National Bankshares Beneish M-Score Historical Data
The historical data trend for National Bankshares'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.
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National Bankshares Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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|
|
|
|
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-2.49 |
-2.70 |
-2.81 |
-2.11 |
-2.41 |
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National Bankshares Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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|
|
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|
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-2.22 |
-2.36 |
-2.41 |
-2.46 |
-2.38 |
Competitive Comparison
For the Banks - Regional subindustry, National Bankshares'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.
National Bankshares Beneish M-Score Distribution
For the Banks industry and Financial Services sector, National Bankshares's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Bankshares's Beneish M-Score falls into.
National Bankshares 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 National Bankshares 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 * 0.9602 | + | 0.528 * 1 | + | 0.404 * 1.0277 | + | 0.892 * 1.0871 | + | 0.115 * 1.0991 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9621 | + | 4.679 * -0.0001 | - | 0.327 * 0.9207 |
| = | -2.38 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $5.51 Mil.
Revenue was 13.387 + 12.686 + 13.021 + 12.929 = $52.02 Mil.
Gross Profit was 13.387 + 12.686 + 13.021 + 12.929 = $52.02 Mil.
Total Current Assets was $795.37 Mil.
Total Assets was $1,729.59 Mil.
Property, Plant and Equipment(Net PPE) was $9.77 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.61 Mil.
Selling, General, & Admin. Expense(SGA) was $19.40 Mil.
Total Current Liabilities was $0.05 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 5.574 + 4.886 + 5.251 + 5.752 = $21.46 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 3.363 + 6.685 + 5.203 + 6.47 = $21.72 Mil.
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Total Receivables was $5.28 Mil.
Revenue was 12.004 + 12.361 + 12.277 + 11.214 = $47.86 Mil.
Gross Profit was 12.004 + 12.361 + 12.277 + 11.214 = $47.86 Mil.
Total Current Assets was $787.55 Mil.
Total Assets was $1,661.65 Mil.
Property, Plant and Equipment(Net PPE) was $9.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.68 Mil.
Selling, General, & Admin. Expense(SGA) was $18.55 Mil.
Total Current Liabilities was $0.05 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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) |
| = | (5.506 / 52.023) | / | (5.275 / 47.856) |
| = | 0.1058378 | / | 0.11022651 |
| | = | 0.9602 |
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) |
| = | (47.856 / 47.856) | / | (52.023 / 52.023) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (795.367 + 9.773) / 1729.588) | / | (1 - (787.552 + 9.896) / 1661.652) |
| = | 0.53449029 | / | 0.52008724 |
| | = | 1.0277 |
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 |
| = | 52.023 | / | 47.856 |
| | = | 1.0871 |
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)) |
| = | (0.682 / (0.682 + 9.896)) | / | (0.609 / (0.609 + 9.773)) |
| = | 0.06447344 | / | 0.05865922 |
| | = | 1.0991 |
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) |
| = | (19.401 / 52.023) | / | (18.55 / 47.856) |
| = | 0.3729312 | / | 0.3876212 |
| | = | 0.9621 |
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) |
| = | ((0 + 0.046) / 1729.588) | / | ((0 + 0.048) / 1661.652) |
| = | 2.66E-5 | / | 2.889E-5 |
| | = | 0.9207 |
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 |
| = | (21.463 - 0 | - | 21.721) | / | 1729.588 |
| | = | -0.0001 |
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.
National Bankshares has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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