Nikkiso Co Beneish M-Score Historical Data
The historical data trend for Nikkiso 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.
Nikkiso Co Beneish M-Score Chart
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Nikkiso Co Annual Data
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Trend |
Mar14 |
Mar15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.62 |
-2.44 |
-2.38 |
-2.42 |
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Nikkiso Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
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Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.42 |
-2.42 |
-2.15 |
-2.00 |
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Competitive Comparison of Nikkiso Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Nikkiso 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.
Nikkiso Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nikkiso Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nikkiso Co's Beneish M-Score falls into.
Nikkiso 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 Nikkiso 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 * 1.0532 | + | 0.528 * 0.8892 | + | 0.404 * 0.9876 | + | 0.892 * 1.057 | + | 0.115 * 0.9754 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9199 | + | 4.679 * 0.078047 | - | 0.327 * 1.0707 |
| = | -2.09 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was €401 Mil.
Revenue was 320.283 + 296.298 + 376.592 + 293.303 = €1,286 Mil.
Gross Profit was 83.408 + 79.161 + 104.755 + 79.982 = €347 Mil.
Total Current Assets was €1,049 Mil.
Total Assets was €1,899 Mil.
Property, Plant and Equipment(Net PPE) was €433 Mil.
Depreciation, Depletion and Amortization(DDA) was €67 Mil.
Selling, General, & Admin. Expense(SGA) was €303 Mil.
Total Current Liabilities was €469 Mil.
Long-Term Debt & Capital Lease Obligation was €556 Mil.
Net Income was 18.396 + 17.354 + 17.852 + 15.172 = €69 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -6.32 + -104.381 + 20.285 + 10.99 = €-79 Mil.
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Total Receivables was €360 Mil.
Revenue was 302.728 + 285.488 + 321.198 + 307.685 = €1,217 Mil.
Gross Profit was 78.041 + 69.471 + 71.992 + 72.674 = €292 Mil.
Total Current Assets was €1,062 Mil.
Total Assets was €1,949 Mil.
Property, Plant and Equipment(Net PPE) was €454 Mil.
Depreciation, Depletion and Amortization(DDA) was €68 Mil.
Selling, General, & Admin. Expense(SGA) was €312 Mil.
Total Current Liabilities was €563 Mil.
Long-Term Debt & Capital Lease Obligation was €419 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) |
| = | (401.042 / 1286.476) | / | (360.253 / 1217.099) |
| = | 0.311737 | / | 0.295993 |
| | = | 1.0532 |
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) |
| = | (292.178 / 1217.099) | / | (347.306 / 1286.476) |
| = | 0.240061 | / | 0.269967 |
| | = | 0.8892 |
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 - (1048.724 + 433.38) / 1898.865) | / | (1 - (1061.523 + 454.023) / 1948.577) |
| = | 0.219479 | / | 0.222229 |
| | = | 0.9876 |
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 |
| = | 1286.476 | / | 1217.099 |
| | = | 1.057 |
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)) |
| = | (68.469 / (68.469 + 454.023)) | / | (67.261 / (67.261 + 433.38)) |
| = | 0.131043 | / | 0.13435 |
| | = | 0.9754 |
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) |
| = | (303.093 / 1286.476) | / | (311.725 / 1217.099) |
| = | 0.235599 | / | 0.256121 |
| | = | 0.9199 |
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) |
| = | ((556.099 + 468.69) / 1898.865) | / | ((419.019 + 563.177) / 1948.577) |
| = | 0.539685 | / | 0.504058 |
| | = | 1.0707 |
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 |
| = | (68.774 - 0 | - | -79.426) | / | 1898.865 |
| | = | 0.078047 |
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.
Nikkiso Co has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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