NEXON Co Beneish M-Score Historical Data
The historical data trend for NEXON Co'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.
NEXON Co Beneish M-Score Chart
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NEXON Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.96 |
-2.42 |
-2.13 |
-2.52 |
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NEXON Co 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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-2.13 |
-2.35 |
-2.14 |
-2.17 |
-2.52 |
Competitive Comparison of NEXON Co's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, NEXON Co'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.
NEXON Co's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, NEXON Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NEXON Co's Beneish M-Score falls into.
NEXON Co 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 NEXON Co 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 * 1.0411 | + | 0.528 * 1.0412 | + | 0.404 * 0.9521 | + | 0.892 * 1.1196 | + | 0.115 * 0.9234 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8861 | + | 4.679 * -0.051143 | - | 0.327 * 1.0522 |
| = | -2.58 |
* 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 $263 Mil.
Revenue was 587.416 + 813.392 + 668.062 + 928.348 = $2,997 Mil.
Gross Profit was 344.378 + 570.516 + 435.999 + 672.236 = $2,023 Mil.
Total Current Assets was $4,789 Mil.
Total Assets was $7,627 Mil.
Property, Plant and Equipment(Net PPE) was $367 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $1,041 Mil.
Total Current Liabilities was $621 Mil.
Long-Term Debt & Capital Lease Obligation was $167 Mil.
Net Income was -290.919 + 237.864 + 173.588 + 394.952 = $515 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 207.999 + 278.007 + 206.065 + 213.468 = $906 Mil.
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Total Receivables was $226 Mil.
Revenue was 601.083 + 680.207 + 627.955 + 767.718 = $2,677 Mil.
Gross Profit was 373.11 + 483.877 + 441.588 + 582.826 = $1,881 Mil.
Total Current Assets was $4,759 Mil.
Total Assets was $7,730 Mil.
Property, Plant and Equipment(Net PPE) was $341 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $1,050 Mil.
Total Current Liabilities was $616 Mil.
Long-Term Debt & Capital Lease Obligation was $143 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) |
| = | (263.041 / 2997.218) | / | (225.654 / 2676.963) |
| = | 0.087762 | / | 0.084295 |
| | = | 1.0411 |
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) |
| = | (1881.401 / 2676.963) | / | (2023.129 / 2997.218) |
| = | 0.702812 | / | 0.675002 |
| | = | 1.0412 |
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 - (4788.851 + 367.089) / 7626.695) | / | (1 - (4758.774 + 340.689) / 7729.686) |
| = | 0.323961 | / | 0.340276 |
| | = | 0.9521 |
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 |
| = | 2997.218 | / | 2676.963 |
| | = | 1.1196 |
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)) |
| = | (51.316 / (51.316 + 340.689)) | / | (60.634 / (60.634 + 367.089)) |
| = | 0.130906 | / | 0.14176 |
| | = | 0.9234 |
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) |
| = | (1041.305 / 2997.218) | / | (1049.598 / 2676.963) |
| = | 0.347424 | / | 0.392085 |
| | = | 0.8861 |
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) |
| = | ((167.313 + 620.733) / 7626.695) | / | ((142.898 + 616.196) / 7729.686) |
| = | 0.103327 | / | 0.098205 |
| | = | 1.0522 |
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 |
| = | (515.485 - 0 | - | 905.539) | / | 7626.695 |
| | = | -0.051143 |
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.
NEXON Co has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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