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National Research Beneish M-Score

: -3.01 (As of Today)
View and export this data going back to 1997. Start your Free Trial

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for National Research's Beneish M-Score or its related term are showing as below:

NAS:NRC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7   Med: -2.61   Max: 9.01
Current: -3.01

-3.7
9.01

During the past 13 years, the highest Beneish M-Score of National Research was 9.01. The lowest was -3.70. And the median was -2.61.


National Research Beneish M-Score Historical Data

The historical data trend for National Research'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.

* Premium members only.

National Research Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.54 -2.35 -3.70 -2.80 -2.46

National Research Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.33 -2.46 -3.13 -3.30 -3.01

Competitive Comparison

For the Diagnostics & Research subindustry, National Research'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 Research Beneish M-Score Distribution

For the Medical Diagnostics & Research industry and Healthcare sector, National Research's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where National Research's Beneish M-Score falls into.



National Research 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 Research 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 * 0.8472+0.528 * 0.9855+0.404 * 0.8706+0.892 * 1.1015+0.115 * 0.7844
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0194+4.679 * -0.0932-0.327 * 0.854
=-3.01

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Accounts Receivable was $16.3 Mil.
Revenue was 37.767 + 36.425 + 35.464 + 34.774 = $144.4 Mil.
Gross Profit was 24.06 + 23.889 + 23.524 + 21.956 = $93.4 Mil.
Total Current Assets was $72.7 Mil.
Total Assets was $156.2 Mil.
Property, Plant and Equipment(Net PPE) was $12.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.9 Mil.
Selling, General, & Admin. Expense(SGA) was $37.9 Mil.
Total Current Liabilities was $39.2 Mil.
Long-Term Debt & Capital Lease Obligation was $23.4 Mil.
Net Income was 9.657 + 8.944 + 9.232 + 8.212 = $36.0 Mil.
Non Operating Income was -0.105 + 0.075 + 0.021 + 0.131 = $0.1 Mil.
Cash Flow from Operations was 8.704 + 11.158 + 14.408 + 16.217 = $50.5 Mil.
Accounts Receivable was $17.4 Mil.
Revenue was 33.477 + 31.166 + 33.86 + 32.623 = $131.1 Mil.
Gross Profit was 21.288 + 19.532 + 21.314 + 21.457 = $83.6 Mil.
Total Current Assets was $47.4 Mil.
Total Assets was $127.2 Mil.
Property, Plant and Equipment(Net PPE) was $13.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.9 Mil.
Selling, General, & Admin. Expense(SGA) was $33.8 Mil.
Total Current Liabilities was $32.1 Mil.
Long-Term Debt & Capital Lease Obligation was $27.6 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(16.262 / 144.43) / (17.426 / 131.126)
=0.11259434 / 0.13289508
=0.8472

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)
=(83.591 / 131.126) / (93.429 / 144.43)
=0.63748608 / 0.64688084
=0.9855

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 - (72.726 + 12.506) / 156.186) / (1 - (47.366 + 13.48) / 127.246)
=0.45429168 / 0.52182387
=0.8706

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
=144.43 / 131.126
=1.1015

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))
=(5.877 / (5.877 + 13.48)) / (7.898 / (7.898 + 12.506))
=0.3036111 / 0.38708096
=0.7844

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)
=(37.946 / 144.43) / (33.795 / 131.126)
=0.26272935 / 0.25772921
=1.0194

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)
=((23.36 + 39.17) / 156.186) / ((27.583 + 32.073) / 127.246)
=0.40035599 / 0.46882417
=0.854

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
=(36.045 - 0.122 - 50.487) / 156.186
=-0.0932

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 Research has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.


National Research Beneish M-Score Related Terms

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National Research Business Description

National Research logo
Industry
Traded in Other Exchanges
Address
1245 Q Street, Lincoln, NE, USA, 68508
National Research Corp is a provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and customer loyalty for healthcare providers, payers, and other healthcare organizations. Its portfolio of solutions represents a set of capabilities that individually and collectively provide value to clients. The solutions are offered at an enterprise level through the Voice of the Customer platform, The Governance Institute, and legacy Experience solutions. It operates in the US and Canada, of which key revenue is derived from the US.
Executives
Jackson Steven D. officer: President C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Martin Joann M director 6221 ANDREW COURT LINCOLN NE 68512
Nunnelly John N director P.O. BOX 2175 AMHERST MA 01004
Karas Kevin R officer: SVP Finance, CFO, Treas & Secy C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Berwick Donald M director C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Mowry Barbara director P.O. BOX 103115 DENVER CO 80250
Amandla Mk Trust 10 percent owner C/O THE BRYN MAWR TRUST COMPANY OF DELAW 20 MONTCHANIN RD, SUITE 100 GREENVILLE DE 19807
Hays Michael D. director, officer: CEO C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
K/i/e Trust Under Agreement 10/24/18 10 percent owner C/O BESSEMER TRUST COMPANY OF DELAWARE 1007 N. ORANGE ST., SUITE 1450 WILMINGTON DE 19801
Endacott Kent E. 10 percent owner C/O WOODS & AITKEN LLP 301 SOUTH 13TH STREET, SUITE 500 LINCOLN NE 68508
Beans Patrick E director, officer: CFO and Secretary AMANDLA LLC 709 PIER 2 LINCOLN NE 68528
Warden Gail L director 250 WASHINGTON RD GROSSE POINTE MI 48230
Henricks Susan L officer: President and COO C/O NATIONAL RESEARCH CORPORATION 1245 Q STREET LINCOLN NE 68508
Schorr Paul C Iii director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SCHORR PAUL C III a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Peetz Jeffery T 10 percent owner WOODS & AITKEN LLP 301 SOUTH 13TH STREET, SUITE 500 LINCOLN NE 68508
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