2.50 |
Competitive Comparison of Kurita Water Industries's Beneish M-Score
For the Pollution & Treatment Controls subindustry, Kurita Water 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.
Kurita Water Industries's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Kurita Water Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kurita Water Industries's Beneish M-Score falls into.
Kurita Water 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 Kurita Water 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 * 1.0382 | + | 0.528 * 1.0138 | + | 0.404 * 0.995 | + | 0.892 * 1.1167 | + | 0.115 * 1.1833 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9913 | + | 4.679 * -0.038907 | - | 0.327 * 1.0012 |
| = | -2.50 |
* 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139,464 Mil.
Revenue was 98150 + 98312 + 97818 + 90544 = 円384,824 Mil.
Gross Profit was 35052 + 34502 + 32995 + 29291 = 円131,840 Mil.
Total Current Assets was 円228,018 Mil.
Total Assets was 円557,407 Mil.
Property, Plant and Equipment(Net PPE) was 円213,871 Mil.
Depreciation, Depletion and Amortization(DDA) was 円32,637 Mil.
Selling, General, & Admin. Expense(SGA) was 円89,786 Mil.
Total Current Liabilities was 円118,620 Mil.
Long-Term Debt & Capital Lease Obligation was 円77,488 Mil.
Net Income was 7283 + 9310 + 6899 + 5695 = 円29,187 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 17821 + 11786 + 16800 + 4467 = 円50,874 Mil.
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Total Receivables was 円120,299 Mil.
Revenue was 92902 + 91025 + 86020 + 74660 = 円344,607 Mil.
Gross Profit was 30772 + 31978 + 30741 + 26204 = 円119,695 Mil.
Total Current Assets was 円196,416 Mil.
Total Assets was 円501,538 Mil.
Property, Plant and Equipment(Net PPE) was 円200,665 Mil.
Depreciation, Depletion and Amortization(DDA) was 円37,276 Mil.
Selling, General, & Admin. Expense(SGA) was 円81,105 Mil.
Total Current Liabilities was 円109,468 Mil.
Long-Term Debt & Capital Lease Obligation was 円66,774 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) |
| = | (139464 / 384824) | / | (120299 / 344607) |
| = | 0.36241 | / | 0.34909 |
| | = | 1.0382 |
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) |
| = | (119695 / 344607) | / | (131840 / 384824) |
| = | 0.347338 | / | 0.342598 |
| | = | 1.0138 |
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 - (228018 + 213871) / 557407) | / | (1 - (196416 + 200665) / 501538) |
| = | 0.207242 | / | 0.208273 |
| | = | 0.995 |
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 |
| = | 384824 | / | 344607 |
| | = | 1.1167 |
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)) |
| = | (37276 / (37276 + 200665)) | / | (32637 / (32637 + 213871)) |
| = | 0.156661 | / | 0.132397 |
| | = | 1.1833 |
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) |
| = | (89786 / 384824) | / | (81105 / 344607) |
| = | 0.233317 | / | 0.235355 |
| | = | 0.9913 |
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) |
| = | ((77488 + 118620) / 557407) | / | ((66774 + 109468) / 501538) |
| = | 0.351822 | / | 0.351403 |
| | = | 1.0012 |
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 |
| = | (29187 - 0 | - | 50874) | / | 557407 |
| | = | -0.038907 |
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.
Kurita Water Industries has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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