National Instruments Beneish M-Score Historical Data
The historical data trend for National Instruments'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.
National Instruments Beneish M-Score Chart
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National Instruments Annual Data
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| Beneish M-Score |
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-2.86 |
-2.77 |
-2.73 |
-2.41 |
-2.13 |
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National Instruments Quarterly Data
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Jun23 |
| Beneish M-Score |
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-2.16 |
-2.21 |
-2.13 |
-2.28 |
-2.44 |
Competitive Comparison of National Instruments's Beneish M-Score
For the Software - Application subindustry, National Instruments'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.
National Instruments's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, National Instruments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Instruments's Beneish M-Score falls into.
National Instruments 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 National Instruments 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 * 0.993 | + | 0.528 * 1.0148 | + | 0.404 * 0.9617 | + | 0.892 * 1.1028 | + | 0.115 * 1.1132 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9556 | + | 4.679 * -0.00784 | - | 0.327 * 1.0641 |
| = | -2.44 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $390 Mil.
Revenue was 416.804 + 436.825 + 448.276 + 427.928 = $1,730 Mil.
Gross Profit was 298.317 + 304.118 + 303.955 + 284.226 = $1,191 Mil.
Total Current Assets was $1,055 Mil.
Total Assets was $2,363 Mil.
Property, Plant and Equipment(Net PPE) was $352 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $651 Mil.
Total Current Liabilities was $424 Mil.
Long-Term Debt & Capital Lease Obligation was $601 Mil.
Net Income was 30.492 + 46.929 + 40.067 + 61.907 = $179 Mil.
Non Operating Income was 0.815 + 5.002 + -3.87 + 33.234 = $35 Mil.
Cash Flow from Operations was -23.833 + 98.706 + 51.894 + 35.972 = $163 Mil.
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Total Receivables was $356 Mil.
Revenue was 395.515 + 385.256 + 420.641 + 367.162 = $1,569 Mil.
Gross Profit was 268.041 + 266.029 + 297.045 + 264.447 = $1,096 Mil.
Total Current Assets was $933 Mil.
Total Assets was $2,168 Mil.
Property, Plant and Equipment(Net PPE) was $323 Mil.
Depreciation, Depletion and Amortization(DDA) was $95 Mil.
Selling, General, & Admin. Expense(SGA) was $618 Mil.
Total Current Liabilities was $374 Mil.
Long-Term Debt & Capital Lease Obligation was $510 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) |
| = | (389.926 / 1729.833) | / | (356.077 / 1568.574) |
| = | 0.225413 | / | 0.227007 |
| | = | 0.993 |
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) |
| = | (1095.562 / 1568.574) | / | (1190.616 / 1729.833) |
| = | 0.698445 | / | 0.688284 |
| | = | 1.0148 |
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 - (1054.744 + 351.969) / 2362.994) | / | (1 - (932.938 + 322.631) / 2167.856) |
| = | 0.40469 | / | 0.420825 |
| | = | 0.9617 |
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 |
| = | 1729.833 | / | 1568.574 |
| | = | 1.1028 |
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)) |
| = | (95.12 / (95.12 + 322.631)) | / | (90.506 / (90.506 + 351.969)) |
| = | 0.227695 | / | 0.204545 |
| | = | 1.1132 |
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) |
| = | (651.253 / 1729.833) | / | (617.965 / 1568.574) |
| = | 0.376483 | / | 0.393966 |
| | = | 0.9556 |
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) |
| = | ((600.859 + 424.399) / 2362.994) | / | ((509.52 + 374.374) / 2167.856) |
| = | 0.433881 | / | 0.407727 |
| | = | 1.0641 |
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 |
| = | (179.395 - 35.181 | - | 162.739) | / | 2362.994 |
| | = | -0.00784 |
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.
National Instruments has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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