Nucor Beneish M-Score Historical Data
The historical data trend for Nucor'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.
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Nucor Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.71 |
-2.74 |
-2.13 |
-2.70 |
-2.82 |
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Nucor 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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|
|
|
|
|
|
|
|
|
|
|
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|
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-2.70 |
-2.56 |
-2.86 |
-2.88 |
-2.82 |
Competitive Comparison
For the Steel subindustry, Nucor'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.
Nucor Beneish M-Score Distribution
For the Steel industry and Basic Materials sector, Nucor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nucor's Beneish M-Score falls into.
Nucor 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 Nucor 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 * 0.9835 | + | 0.528 * 1.338 | + | 0.404 * 0.8891 | + | 0.892 * 0.8362 | + | 0.115 * 1.0397 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9485 | + | 4.679 * -0.073568 | - | 0.327 * 0.9442 |
| = | -2.82 |
* 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 $2,953 Mil.
Revenue was 7704.531 + 8775.734 + 9523.256 + 8709.98 = $34,714 Mil.
Gross Profit was 1393.718 + 1920.8 + 2501.674 + 1998.202 = $7,814 Mil.
Total Current Assets was $16,386 Mil.
Total Assets was $35,340 Mil.
Property, Plant and Equipment(Net PPE) was $11,050 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,168 Mil.
Selling, General, & Admin. Expense(SGA) was $1,584 Mil.
Total Current Liabilities was $4,595 Mil.
Long-Term Debt & Capital Lease Obligation was $6,649 Mil.
Net Income was 785.399 + 1141.506 + 1461.354 + 1136.542 = $4,525 Mil.
Non Operating Income was 9.112 + -1.083 + 6.094 + -1.34 = $13 Mil.
Cash Flow from Operations was 1520.322 + 2464.012 + 1920.424 + 1207.173 = $7,112 Mil.
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Total Receivables was $3,591 Mil.
Revenue was 8723.956 + 10500.755 + 11794.474 + 10493.282 = $41,512 Mil.
Gross Profit was 2097.487 + 2843.391 + 4104.263 + 3458.139 = $12,503 Mil.
Total Current Assets was $14,692 Mil.
Total Assets was $32,479 Mil.
Property, Plant and Equipment(Net PPE) was $9,617 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,062 Mil.
Selling, General, & Admin. Expense(SGA) was $1,997 Mil.
Total Current Liabilities was $4,330 Mil.
Long-Term Debt & Capital Lease Obligation was $6,614 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) |
| = | (2953.311 / 34713.501) | / | (3591.03 / 41512.467) |
| = | 0.085077 | / | 0.086505 |
| | = | 0.9835 |
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) |
| = | (12503.28 / 41512.467) | / | (7814.394 / 34713.501) |
| = | 0.301193 | / | 0.225111 |
| | = | 1.338 |
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 - (16385.858 + 11049.767) / 35340.499) | / | (1 - (14691.684 + 9616.92) / 32479.21) |
| = | 0.223677 | / | 0.251564 |
| | = | 0.8891 |
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 |
| = | 34713.501 | / | 41512.467 |
| | = | 0.8362 |
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)) |
| = | (1061.634 / (1061.634 + 9616.92)) | / | (1168.315 / (1168.315 + 11049.767)) |
| = | 0.099417 | / | 0.095622 |
| | = | 1.0397 |
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) |
| = | (1584.052 / 34713.501) | / | (1997.178 / 41512.467) |
| = | 0.045632 | / | 0.04811 |
| | = | 0.9485 |
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) |
| = | ((6648.873 + 4594.509) / 35340.499) | / | ((6613.687 + 4329.744) / 32479.21) |
| = | 0.318144 | / | 0.336936 |
| | = | 0.9442 |
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 |
| = | (4524.801 - 12.783 | - | 7111.931) | / | 35340.499 |
| | = | -0.073568 |
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.
Nucor has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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