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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 -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for NCR Atleos's Beneish M-Score or its related term are showing as below:
During the past 5 years, the highest Beneish M-Score of NCR Atleos was -2.80. The lowest was -2.89. And the median was -2.85.
The historical data trend for NCR Atleos'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.
NCR Atleos Annual Data | |||||||||||
Trend | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | ||||||
Beneish M-Score | - | - | - | -2.89 | -2.80 |
NCR Atleos Quarterly Data | ||||||||||||||
Dec20 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.89 | -2.56 | -2.91 | -2.79 | -2.80 |
For the Software - Application subindustry, NCR Atleos'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.
For the Software industry and Technology sector, NCR Atleos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NCR Atleos's Beneish M-Score falls into.
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 NCR Atleos 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 * 0.8029 | + | 0.528 * 0.9303 | + | 0.404 * 1.0099 | + | 0.892 * 1.0301 | + | 0.115 * 0.9249 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7325 | + | 4.679 * -0.036023 | - | 0.327 * 0.9996 | |||||||
= | -2.80 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $588 Mil. Revenue was 1108 + 1078 + 1081 + 1050 = $4,317 Mil. Gross Profit was 297 + 262 + 253 + 221 = $1,033 Mil. Total Current Assets was $1,766 Mil. Total Assets was $5,552 Mil. Property, Plant and Equipment(Net PPE) was $618 Mil. Depreciation, Depletion and Amortization(DDA) was $287 Mil. Selling, General, & Admin. Expense(SGA) was $458 Mil. Total Current Liabilities was $1,702 Mil. Long-Term Debt & Capital Lease Obligation was $2,965 Mil. Net Income was 46 + 24 + 29 + -8 = $91 Mil. Non Operating Income was -48 + -5 + 2 + -2 = $-53 Mil. Cash Flow from Operations was 80 + 107 + 9 + 148 = $344 Mil. |
Total Receivables was $711 Mil. Revenue was 1098 + 1067 + 1040 + 986 = $4,191 Mil. Gross Profit was 198 + 268 + 247 + 220 = $933 Mil. Total Current Assets was $1,874 Mil. Total Assets was $5,715 Mil. Property, Plant and Equipment(Net PPE) was $612 Mil. Depreciation, Depletion and Amortization(DDA) was $254 Mil. Selling, General, & Admin. Expense(SGA) was $607 Mil. Total Current Liabilities was $1,759 Mil. Long-Term Debt & Capital Lease Obligation was $3,047 Mil. |
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) |
= | (588 / 4317) | / | (711 / 4191) | |
= | 0.136206 | / | 0.169649 | |
= | 0.8029 |
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) | |
= | (933 / 4191) | / | (1033 / 4317) | |
= | 0.22262 | / | 0.239287 | |
= | 0.9303 |
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 - (1766 + 618) / 5552) | / | (1 - (1874 + 612) / 5715) | |
= | 0.570605 | / | 0.565004 | |
= | 1.0099 |
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 | |
= | 4317 | / | 4191 | |
= | 1.0301 |
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)) |
= | (254 / (254 + 612)) | / | (287 / (287 + 618)) | |
= | 0.293303 | / | 0.317127 | |
= | 0.9249 |
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) |
= | (458 / 4317) | / | (607 / 4191) | |
= | 0.106092 | / | 0.144834 | |
= | 0.7325 |
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) |
= | ((2965 + 1702) / 5552) | / | ((3047 + 1759) / 5715) | |
= | 0.840598 | / | 0.840945 | |
= | 0.9996 |
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 | |
= | (91 - -53 | - | 344) | / | 5552 | |
= | -0.036023 |
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.
NCR Atleos has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of NCR Atleos's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Andrew R Duvall | officer: Vice President, other: Manager | 322 S MAIN STREET, GREENVILLE SC 29601 |
Mary Ellen Baker | director | CITIZENS FINANCIAL GROUP, INC., 600 WASHINGTON BLVD., STAMFORD CT 06901 |
Mark W Begor | director | 181 METRO DRIVE, SAN JOSE CA 95110 |
Odilon Almeida | director | 7001 EAST BELLEVIEW AVENUE, DENVER CO 80237 |
Von Gillern Jeffry H. | director | U.S. BANCORP, 800 NICOLLET MALL, MINNEAPOLIS MN 55402 |
Stuart Mackinnon | officer: Chief Operating Officer | 3250 BRIARPARK, SUITE 400, HOUSTON TX 77042 |
Frank A Natoli | director | 5995 MAYFAIR ROAD, NORTH CANTON OH 44720 |
Michelle M Frymire | director | C/O SPIRIT REALTY CAPITAL, INC., 2727 N. HARWOOD STREET, SUITE 300, DALLAS TX 75201 |
Lashawne Meriwether | officer: Chief Human Resources Officer | 10800 ROOSEVELT BLVD. N., ST. PETERSBURG FL 33716 |
Paul J. Campbell | officer: Chief Financial Officer | 864 SPRING STREET, ATLANTA GA 30308 |
Ricardo J Nunez | officer: EVP, General Counsel & Secrtry | 3100 CUMBERLAND BLVD, STE 1700, ATLANTA GA 30339 |
Joseph E Reece | director | ONE VALERO WAY, BUILDING D, SUITE 200, SAN ANTONIO TX 78249 |
Timothy Charles Oliver | officer: See Remarks | C/O NCR CORPORATION, 864 SPRING STREET NW, ATLANTA GA 30308 |
Ncr Corp | 10 percent owner | 864 SPRING STREET NW, ATLANTA GA 30309 |
Yi Song | officer: Vice President, other: Manager | 864 SPRING STREET, ATLANTA GA 30308 |
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