Nippon Express Holdings Beneish M-Score Historical Data
The historical data trend for Nippon Express Holdings'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.
Nippon Express Holdings Beneish M-Score Chart
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Nippon Express Holdings Annual Data
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Trend |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.51 |
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Nippon Express Holdings Quarterly Data
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
-2.83 |
-2.72 |
-2.63 |
-2.51 |
Competitive Comparison of Nippon Express Holdings's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Nippon Express Holdings'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.
Nippon Express Holdings's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Nippon Express Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nippon Express Holdings's Beneish M-Score falls into.
Nippon Express Holdings 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 Nippon Express Holdings 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 * 1.0647 | + | 0.528 * 1.1796 | + | 0.404 * 1.2126 | + | 0.892 * 1.0788 | + | 0.115 * 0.891 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9408 | + | 4.679 * -0.086141 | - | 0.327 * 1.0326 |
| = | -2.59 |
* 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 $3,383 Mil.
Revenue was 4404.285 + 4549.072 + 4005.397 + 4122.325 = $17,081 Mil.
Gross Profit was 369.914 + 410.44 + 334.759 + 355.583 = $1,471 Mil.
Total Current Assets was $6,078 Mil.
Total Assets was $14,935 Mil.
Property, Plant and Equipment(Net PPE) was $6,094 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,216 Mil.
Selling, General, & Admin. Expense(SGA) was $1,049 Mil.
Total Current Liabilities was $4,927 Mil.
Long-Term Debt & Capital Lease Obligation was $3,504 Mil.
Net Income was 86.325 + 49.079 + 67.256 + 5.487 = $208 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 530.919 + 209.221 + 404.941 + 349.549 = $1,495 Mil.
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Total Receivables was $2,945 Mil.
Revenue was 3914.843 + 3676.046 + 3918.063 + 4324.386 = $15,833 Mil.
Gross Profit was 415.769 + 363.096 + 410.447 + 418.803 = $1,608 Mil.
Total Current Assets was $6,224 Mil.
Total Assets was $14,635 Mil.
Property, Plant and Equipment(Net PPE) was $6,179 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,075 Mil.
Selling, General, & Admin. Expense(SGA) was $1,033 Mil.
Total Current Liabilities was $4,105 Mil.
Long-Term Debt & Capital Lease Obligation was $3,895 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) |
| = | (3382.91 / 17081.079) | / | (2945.198 / 15833.338) |
| = | 0.19805 | / | 0.186012 |
| | = | 1.0647 |
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) |
| = | (1608.115 / 15833.338) | / | (1470.696 / 17081.079) |
| = | 0.101565 | / | 0.086101 |
| | = | 1.1796 |
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 - (6077.868 + 6094.323) / 14934.541) | / | (1 - (6223.654 + 6178.599) / 14634.63) |
| = | 0.184964 | / | 0.152541 |
| | = | 1.2126 |
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 |
| = | 17081.079 | / | 15833.338 |
| | = | 1.0788 |
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)) |
| = | (1075.131 / (1075.131 + 6178.599)) | / | (1216.039 / (1216.039 + 6094.323)) |
| = | 0.148218 | / | 0.166345 |
| | = | 0.891 |
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) |
| = | (1048.505 / 17081.079) | / | (1033.067 / 15833.338) |
| = | 0.061384 | / | 0.065246 |
| | = | 0.9408 |
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) |
| = | ((3504.096 + 4927.071) / 14934.541) | / | ((3895.438 + 4105.333) / 14634.63) |
| = | 0.564541 | / | 0.546701 |
| | = | 1.0326 |
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 |
| = | (208.147 - 0 | - | 1494.63) | / | 14934.541 |
| | = | -0.086141 |
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.
Nippon Express Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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