Nokian Tyres Beneish M-Score Historical Data
The historical data trend for Nokian Tyres'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.
Nokian Tyres Beneish M-Score Chart
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Nokian Tyres Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.74 |
-3.66 |
-2.71 |
-2.68 |
-3.50 |
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Nokian Tyres Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-4.07 |
-3.50 |
-2.41 |
-2.85 |
-2.89 |
Competitive Comparison of Nokian Tyres's Beneish M-Score
For the Auto Parts subindustry, Nokian Tyres'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.
Nokian Tyres's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Nokian Tyres's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nokian Tyres's Beneish M-Score falls into.
Nokian Tyres 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 Nokian Tyres 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 * 1.1086 | + | 0.528 * 0.9683 | + | 0.404 * 1.0275 | + | 0.892 * 1.0647 | + | 0.115 * -2.2461 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9346 | + | 4.679 * -0.024913 | - | 0.327 * 1.2698 |
| = | -2.89 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €547 Mil.
Revenue was 313.6 + 324.6 + 236.6 + 368 = €1,243 Mil.
Gross Profit was 56.6 + 64.1 + 29.2 + 87.7 = €238 Mil.
Total Current Assets was €1,179 Mil.
Total Assets was €2,525 Mil.
Property, Plant and Equipment(Net PPE) was €1,204 Mil.
Depreciation, Depletion and Amortization(DDA) was €116 Mil.
Selling, General, & Admin. Expense(SGA) was €223 Mil.
Total Current Liabilities was €528 Mil.
Long-Term Debt & Capital Lease Obligation was €743 Mil.
Net Income was -4.2 + 0.8 + -25.5 + 26.2 = €-3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -92.2 + -57.9 + -87.3 + 297.6 = €60 Mil.
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Total Receivables was €463 Mil.
Revenue was 276.1 + 293.1 + 236.4 + 361.7 = €1,167 Mil.
Gross Profit was 54.7 + 60.7 + 37.8 + 62.9 = €216 Mil.
Total Current Assets was €1,211 Mil.
Total Assets was €2,281 Mil.
Property, Plant and Equipment(Net PPE) was €945 Mil.
Depreciation, Depletion and Amortization(DDA) was €-156 Mil.
Selling, General, & Admin. Expense(SGA) was €224 Mil.
Total Current Liabilities was €411 Mil.
Long-Term Debt & Capital Lease Obligation was €494 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) |
| = | (546.6 / 1242.8) | / | (463.1 / 1167.3) |
| = | 0.439813 | / | 0.396727 |
| | = | 1.1086 |
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) |
| = | (216.1 / 1167.3) | / | (237.6 / 1242.8) |
| = | 0.185128 | / | 0.191181 |
| | = | 0.9683 |
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 - (1178.8 + 1203.5) / 2524.8) | / | (1 - (1211.1 + 944.8) / 2281.2) |
| = | 0.05644 | / | 0.054927 |
| | = | 1.0275 |
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 |
| = | 1242.8 | / | 1167.3 |
| | = | 1.0647 |
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)) |
| = | (-156 / (-156 + 944.8)) | / | (116.2 / (116.2 + 1203.5)) |
| = | -0.197769 | / | 0.08805 |
| | = | -2.2461 |
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) |
| = | (223.1 / 1242.8) | / | (224.2 / 1167.3) |
| = | 0.179514 | / | 0.192067 |
| | = | 0.9346 |
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) |
| = | ((743.2 + 527.6) / 2524.8) | / | ((493.5 + 410.7) / 2281.2) |
| = | 0.503327 | / | 0.39637 |
| | = | 1.2698 |
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 |
| = | (-2.7 - 0 | - | 60.2) | / | 2524.8 |
| | = | -0.024913 |
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.
Nokian Tyres has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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