Nike Beneish M-Score Historical Data
The historical data trend for Nike'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.
Nike Beneish M-Score Chart
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Nike Annual Data
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Trend |
May14 |
May15 |
May16 |
May17 |
May18 |
May19 |
May20 |
May21 |
May22 |
May23 |
| Beneish M-Score |
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-2.80 |
-2.96 |
-1.89 |
-2.60 |
-2.44 |
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Nike Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.57 |
-2.44 |
-2.30 |
-2.54 |
-2.48 |
Competitive Comparison of Nike's Beneish M-Score
For the Footwear & Accessories subindustry, Nike'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.
Nike's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Nike's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nike's Beneish M-Score falls into.
Nike 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 Nike 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 * 0.9819 | + | 0.528 * 0.9896 | + | 0.404 * 1.066 | + | 0.892 * 0.978 | + | 0.115 * 1.059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.2219 | + | 4.679 * -0.051838 | - | 0.327 * 1.0002 |
| = | -2.52 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was R$22,453 Mil.
Revenue was 61659.026 + 65574.424 + 63416.627 + 63885.173 = R$254,535 Mil.
Gross Profit was 27592.526 + 29245.958 + 28034.864 + 27870.374 = R$112,744 Mil.
Total Current Assets was R$122,797 Mil.
Total Assets was R$185,319 Mil.
Property, Plant and Equipment(Net PPE) was R$39,380 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4,328 Mil.
Selling, General, & Admin. Expense(SGA) was R$-7,906 Mil.
Total Current Liabilities was R$44,792 Mil.
Long-Term Debt & Capital Lease Obligation was R$57,651 Mil.
Net Income was 5814.175 + 7729.044 + 7106.74 + 5135.72 = R$25,786 Mil.
Non Operating Income was 79.374 + 367.35 + 49.012 + -14.944 = R$481 Mil.
Cash Flow from Operations was 10214.493 + 13797.666 + -323.479 + 11222.869 = R$34,912 Mil.
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Total Receivables was R$23,381 Mil.
Revenue was 64190.112 + 70143.42 + 65216.255 + 60698.991 = R$260,249 Mil.
Gross Profit was 27826.077 + 30085.548 + 28863.346 + 27303.135 = R$114,078 Mil.
Total Current Assets was R$134,882 Mil.
Total Assets was R$198,394 Mil.
Property, Plant and Equipment(Net PPE) was R$40,270 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4,718 Mil.
Selling, General, & Admin. Expense(SGA) was R$36,428 Mil.
Total Current Liabilities was R$49,466 Mil.
Long-Term Debt & Capital Lease Obligation was R$60,185 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) |
| = | (22453.033 / 254535.25) | / | (23380.95 / 260248.778) |
| = | 0.088212 | / | 0.089841 |
| | = | 0.9819 |
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) |
| = | (114078.106 / 260248.778) | / | (112743.722 / 254535.25) |
| = | 0.438343 | / | 0.44294 |
| | = | 0.9896 |
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 - (122797.158 + 39379.624) / 185319.38) | / | (1 - (134882.128 + 40270.358) / 198393.555) |
| = | 0.12488 | / | 0.117146 |
| | = | 1.066 |
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 |
| = | 254535.25 | / | 260248.778 |
| | = | 0.978 |
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)) |
| = | (4717.595 / (4717.595 + 40270.358)) | / | (4327.885 / (4327.885 + 39379.624)) |
| = | 0.104864 | / | 0.099019 |
| | = | 1.059 |
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) |
| = | (-7905.948 / 254535.25) | / | (36427.672 / 260248.778) |
| = | -0.03106 | / | 0.139972 |
| | = | -0.2219 |
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) |
| = | ((57650.619 + 44791.966) / 185319.38) | / | ((60185.354 + 49466.278) / 198393.555) |
| = | 0.552789 | / | 0.552698 |
| | = | 1.0002 |
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 |
| = | (25785.679 - 480.792 | - | 34911.549) | / | 185319.38 |
| | = | -0.051838 |
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.
Nike has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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