Nasdaq Beneish M-Score Historical Data
The historical data trend for Nasdaq'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.
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Nasdaq Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.30 |
-2.26 |
-2.47 |
-2.48 |
-2.12 |
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Nasdaq 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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-2.48 |
-2.50 |
-2.70 |
-2.69 |
-2.12 |
Competitive Comparison
For the Financial Data & Stock Exchanges subindustry, Nasdaq'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.
Nasdaq Beneish M-Score Distribution
For the Capital Markets industry and Financial Services sector, Nasdaq's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nasdaq's Beneish M-Score falls into.
Nasdaq 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 Nasdaq 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 * 1.4089 | + | 0.528 * 0.8941 | + | 0.404 * 1.272 | + | 0.892 * 0.974 | + | 0.115 * 0.8421 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0243 | + | 4.679 * -0.012386 | - | 0.327 * 0.9035 |
| = | -2.12 |
* 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 $929 Mil.
Revenue was 1647 + 1451 + 1433 + 1533 = $6,064 Mil.
Gross Profit was 740 + 613 + 599 + 595 = $2,547 Mil.
Total Current Assets was $9,096 Mil.
Total Assets was $32,294 Mil.
Property, Plant and Equipment(Net PPE) was $978 Mil.
Depreciation, Depletion and Amortization(DDA) was $323 Mil.
Selling, General, & Admin. Expense(SGA) was $418 Mil.
Total Current Liabilities was $9,025 Mil.
Long-Term Debt & Capital Lease Obligation was $10,580 Mil.
Net Income was 197 + 294 + 267 + 302 = $1,060 Mil.
Non Operating Income was -122 + -32 + -76 + -6 = $-236 Mil.
Cash Flow from Operations was 417 + 300 + 414 + 565 = $1,696 Mil.
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Total Receivables was $677 Mil.
Revenue was 1582 + 1557 + 1552 + 1535 = $6,226 Mil.
Gross Profit was 588 + 582 + 588 + 580 = $2,338 Mil.
Total Current Assets was $8,604 Mil.
Total Assets was $20,868 Mil.
Property, Plant and Equipment(Net PPE) was $976 Mil.
Depreciation, Depletion and Amortization(DDA) was $258 Mil.
Selling, General, & Admin. Expense(SGA) was $419 Mil.
Total Current Liabilities was $8,835 Mil.
Long-Term Debt & Capital Lease Obligation was $5,187 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) |
| = | (929 / 6064) | / | (677 / 6226) |
| = | 0.153199 | / | 0.108738 |
| | = | 1.4089 |
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) |
| = | (2338 / 6226) | / | (2547 / 6064) |
| = | 0.375522 | / | 0.42002 |
| | = | 0.8941 |
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 - (9096 + 978) / 32294) | / | (1 - (8604 + 976) / 20868) |
| = | 0.688054 | / | 0.540924 |
| | = | 1.272 |
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 |
| = | 6064 | / | 6226 |
| | = | 0.974 |
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)) |
| = | (258 / (258 + 976)) | / | (323 / (323 + 978)) |
| = | 0.209076 | / | 0.248271 |
| | = | 0.8421 |
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) |
| = | (418 / 6064) | / | (419 / 6226) |
| = | 0.068931 | / | 0.067298 |
| | = | 1.0243 |
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) |
| = | ((10580 + 9025) / 32294) | / | ((5187 + 8835) / 20868) |
| = | 0.607079 | / | 0.671938 |
| | = | 0.9035 |
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 |
| = | (1060 - -236 | - | 1696) | / | 32294 |
| | = | -0.012386 |
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.
Nasdaq has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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