Nutanix Beneish M-Score Historical Data
The historical data trend for Nutanix'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.
Nutanix Beneish M-Score Chart
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Nutanix Annual Data
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Jul21 |
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Jul24 |
| Beneish M-Score |
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-4.38 |
-4.15 |
-3.93 |
-3.26 |
-3.75 |
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Nutanix Quarterly Data
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Jan20 |
Apr20 |
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Oct24 |
| Beneish M-Score |
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-2.98 |
-3.23 |
-2.84 |
-3.75 |
-3.66 |
Competitive Comparison of Nutanix's Beneish M-Score
For the Software - Infrastructure subindustry, Nutanix'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.
Nutanix's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Nutanix's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nutanix's Beneish M-Score falls into.
Nutanix 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 Nutanix 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 * 1.2766 | + | 0.528 * 0.9705 | + | 0.404 * 1.0745 | + | 0.892 * 1.1486 | + | 0.115 * 1.1772 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9045 | + | 4.679 * -0.35013 | - | 0.327 * 0.9245 |
| = | -3.66 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was $206 Mil.
Revenue was 590.956 + 547.952 + 524.577 + 565.233 = $2,229 Mil.
Gross Profit was 508.286 + 466.974 + 444.958 + 483.677 = $1,904 Mil.
Total Current Assets was $1,523 Mil.
Total Assets was $2,181 Mil.
Property, Plant and Equipment(Net PPE) was $251 Mil.
Depreciation, Depletion and Amortization(DDA) was $73 Mil.
Selling, General, & Admin. Expense(SGA) was $1,202 Mil.
Total Current Liabilities was $1,221 Mil.
Long-Term Debt & Capital Lease Obligation was $671 Mil.
Net Income was 29.926 + -126.101 + -15.616 + 32.795 = $-79 Mil.
Non Operating Income was -0.776 + -3.51 + -1.261 + 1.098 = $-4 Mil.
Cash Flow from Operations was 161.751 + 244.697 + 96.353 + 186.408 = $689 Mil.
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Total Receivables was $141 Mil.
Revenue was 511.054 + 494.21 + 448.581 + 486.495 = $1,940 Mil.
Gross Profit was 429.095 + 413.752 + 366.152 + 399.69 = $1,609 Mil.
Total Current Assets was $1,918 Mil.
Total Assets was $2,571 Mil.
Property, Plant and Equipment(Net PPE) was $207 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General, & Admin. Expense(SGA) was $1,157 Mil.
Total Current Liabilities was $1,100 Mil.
Long-Term Debt & Capital Lease Obligation was $1,312 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) |
| = | (206.192 / 2228.718) | / | (140.618 / 1940.34) |
| = | 0.092516 | / | 0.072471 |
| | = | 1.2766 |
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) |
| = | (1608.689 / 1940.34) | / | (1903.895 / 2228.718) |
| = | 0.829076 | / | 0.854256 |
| | = | 0.9705 |
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 - (1523.459 + 251.048) / 2181.351) | / | (1 - (1917.947 + 206.505) / 2570.64) |
| = | 0.18651 | / | 0.173571 |
| | = | 1.0745 |
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 |
| = | 2228.718 | / | 1940.34 |
| | = | 1.1486 |
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)) |
| = | (74.736 / (74.736 + 206.505)) | / | (73.192 / (73.192 + 251.048)) |
| = | 0.265737 | / | 0.225734 |
| | = | 1.1772 |
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) |
| = | (1202.4 / 2228.718) | / | (1157.397 / 1940.34) |
| = | 0.539503 | / | 0.596492 |
| | = | 0.9045 |
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) |
| = | ((670.867 + 1220.599) / 2181.351) | / | ((1311.608 + 1099.571) / 2570.64) |
| = | 0.867108 | / | 0.937968 |
| | = | 0.9245 |
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 |
| = | (-78.996 - -4.449 | - | 689.209) | / | 2181.351 |
| | = | -0.35013 |
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.
Nutanix has a M-score of -3.66 suggests that the company is unlikely to be a manipulator.
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