NICE Beneish M-Score Historical Data
The historical data trend for NICE'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.
NICE Beneish M-Score Chart
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NICE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.98 |
-2.54 |
-2.42 |
-2.48 |
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NICE Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.54 |
-2.48 |
-2.46 |
-2.57 |
-2.55 |
Competitive Comparison of NICE's Beneish M-Score
For the Software - Application subindustry, NICE'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.
NICE's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, NICE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NICE's Beneish M-Score falls into.
NICE 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 NICE 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 * 1.0314 | + | 0.528 * 1.0163 | + | 0.404 * 1.118 | + | 0.892 * 1.1352 | + | 0.115 * 0.958 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9295 | + | 4.679 * -0.065313 | - | 0.327 * 0.9162 |
| = | -2.55 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $630 Mil.
Revenue was 689.963 + 664.4 + 659.309 + 623.192 = $2,637 Mil.
Gross Profit was 460.277 + 439.617 + 436.64 + 422.314 = $1,759 Mil.
Total Current Assets was $2,370 Mil.
Total Assets was $5,189 Mil.
Property, Plant and Equipment(Net PPE) was $284 Mil.
Depreciation, Depletion and Amortization(DDA) was $197 Mil.
Selling, General, & Admin. Expense(SGA) was $898 Mil.
Total Current Liabilities was $1,425 Mil.
Long-Term Debt & Capital Lease Obligation was $95 Mil.
Net Income was 120.921 + 115.785 + 106.373 + 81.652 = $425 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 158.961 + 169.668 + 254.49 + 180.496 = $764 Mil.
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Total Receivables was $538 Mil.
Revenue was 601.344 + 581.113 + 571.86 + 568.56 = $2,323 Mil.
Gross Profit was 410.358 + 391.4 + 385.264 + 387.58 = $1,575 Mil.
Total Current Assets was $2,489 Mil.
Total Assets was $4,896 Mil.
Property, Plant and Equipment(Net PPE) was $268 Mil.
Depreciation, Depletion and Amortization(DDA) was $174 Mil.
Selling, General, & Admin. Expense(SGA) was $851 Mil.
Total Current Liabilities was $1,017 Mil.
Long-Term Debt & Capital Lease Obligation was $549 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) |
| = | (629.85 / 2636.864) | / | (537.951 / 2322.877) |
| = | 0.238863 | / | 0.231588 |
| | = | 1.0314 |
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) |
| = | (1574.602 / 2322.877) | / | (1758.848 / 2636.864) |
| = | 0.677867 | / | 0.667023 |
| | = | 1.0163 |
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 - (2370.099 + 284.19) / 5188.613) | / | (1 - (2488.61 + 268.433) / 4895.991) |
| = | 0.48844 | / | 0.436877 |
| | = | 1.118 |
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 |
| = | 2636.864 | / | 2322.877 |
| | = | 1.1352 |
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)) |
| = | (173.617 / (173.617 + 268.433)) | / | (197.456 / (197.456 + 284.19)) |
| = | 0.392754 | / | 0.409961 |
| | = | 0.958 |
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) |
| = | (897.568 / 2636.864) | / | (850.661 / 2322.877) |
| = | 0.340392 | / | 0.36621 |
| | = | 0.9295 |
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) |
| = | ((95.206 + 1424.79) / 5188.613) | / | ((548.922 + 1016.576) / 4895.991) |
| = | 0.292948 | / | 0.319751 |
| | = | 0.9162 |
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 |
| = | (424.731 - 0 | - | 763.615) | / | 5188.613 |
| | = | -0.065313 |
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.
NICE has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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