Nabtesco Beneish M-Score Historical Data
The historical data trend for Nabtesco'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.
Nabtesco Beneish M-Score Chart
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Nabtesco Annual Data
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Trend |
Mar14 |
Mar15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.86 |
-2.55 |
-2.28 |
-2.53 |
-2.08 |
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Nabtesco Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.39 |
-2.33 |
-2.48 |
-2.08 |
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Competitive Comparison of Nabtesco's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Nabtesco'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.
Nabtesco's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nabtesco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nabtesco's Beneish M-Score falls into.
Nabtesco 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 Nabtesco 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 * 0.9694 | + | 0.528 * 1.0037 | + | 0.404 * 1.6029 | + | 0.892 * 1.0114 | + | 0.115 * 1.0266 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0366 | + | 4.679 * 0.008055 | - | 0.327 * 0.7664 |
| = | -2.14 |
* 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 $586 Mil.
Revenue was 625.407 + 545.078 + 571.626 + 614.921 = $2,357 Mil.
Gross Profit was 158.437 + 130.765 + 135.075 + 160.275 = $585 Mil.
Total Current Assets was $1,534 Mil.
Total Assets was $2,931 Mil.
Property, Plant and Equipment(Net PPE) was $809 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General, & Admin. Expense(SGA) was $472 Mil.
Total Current Liabilities was $830 Mil.
Long-Term Debt & Capital Lease Obligation was $57 Mil.
Net Income was 8.758 + 25.98 + 19.468 + 50.118 = $104 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 21.399 + -23.951 + 65.953 + 17.312 = $81 Mil.
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Total Receivables was $598 Mil.
Revenue was 665.301 + 535.558 + 536.04 + 593.587 = $2,330 Mil.
Gross Profit was 171.545 + 125.715 + 129.328 + 153.503 = $580 Mil.
Total Current Assets was $2,190 Mil.
Total Assets was $3,404 Mil.
Property, Plant and Equipment(Net PPE) was $787 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $450 Mil.
Total Current Liabilities was $1,279 Mil.
Long-Term Debt & Capital Lease Obligation was $65 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) |
| = | (586.409 / 2357.032) | / | (598.103 / 2330.486) |
| = | 0.248791 | / | 0.256643 |
| | = | 0.9694 |
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) |
| = | (580.091 / 2330.486) | / | (584.552 / 2357.032) |
| = | 0.248914 | / | 0.248003 |
| | = | 1.0037 |
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 - (1533.857 + 808.68) / 2931.384) | / | (1 - (2190.449 + 787.245) / 3404.319) |
| = | 0.200877 | / | 0.125319 |
| | = | 1.6029 |
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 |
| = | 2357.032 | / | 2330.486 |
| | = | 1.0114 |
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)) |
| = | (109.506 / (109.506 + 787.245)) | / | (109.174 / (109.174 + 808.68)) |
| = | 0.122114 | / | 0.118945 |
| | = | 1.0266 |
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) |
| = | (471.919 / 2357.032) | / | (450.116 / 2330.486) |
| = | 0.200217 | / | 0.193143 |
| | = | 1.0366 |
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) |
| = | ((57.181 + 829.905) / 2931.384) | / | ((64.997 + 1279.155) / 3404.319) |
| = | 0.302617 | / | 0.394837 |
| | = | 0.7664 |
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 |
| = | (104.324 - 0 | - | 80.713) | / | 2931.384 |
| | = | 0.008055 |
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.
Nabtesco has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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