Noble Group Beneish M-Score Historical Data
The historical data trend for Noble Group'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.
Noble Group Beneish M-Score Chart
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Noble Group Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.59 |
-1.98 |
2.54 |
-2.44 |
-8.95 |
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Noble Group Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-4.11 |
-8.95 |
-10.54 |
-8.35 |
-5.51 |
Competitive Comparison of Noble Group's Beneish M-Score
For the Conglomerates subindustry, Noble Group'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.
Noble Group's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Noble Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Noble Group's Beneish M-Score falls into.
Noble Group 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 Noble Group 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 * 0.8342 | + | 0.528 * 0.9337 | + | 0.404 * 2.3299 | + | 0.892 * 0.6901 | + | 0.115 * 1.8573 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2137 | + | 4.679 * -0.681213 | - | 0.327 * 1.5364 |
| = | -5.54 |
* 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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $624 Mil.
Revenue was 1209.987 + 1116.956 + 1214.872 + 1405.279 = $4,947 Mil.
Gross Profit was 49.232 + 70.33 + -44.362 + -1045.138 = $-970 Mil.
Total Current Assets was $2,320 Mil.
Total Assets was $3,549 Mil.
Property, Plant and Equipment(Net PPE) was $399 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $2 Mil.
Total Current Liabilities was $4,691 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was -98.996 + -128.268 + -71.534 + -1887.148 = $-2,186 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -49.933 + -51.655 + -135.955 + 469.018 = $231 Mil.
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Total Receivables was $1,084 Mil.
Revenue was 1464.977 + 1582.276 + 1981.256 + 2140.284 = $7,169 Mil.
Gross Profit was -18.708 + -1332.434 + -49.749 + 88.505 = $-1,312 Mil.
Total Current Assets was $6,236 Mil.
Total Assets was $7,504 Mil.
Property, Plant and Equipment(Net PPE) was $515 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $14 Mil.
Total Current Liabilities was $4,436 Mil.
Long-Term Debt & Capital Lease Obligation was $2,020 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) |
| = | (624.116 / 4947.094) | / | (1084.113 / 7168.793) |
| = | 0.126158 | / | 0.151227 |
| | = | 0.8342 |
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) |
| = | (-1312.386 / 7168.793) | / | (-969.938 / 4947.094) |
| = | -0.183069 | / | -0.196062 |
| | = | 0.9337 |
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 - (2319.992 + 398.964) / 3548.702) | / | (1 - (6235.816 + 514.771) / 7503.601) |
| = | 0.233817 | / | 0.100354 |
| | = | 2.3299 |
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 |
| = | 4947.094 | / | 7168.793 |
| | = | 0.6901 |
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)) |
| = | (115.214 / (115.214 + 514.771)) | / | (43.576 / (43.576 + 398.964)) |
| = | 0.182884 | / | 0.098468 |
| | = | 1.8573 |
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) |
| = | (2.052 / 4947.094) | / | (13.919 / 7168.793) |
| = | 0.000415 | / | 0.001942 |
| | = | 0.2137 |
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) |
| = | ((0 + 4691.299) / 3548.702) | / | ((2020.316 + 4436.074) / 7503.601) |
| = | 1.321976 | / | 0.860439 |
| | = | 1.5364 |
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 |
| = | (-2185.946 - 0 | - | 231.475) | / | 3548.702 |
| | = | -0.681213 |
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.
Noble Group has a M-score of -5.54 suggests that the company is unlikely to be a manipulator.
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