Nidec Beneish M-Score Historical Data
The historical data trend for Nidec'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.
Nidec Beneish M-Score Chart
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Nidec Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.64 |
-2.59 |
-2.23 |
-2.59 |
-2.68 |
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Nidec 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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-2.70 |
-2.71 |
-2.68 |
-2.64 |
-2.79 |
Competitive Comparison of Nidec's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Nidec'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.
Nidec's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nidec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nidec's Beneish M-Score falls into.
Nidec 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 Nidec 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 * 1.0087 | + | 0.528 * 0.9335 | + | 0.404 * 1.014 | + | 0.892 * 1.0247 | + | 0.115 * 0.9826 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0042 | + | 4.679 * -0.055736 | - | 0.327 * 1.0119 |
| = | -2.75 |
* 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 $4,694 Mil.
Revenue was 4516.453 + 4105.955 + 3961.551 + 4125.711 = $16,710 Mil.
Gross Profit was 942.674 + 829.38 + 757.089 + 905.012 = $3,434 Mil.
Total Current Assets was $10,886 Mil.
Total Assets was $22,255 Mil.
Property, Plant and Equipment(Net PPE) was $6,249 Mil.
Depreciation, Depletion and Amortization(DDA) was $927 Mil.
Selling, General, & Admin. Expense(SGA) was $1,751 Mil.
Total Current Liabilities was $6,524 Mil.
Long-Term Debt & Capital Lease Obligation was $3,483 Mil.
Net Income was 136.317 + 355.023 + -136.972 + 276.73 = $631 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 304.923 + 343.513 + 782.326 + 440.709 = $1,871 Mil.
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Total Receivables was $4,541 Mil.
Revenue was 4021.827 + 4004.404 + 4062.992 + 4217.328 = $16,307 Mil.
Gross Profit was 868.714 + 887.441 + 610.679 + 761.577 = $3,128 Mil.
Total Current Assets was $10,462 Mil.
Total Assets was $21,399 Mil.
Property, Plant and Equipment(Net PPE) was $6,082 Mil.
Depreciation, Depletion and Amortization(DDA) was $884 Mil.
Selling, General, & Admin. Expense(SGA) was $1,702 Mil.
Total Current Liabilities was $6,523 Mil.
Long-Term Debt & Capital Lease Obligation was $2,986 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) |
| = | (4694.027 / 16709.67) | / | (4541.466 / 16306.551) |
| = | 0.280917 | / | 0.278506 |
| | = | 1.0087 |
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) |
| = | (3128.411 / 16306.551) | / | (3434.155 / 16709.67) |
| = | 0.19185 | / | 0.205519 |
| | = | 0.9335 |
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 - (10886.054 + 6248.765) / 22254.592) | / | (1 - (10462.065 + 6081.89) / 21399.148) |
| = | 0.230055 | / | 0.226887 |
| | = | 1.014 |
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 |
| = | 16709.67 | / | 16306.551 |
| | = | 1.0247 |
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)) |
| = | (884.059 / (884.059 + 6081.89)) | / | (926.747 / (926.747 + 6248.765)) |
| = | 0.126911 | / | 0.129154 |
| | = | 0.9826 |
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) |
| = | (1751.199 / 16709.67) | / | (1701.736 / 16306.551) |
| = | 0.104802 | / | 0.104359 |
| | = | 1.0042 |
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) |
| = | ((3483.386 + 6523.588) / 22254.592) | / | ((2986.222 + 6522.858) / 21399.148) |
| = | 0.449659 | / | 0.444367 |
| | = | 1.0119 |
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 |
| = | (631.098 - 0 | - | 1871.471) | / | 22254.592 |
| | = | -0.055736 |
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.
Nidec has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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