Ncino Beneish M-Score Historical Data
The historical data trend for Ncino'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.
Ncino Beneish M-Score Chart
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Ncino Annual Data
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Trend |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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- |
-2.75 |
-0.56 |
-2.61 |
-2.70 |
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Ncino Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.61 |
-2.77 |
-2.68 |
-2.41 |
-2.70 |
Competitive Comparison of Ncino's Beneish M-Score
For the Software - Application subindustry, Ncino'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.
Ncino's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Ncino's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ncino's Beneish M-Score falls into.
Ncino 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 Ncino 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 * 0.9729 | + | 0.528 * 0.9773 | + | 0.404 * 0.9575 | + | 0.892 * 1.1671 | + | 0.115 * 0.8487 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8411 | + | 4.679 * -0.073689 | - | 0.327 * 0.9479 |
| = | -2.70 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $113.0 Mil.
Revenue was 123.693 + 121.942 + 117.236 + 113.672 = $476.5 Mil.
Gross Profit was 74.483 + 73.917 + 69.189 + 67.484 = $285.1 Mil.
Total Current Assets was $250.8 Mil.
Total Assets was $1,340.4 Mil.
Property, Plant and Equipment(Net PPE) was $98.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.3 Mil.
Selling, General, & Admin. Expense(SGA) was $207.3 Mil.
Total Current Liabilities was $215.0 Mil.
Long-Term Debt & Capital Lease Obligation was $69.1 Mil.
Net Income was 1.16 + -16.379 + -15.884 + -11.243 = $-42.3 Mil.
Non Operating Income was 1.777 + -2.32 + 0.469 + -0.782 = $-0.9 Mil.
Cash Flow from Operations was 8.148 + 5.87 + 11.964 + 31.303 = $57.3 Mil.
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Total Receivables was $99.5 Mil.
Revenue was 109.181 + 105.296 + 99.627 + 94.211 = $408.3 Mil.
Gross Profit was 64.254 + 62.14 + 58.406 + 53.909 = $238.7 Mil.
Total Current Assets was $207.2 Mil.
Total Assets was $1,327.3 Mil.
Property, Plant and Equipment(Net PPE) was $95.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.7 Mil.
Selling, General, & Admin. Expense(SGA) was $211.1 Mil.
Total Current Liabilities was $205.2 Mil.
Long-Term Debt & Capital Lease Obligation was $91.6 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) |
| = | (112.975 / 476.543) | / | (99.497 / 408.315) |
| = | 0.237072 | / | 0.243677 |
| | = | 0.9729 |
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) |
| = | (238.709 / 408.315) | / | (285.073 / 476.543) |
| = | 0.58462 | / | 0.59821 |
| | = | 0.9773 |
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 - (250.775 + 98.406) / 1340.43) | / | (1 - (207.193 + 94.95) / 1327.269) |
| = | 0.739501 | / | 0.772357 |
| | = | 0.9575 |
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 |
| = | 476.543 | / | 408.315 |
| | = | 1.1671 |
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)) |
| = | (34.652 / (34.652 + 94.95)) | / | (45.264 / (45.264 + 98.406)) |
| = | 0.267372 | / | 0.315055 |
| | = | 0.8487 |
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) |
| = | (207.274 / 476.543) | / | (211.146 / 408.315) |
| = | 0.434953 | / | 0.517115 |
| | = | 0.8411 |
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) |
| = | ((69.103 + 215.036) / 1340.43) | / | ((91.647 + 205.158) / 1327.269) |
| = | 0.211976 | / | 0.223621 |
| | = | 0.9479 |
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 |
| = | (-42.346 - -0.856 | - | 57.285) | / | 1340.43 |
| | = | -0.073689 |
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.
Ncino has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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