Nokia Oyj Beneish M-Score Historical Data
The historical data trend for Nokia Oyj'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.
Nokia Oyj Beneish M-Score Chart
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Nokia Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-3.10 |
-2.61 |
-2.05 |
-2.57 |
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Nokia Oyj Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.77 |
-2.57 |
-2.80 |
-3.11 |
-3.24 |
Competitive Comparison of Nokia Oyj's Beneish M-Score
For the Communication Equipment subindustry, Nokia Oyj'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.
Nokia Oyj's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Nokia Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nokia Oyj's Beneish M-Score falls into.
Nokia Oyj 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 Nokia Oyj 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 * 0.862 | + | 0.528 * 0.7408 | + | 0.404 * 1.009 | + | 0.892 * 0.8525 | + | 0.115 * 1.0163 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1671 | + | 4.679 * -0.077665 | - | 0.327 * 0.9332 |
| = | -3.24 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €5,631 Mil.
Revenue was 4326 + 4466 + 4667 + 6536 = €19,995 Mil.
Gross Profit was 4326 + 1936 + 2235 + 2386 = €10,883 Mil.
Total Current Assets was €18,016 Mil.
Total Assets was €38,859 Mil.
Property, Plant and Equipment(Net PPE) was €2,176 Mil.
Depreciation, Depletion and Amortization(DDA) was €811 Mil.
Selling, General, & Admin. Expense(SGA) was €2,940 Mil.
Total Current Liabilities was €10,710 Mil.
Long-Term Debt & Capital Lease Obligation was €3,466 Mil.
Net Income was 175 + -146 + 434 + -46 = €417 Mil.
Non Operating Income was 0 + 3 + 1 + 5 = €9 Mil.
Cash Flow from Operations was 0 + 489 + 1067 + 1870 = €3,426 Mil.
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Total Receivables was €7,663 Mil.
Revenue was 4709 + 5438 + 5859 + 7449 = €23,455 Mil.
Gross Profit was 1926 + 2148 + 2196 + 3187 = €9,457 Mil.
Total Current Assets was €18,459 Mil.
Total Assets was €40,747 Mil.
Property, Plant and Equipment(Net PPE) was €2,889 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,101 Mil.
Selling, General, & Admin. Expense(SGA) was €2,955 Mil.
Total Current Liabilities was €11,506 Mil.
Long-Term Debt & Capital Lease Obligation was €4,423 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) |
| = | (5631 / 19995) | / | (7663 / 23455) |
| = | 0.28162 | / | 0.326711 |
| | = | 0.862 |
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) |
| = | (9457 / 23455) | / | (10883 / 19995) |
| = | 0.403198 | / | 0.544286 |
| | = | 0.7408 |
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 - (18016 + 2176) / 38859) | / | (1 - (18459 + 2889) / 40747) |
| = | 0.480378 | / | 0.476084 |
| | = | 1.009 |
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 |
| = | 19995 | / | 23455 |
| | = | 0.8525 |
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)) |
| = | (1101 / (1101 + 2889)) | / | (811 / (811 + 2176)) |
| = | 0.27594 | / | 0.27151 |
| | = | 1.0163 |
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) |
| = | (2940 / 19995) | / | (2955 / 23455) |
| = | 0.147037 | / | 0.125986 |
| | = | 1.1671 |
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) |
| = | ((3466 + 10710) / 38859) | / | ((4423 + 11506) / 40747) |
| = | 0.364806 | / | 0.390924 |
| | = | 0.9332 |
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 |
| = | (417 - 9 | - | 3426) | / | 38859 |
| | = | -0.077665 |
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.
Nokia Oyj has a M-score of -3.24 suggests that the company is unlikely to be a manipulator.
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