nVent Electric Beneish M-Score Historical Data
The historical data trend for nVent Electric'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.
nVent Electric Beneish M-Score Chart
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nVent Electric Annual Data
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Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.73 |
-2.33 |
-2.48 |
-2.32 |
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nVent Electric Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.58 |
-2.56 |
-2.48 |
-2.32 |
-2.28 |
Competitive Comparison of nVent Electric's Beneish M-Score
For the Electrical Equipment & Parts subindustry, nVent Electric'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.
nVent Electric's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, nVent Electric's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where nVent Electric's Beneish M-Score falls into.
nVent Electric 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 nVent Electric 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 * 1.1105 | + | 0.528 * 0.9504 | + | 0.404 * 1.0396 | + | 0.892 * 1.1498 | + | 0.115 * 1.0074 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9826 | + | 4.679 * 0.006192 | - | 0.327 * 1.1625 |
| = | -2.28 |
* 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 $641 Mil.
Revenue was 874.6 + 861.2 + 858.8 + 803 = $3,398 Mil.
Gross Profit was 355.5 + 353.8 + 353.2 + 331.9 = $1,394 Mil.
Total Current Assets was $1,374 Mil.
Total Assets was $6,170 Mil.
Property, Plant and Equipment(Net PPE) was $505 Mil.
Depreciation, Depletion and Amortization(DDA) was $152 Mil.
Selling, General, & Admin. Expense(SGA) was $696 Mil.
Total Current Liabilities was $690 Mil.
Long-Term Debt & Capital Lease Obligation was $1,840 Mil.
Net Income was 105.1 + 254.9 + 105.5 + 112.9 = $578 Mil.
Non Operating Income was -1.2 + -15 + -1.4 + 9.1 = $-9 Mil.
Cash Flow from Operations was 90 + 236.5 + 145 + 77.2 = $549 Mil.
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Total Receivables was $502 Mil.
Revenue was 740.6 + 741.6 + 745.2 + 727.5 = $2,955 Mil.
Gross Profit was 303.2 + 291.6 + 290 + 267.8 = $1,153 Mil.
Total Current Assets was $1,252 Mil.
Total Assets was $4,916 Mil.
Property, Plant and Equipment(Net PPE) was $376 Mil.
Depreciation, Depletion and Amortization(DDA) was $114 Mil.
Selling, General, & Admin. Expense(SGA) was $616 Mil.
Total Current Liabilities was $601 Mil.
Long-Term Debt & Capital Lease Obligation was $1,133 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) |
| = | (640.6 / 3397.6) | / | (501.7 / 2954.9) |
| = | 0.188545 | / | 0.169786 |
| | = | 1.1105 |
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) |
| = | (1152.6 / 2954.9) | / | (1394.4 / 3397.6) |
| = | 0.390064 | / | 0.410407 |
| | = | 0.9504 |
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 - (1373.9 + 505.1) / 6169.7) | / | (1 - (1251.8 + 375.8) / 4916.4) |
| = | 0.695447 | / | 0.668945 |
| | = | 1.0396 |
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 |
| = | 3397.6 | / | 2954.9 |
| | = | 1.1498 |
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)) |
| = | (114.4 / (114.4 + 375.8)) | / | (152.3 / (152.3 + 505.1)) |
| = | 0.233374 | / | 0.23167 |
| | = | 1.0074 |
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) |
| = | (696.3 / 3397.6) | / | (616.3 / 2954.9) |
| = | 0.204939 | / | 0.208569 |
| | = | 0.9826 |
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) |
| = | ((1840.3 + 690.3) / 6169.7) | / | ((1133.3 + 601.3) / 4916.4) |
| = | 0.410166 | / | 0.352819 |
| | = | 1.1625 |
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 |
| = | (578.4 - -8.5 | - | 548.7) | / | 6169.7 |
| | = | 0.006192 |
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.
nVent Electric has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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