NXP Semiconductors NV Beneish M-Score Historical Data
The historical data trend for NXP Semiconductors NV'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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NXP Semiconductors NV Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.10 |
-2.94 |
-2.65 |
-2.67 |
-2.68 |
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NXP Semiconductors NV Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.55 |
-2.60 |
-2.66 |
-2.68 |
Competitive Comparison
For the Semiconductors subindustry, NXP Semiconductors NV'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.
NXP Semiconductors NV Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, NXP Semiconductors NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NXP Semiconductors NV's Beneish M-Score falls into.
NXP Semiconductors NV 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 NXP Semiconductors NV 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 * 0.9263 | + | 0.528 * 1.0006 | + | 0.404 * 0.952 | + | 0.892 * 1.0054 | + | 0.115 * 1.1494 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0814 | + | 4.679 * -0.028785 | - | 0.327 * 0.9443 |
| = | -2.68 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $894 Mil.
Revenue was 3422 + 3434 + 3299 + 3121 = $13,276 Mil.
Gross Profit was 1937 + 1965 + 1881 + 1770 = $7,553 Mil.
Total Current Assets was $7,864 Mil.
Total Assets was $24,353 Mil.
Property, Plant and Equipment(Net PPE) was $3,323 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,106 Mil.
Selling, General, & Admin. Expense(SGA) was $1,159 Mil.
Total Current Liabilities was $4,111 Mil.
Long-Term Debt & Capital Lease Obligation was $10,175 Mil.
Net Income was 697 + 787 + 698 + 615 = $2,797 Mil.
Non Operating Income was -5 + -7 + 0 + -3 = $-15 Mil.
Cash Flow from Operations was 1137 + 988 + 756 + 632 = $3,513 Mil.
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Total Receivables was $960 Mil.
Revenue was 3312 + 3445 + 3312 + 3136 = $13,205 Mil.
Gross Profit was 1891 + 1967 + 1882 + 1777 = $7,517 Mil.
Total Current Assets was $6,935 Mil.
Total Assets was $23,236 Mil.
Property, Plant and Equipment(Net PPE) was $3,105 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,250 Mil.
Selling, General, & Admin. Expense(SGA) was $1,066 Mil.
Total Current Liabilities was $3,270 Mil.
Long-Term Debt & Capital Lease Obligation was $11,165 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) |
| = | (894 / 13276) | / | (960 / 13205) |
| = | 0.06734 | / | 0.0727 |
| | = | 0.9263 |
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) |
| = | (7517 / 13205) | / | (7553 / 13276) |
| = | 0.569254 | / | 0.568921 |
| | = | 1.0006 |
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 - (7864 + 3323) / 24353) | / | (1 - (6935 + 3105) / 23236) |
| = | 0.540632 | / | 0.567912 |
| | = | 0.952 |
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 |
| = | 13276 | / | 13205 |
| | = | 1.0054 |
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)) |
| = | (1250 / (1250 + 3105)) | / | (1106 / (1106 + 3323)) |
| = | 0.287026 | / | 0.249718 |
| | = | 1.1494 |
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) |
| = | (1159 / 13276) | / | (1066 / 13205) |
| = | 0.0873 | / | 0.080727 |
| | = | 1.0814 |
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) |
| = | ((10175 + 4111) / 24353) | / | ((11165 + 3270) / 23236) |
| = | 0.586622 | / | 0.621234 |
| | = | 0.9443 |
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 |
| = | (2797 - -15 | - | 3513) | / | 24353 |
| | = | -0.028785 |
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.
NXP Semiconductors NV has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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