Nucor Beneish M-Score Historical Data
The historical data trend for Nucor'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.
Nucor Beneish M-Score Chart
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Nucor Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.74 |
-2.13 |
-2.70 |
-2.82 |
-2.38 |
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Nucor Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.82 |
-2.74 |
-2.80 |
-2.57 |
-2.38 |
Competitive Comparison of Nucor's Beneish M-Score
For the Steel subindustry, Nucor'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.
Nucor's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Nucor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nucor's Beneish M-Score falls into.
Nucor 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 Nucor 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 * 0.8826 | + | 0.528 * 1.6819 | + | 0.404 * 1.0831 | + | 0.892 * 2.8716 | + | 0.115 * 0.9098 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8067 | + | 4.679 * -0.052156 | - | 0.327 * 0.9872 |
| = | -0.74 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ARS2,701,750 Mil.
Revenue was 7146340.921 + 7075673.769 + 7233107.423 + 6855492.544 = ARS28,310,615 Mil.
Gross Profit was 633099.316 + 720416.235 + 1069276.237 + 1283279.172 = ARS3,706,071 Mil.
Total Current Assets was ARS12,599,750 Mil.
Total Assets was ARS34,279,400 Mil.
Property, Plant and Equipment(Net PPE) was ARS13,375,430 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,257,844 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,040,933 Mil.
Total Current Liabilities was ARS5,026,770 Mil.
Long-Term Debt & Capital Lease Obligation was ARS5,739,830 Mil.
Net Income was 289902.323 + 237539.445 + 577791.815 + 711778.555 = ARS1,817,012 Mil.
Non Operating Income was 6131.71 + -111894.756 + 8088.156 + 8230.383 = ARS-89,445 Mil.
Cash Flow from Operations was 740701.687 + 1236316.246 + 1330066.43 + 387257.659 = ARS3,694,342 Mil.
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Total Receivables was ARS1,066,033 Mil.
Revenue was 2781515.833 + 3071068.198 + 2285581.422 + 1720656.589 = ARS9,858,822 Mil.
Gross Profit was 503350.964 + 672183.979 + 600401.755 + 394744.814 = ARS2,170,682 Mil.
Total Current Assets was ARS5,915,346 Mil.
Total Assets was ARS12,757,740 Mil.
Property, Plant and Equipment(Net PPE) was ARS3,989,050 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS338,422 Mil.
Selling, General, & Admin. Expense(SGA) was ARS449,334 Mil.
Total Current Liabilities was ARS1,658,795 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,400,289 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) |
| = | (2701750.027 / 28310614.657) | / | (1066033.001 / 9858822.042) |
| = | 0.095432 | / | 0.10813 |
| | = | 0.8826 |
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) |
| = | (2170681.512 / 9858822.042) | / | (3706070.96 / 28310614.657) |
| = | 0.220177 | / | 0.130907 |
| | = | 1.6819 |
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 - (12599750.126 + 13375430.134) / 34279400.343) | / | (1 - (5915346.005 + 3989050.004) / 12757740.011) |
| = | 0.242251 | / | 0.223656 |
| | = | 1.0831 |
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 |
| = | 28310614.657 | / | 9858822.042 |
| | = | 2.8716 |
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)) |
| = | (338421.727 / (338421.727 + 3989050.004)) | / | (1257843.645 / (1257843.645 + 13375430.134)) |
| = | 0.078203 | / | 0.085958 |
| | = | 0.9098 |
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) |
| = | (1040932.903 / 28310614.657) | / | (449333.982 / 9858822.042) |
| = | 0.036768 | / | 0.045577 |
| | = | 0.8067 |
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) |
| = | ((5739830.057 + 5026770.05) / 34279400.343) | / | ((2400289.002 + 1658795.001) / 12757740.011) |
| = | 0.314084 | / | 0.318166 |
| | = | 0.9872 |
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 |
| = | (1817012.138 - -89444.507 | - | 3694342.022) | / | 34279400.343 |
| | = | -0.052156 |
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.
Nucor has a M-score of -0.74 signals that the company is likely to be a manipulator.
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