NICE Beneish M-Score Historical Data
The historical data trend for NICE'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.
NICE Beneish M-Score Chart
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NICE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.98 |
-2.54 |
-2.42 |
-2.48 |
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NICE 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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-2.42 |
-2.48 |
-2.57 |
-2.54 |
-2.48 |
Competitive Comparison of NICE's Beneish M-Score
For the Software - Application subindustry, NICE'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.
NICE's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, NICE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NICE's Beneish M-Score falls into.
NICE 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 NICE 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 * 1.0356 | + | 0.528 * 1.0143 | + | 0.404 * 1.1015 | + | 0.892 * 1.09 | + | 0.115 * 1.0732 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9122 | + | 4.679 * -0.0436 | - | 0.327 * 0.9399 |
| = | -2.48 |
* 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 $586.28 Mil.
Revenue was 623.192 + 601.344 + 581.113 + 571.86 = $2,377.51 Mil.
Gross Profit was 422.314 + 410.358 + 391.4 + 385.264 = $1,609.34 Mil.
Total Current Assets was $2,312.88 Mil.
Total Assets was $5,117.63 Mil.
Property, Plant and Equipment(Net PPE) was $278.98 Mil.
Depreciation, Depletion and Amortization(DDA) was $167.36 Mil.
Selling, General, & Admin. Expense(SGA) was $851.40 Mil.
Total Current Liabilities was $1,120.32 Mil.
Long-Term Debt & Capital Lease Obligation was $559.99 Mil.
Net Income was 81.652 + 92.353 + 87.355 + 76.942 = $338.30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 180.496 + 120.61 + 65.254 + 195.071 = $561.43 Mil.
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Total Receivables was $519.39 Mil.
Revenue was 568.56 + 554.724 + 530.581 + 527.429 = $2,181.29 Mil.
Gross Profit was 387.58 + 383.942 + 365.657 + 360.427 = $1,497.61 Mil.
Total Current Assets was $2,417.13 Mil.
Total Assets was $4,854.42 Mil.
Property, Plant and Equipment(Net PPE) was $262.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $176.55 Mil.
Selling, General, & Admin. Expense(SGA) was $856.36 Mil.
Total Current Liabilities was $1,141.22 Mil.
Long-Term Debt & Capital Lease Obligation was $554.64 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) |
| = | (586.278 / 2377.509) | / | (519.386 / 2181.294) |
| = | 0.246593 | / | 0.238109 |
| | = | 1.0356 |
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) |
| = | (1497.606 / 2181.294) | / | (1609.336 / 2377.509) |
| = | 0.686568 | / | 0.6769 |
| | = | 1.0143 |
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 - (2312.882 + 278.979) / 5117.634) | / | (1 - (2417.133 + 262.178) / 4854.419) |
| = | 0.493543 | / | 0.448068 |
| | = | 1.1015 |
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 |
| = | 2377.509 | / | 2181.294 |
| | = | 1.09 |
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)) |
| = | (176.546 / (176.546 + 262.178)) | / | (167.36 / (167.36 + 278.979)) |
| = | 0.402408 | / | 0.374962 |
| | = | 1.0732 |
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) |
| = | (851.4 / 2377.509) | / | (856.36 / 2181.294) |
| = | 0.358106 | / | 0.392593 |
| | = | 0.9122 |
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) |
| = | ((559.99 + 1120.321) / 5117.634) | / | ((554.644 + 1141.217) / 4854.419) |
| = | 0.328337 | / | 0.349344 |
| | = | 0.9399 |
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 |
| = | (338.302 - 0 | - | 561.431) | / | 5117.634 |
| | = | -0.0436 |
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.
NICE has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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