Noul Co Beneish M-Score Historical Data
The historical data trend for Noul Co'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.
Noul Co Beneish M-Score Chart
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Noul Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
13.31 |
4.98 |
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Noul Co Quarterly Data
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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13.31 |
2.73 |
4.88 |
107.34 |
4.98 |
Competitive Comparison of Noul Co's Beneish M-Score
For the Diagnostics & Research subindustry, Noul Co'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.
Noul Co's Beneish M-Score Distribution in the Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Noul Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Noul Co's Beneish M-Score falls into.
Noul Co 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 Noul Co 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 * 0.5241 | + | 0.528 * 0.3239 | + | 0.404 * 11.94 | + | 0.892 * 5.0451 | + | 0.115 * 0.7938 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.22 | + | 4.679 * -0.019233 | - | 0.327 * 0.3558 |
| = | 4.98 |
* 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 ₩1,813 Mil.
Revenue was 705.519 + 510.045 + 1018.058 + 500.22 = ₩2,734 Mil.
Gross Profit was 12.455 + -1.174 + 16.667 + 57.181 = ₩85 Mil.
Total Current Assets was ₩25,164 Mil.
Total Assets was ₩55,577 Mil.
Property, Plant and Equipment(Net PPE) was ₩9,639 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩968 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,810 Mil.
Total Current Liabilities was ₩4,154 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,839 Mil.
Net Income was -4298.959 + -4656.606 + -3664.986 + -3700.529 = ₩-16,321 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -5610.212 + -3820.271 + -2165.647 + -3656.065 = ₩-15,252 Mil.
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Total Receivables was ₩686 Mil.
Revenue was 48.043 + 37.265 + 314.453 + 142.117 = ₩542 Mil.
Gross Profit was -71.121 + 11.248 + 36.177 + 29.162 = ₩5 Mil.
Total Current Assets was ₩14,073 Mil.
Total Assets was ₩25,851 Mil.
Property, Plant and Equipment(Net PPE) was ₩10,969 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩857 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,531 Mil.
Total Current Liabilities was ₩6,462 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,294 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) |
| = | (1812.749 / 2733.842) | / | (685.601 / 541.878) |
| = | 0.663077 | / | 1.265231 |
| | = | 0.5241 |
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) |
| = | (5.466 / 541.878) | / | (85.129 / 2733.842) |
| = | 0.010087 | / | 0.031139 |
| | = | 0.3239 |
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 - (25163.92 + 9639.348) / 55576.862) | / | (1 - (14073.321 + 10968.821) / 25851.414) |
| = | 0.373781 | / | 0.031305 |
| | = | 11.94 |
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 |
| = | 2733.842 | / | 541.878 |
| | = | 5.0451 |
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)) |
| = | (856.51 / (856.51 + 10968.821)) | / | (967.897 / (967.897 + 9639.348)) |
| = | 0.07243 | / | 0.091249 |
| | = | 0.7938 |
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) |
| = | (2809.684 / 2733.842) | / | (2531.46 / 541.878) |
| = | 1.027742 | / | 4.671642 |
| | = | 0.22 |
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) |
| = | ((4838.573 + 4153.764) / 55576.862) | / | ((5293.878 + 6462.173) / 25851.414) |
| = | 0.1618 | / | 0.454755 |
| | = | 0.3558 |
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 |
| = | (-16321.08 - 0 | - | -15252.195) | / | 55576.862 |
| | = | -0.019233 |
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.
Noul Co has a M-score of 4.98 signals that the company is likely to be a manipulator.
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