Nordson Beneish M-Score Historical Data
The historical data trend for Nordson'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.
Nordson Beneish M-Score Chart
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Nordson Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.44 |
-2.74 |
-2.50 |
-2.30 |
-2.56 |
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Nordson Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.30 |
-2.48 |
-2.59 |
-2.56 |
-2.69 |
Competitive Comparison of Nordson's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Nordson'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.
Nordson's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nordson's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nordson's Beneish M-Score falls into.
Nordson 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 Nordson 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 * 0.9615 | + | 0.528 * 1.002 | + | 0.404 * 1.1052 | + | 0.892 * 1.0231 | + | 0.115 * 0.915 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0218 | + | 4.679 * -0.037875 | - | 0.327 * 1.1458 |
| = | -2.69 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $538 Mil.
Revenue was 633.193 + 719.313 + 648.677 + 650.165 = $2,651 Mil.
Gross Profit was 348.427 + 384.093 + 360.32 + 352.125 = $1,445 Mil.
Total Current Assets was $1,208 Mil.
Total Assets was $5,247 Mil.
Property, Plant and Equipment(Net PPE) was $500 Mil.
Depreciation, Depletion and Amortization(DDA) was $119 Mil.
Selling, General, & Admin. Expense(SGA) was $756 Mil.
Total Current Liabilities was $552 Mil.
Long-Term Debt & Capital Lease Obligation was $1,617 Mil.
Net Income was 109.572 + 127.778 + 127.891 + 127.563 = $493 Mil.
Non Operating Income was -1.363 + 1.462 + 2.542 + -1.405 = $1 Mil.
Cash Flow from Operations was 172.356 + 163.21 + 190.167 + 164.568 = $690 Mil.
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Total Receivables was $547 Mil.
Revenue was 610.477 + 683.581 + 662.128 + 635.403 = $2,592 Mil.
Gross Profit was 328.867 + 363.183 + 365.584 + 357.635 = $1,415 Mil.
Total Current Assets was $1,178 Mil.
Total Assets was $4,237 Mil.
Property, Plant and Equipment(Net PPE) was $473 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $723 Mil.
Total Current Liabilities was $825 Mil.
Long-Term Debt & Capital Lease Obligation was $703 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) |
| = | (537.702 / 2651.348) | / | (546.649 / 2591.589) |
| = | 0.202803 | / | 0.210932 |
| | = | 0.9615 |
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) |
| = | (1415.269 / 2591.589) | / | (1444.965 / 2651.348) |
| = | 0.546101 | / | 0.544993 |
| | = | 1.002 |
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 - (1208.112 + 499.815) / 5247.077) | / | (1 - (1178.416 + 472.822) / 4237.423) |
| = | 0.674499 | / | 0.61032 |
| | = | 1.1052 |
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 |
| = | 2651.348 | / | 2591.589 |
| | = | 1.0231 |
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)) |
| = | (100.967 / (100.967 + 472.822)) | / | (119.008 / (119.008 + 499.815)) |
| = | 0.175965 | / | 0.192313 |
| | = | 0.915 |
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) |
| = | (755.963 / 2651.348) | / | (723.181 / 2591.589) |
| = | 0.285124 | / | 0.279049 |
| | = | 1.0218 |
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) |
| = | ((1617.416 + 551.68) / 5247.077) | / | ((703.415 + 825.461) / 4237.423) |
| = | 0.413391 | / | 0.360803 |
| | = | 1.1458 |
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 |
| = | (492.804 - 1.236 | - | 690.301) | / | 5247.077 |
| | = | -0.037875 |
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.
Nordson has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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