Nike Beneish M-Score Historical Data
The historical data trend for Nike'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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Nike Annual Data
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Trend |
May14 |
May15 |
May16 |
May17 |
May18 |
May19 |
May20 |
May21 |
May22 |
May23 |
| Beneish M-Score |
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-2.80 |
-2.96 |
-1.89 |
-2.60 |
-2.44 |
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Nike Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.57 |
-2.44 |
-2.30 |
-2.54 |
-2.48 |
Competitive Comparison
For the Footwear & Accessories subindustry, Nike'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.
Nike Beneish M-Score Distribution
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Nike's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nike's Beneish M-Score falls into.
Nike 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 Nike 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 * 0.9843 | + | 0.528 * 0.99 | + | 0.404 * 1.066 | + | 0.892 * 1.0189 | + | 0.115 * 1.0638 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.2131 | + | 4.679 * -0.051665 | - | 0.327 * 1.0002 |
| = | -2.48 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $4,526 Mil.
Revenue was 12429 + 13388 + 12939 + 12825 = $51,581 Mil.
Gross Profit was 5562 + 5971 + 5720 + 5595 = $22,848 Mil.
Total Current Assets was $24,753 Mil.
Total Assets was $37,356 Mil.
Property, Plant and Equipment(Net PPE) was $7,938 Mil.
Depreciation, Depletion and Amortization(DDA) was $876 Mil.
Selling, General, & Admin. Expense(SGA) was $-1,534 Mil.
Total Current Liabilities was $9,029 Mil.
Long-Term Debt & Capital Lease Obligation was $11,621 Mil.
Net Income was 1172 + 1578 + 1450 + 1031 = $5,231 Mil.
Non Operating Income was 16 + 75 + 10 + -3 = $98 Mil.
Cash Flow from Operations was 2059 + 2817 + -66 + 2253 = $7,063 Mil.
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Total Receivables was $4,513 Mil.
Revenue was 12390 + 13315 + 12687 + 12234 = $50,626 Mil.
Gross Profit was 5371 + 5711 + 5615 + 5503 = $22,200 Mil.
Total Current Assets was $26,035 Mil.
Total Assets was $38,294 Mil.
Property, Plant and Equipment(Net PPE) was $7,773 Mil.
Depreciation, Depletion and Amortization(DDA) was $919 Mil.
Selling, General, & Admin. Expense(SGA) was $7,065 Mil.
Total Current Liabilities was $9,548 Mil.
Long-Term Debt & Capital Lease Obligation was $11,617 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) |
| = | (4526 / 51581) | / | (4513 / 50626) |
| = | 0.087745 | / | 0.089144 |
| | = | 0.9843 |
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) |
| = | (22200 / 50626) | / | (22848 / 51581) |
| = | 0.43851 | / | 0.442954 |
| | = | 0.99 |
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 - (24753 + 7938) / 37356) | / | (1 - (26035 + 7773) / 38294) |
| = | 0.12488 | / | 0.117146 |
| | = | 1.066 |
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 |
| = | 51581 | / | 50626 |
| | = | 1.0189 |
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)) |
| = | (919 / (919 + 7773)) | / | (876 / (876 + 7938)) |
| = | 0.105729 | / | 0.099387 |
| | = | 1.0638 |
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) |
| = | (-1534 / 51581) | / | (7065 / 50626) |
| = | -0.02974 | / | 0.139553 |
| | = | -0.2131 |
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) |
| = | ((11621 + 9029) / 37356) | / | ((11617 + 9548) / 38294) |
| = | 0.552789 | / | 0.552698 |
| | = | 1.0002 |
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 |
| = | (5231 - 98 | - | 7063) | / | 37356 |
| | = | -0.051665 |
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.
Nike has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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