Nova Technology Beneish M-Score Historical Data
The historical data trend for Nova Technology'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.
Nova Technology Beneish M-Score Chart
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Nova Technology Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.00 |
-2.11 |
-2.34 |
-1.80 |
-2.43 |
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Nova Technology Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.80 |
-2.25 |
-2.32 |
-2.42 |
-2.43 |
Competitive Comparison of Nova Technology's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Nova Technology'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.
Nova Technology's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nova Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nova Technology's Beneish M-Score falls into.
Nova Technology 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 Nova Technology 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 * 1.2375 | + | 0.528 * 0.8534 | + | 0.404 * 1.0284 | + | 0.892 * 1.1359 | + | 0.115 * 1.0677 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2325 | + | 4.679 * -0.053548 | - | 0.327 * 0.8298 |
| = | -2.43 |
* 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 NT$5,553 Mil.
Revenue was 3019.879 + 2749.438 + 2366.19 + 2246.803 = NT$10,382 Mil.
Gross Profit was 953.509 + 1037.302 + 562.006 + 541.886 = NT$3,095 Mil.
Total Current Assets was NT$11,196 Mil.
Total Assets was NT$12,377 Mil.
Property, Plant and Equipment(Net PPE) was NT$583 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$126 Mil.
Selling, General, & Admin. Expense(SGA) was NT$851 Mil.
Total Current Liabilities was NT$5,271 Mil.
Long-Term Debt & Capital Lease Obligation was NT$62 Mil.
Net Income was 430.717 + 452.984 + 151.509 + 243.583 = NT$1,279 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 922.038 + 505.374 + 73.412 + 440.757 = NT$1,942 Mil.
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Total Receivables was NT$3,951 Mil.
Revenue was 2685.21 + 2412.99 + 2475.073 + 1566.721 = NT$9,140 Mil.
Gross Profit was 800.106 + 529.367 + 647.538 + 347.946 = NT$2,325 Mil.
Total Current Assets was NT$9,385 Mil.
Total Assets was NT$10,372 Mil.
Property, Plant and Equipment(Net PPE) was NT$500 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$117 Mil.
Selling, General, & Admin. Expense(SGA) was NT$607 Mil.
Total Current Liabilities was NT$5,009 Mil.
Long-Term Debt & Capital Lease Obligation was NT$375 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) |
| = | (5553.029 / 10382.31) | / | (3950.5 / 9139.994) |
| = | 0.534855 | / | 0.432221 |
| | = | 1.2375 |
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) |
| = | (2324.957 / 9139.994) | / | (3094.703 / 10382.31) |
| = | 0.254372 | / | 0.298075 |
| | = | 0.8534 |
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 - (11196.15 + 583.468) / 12377.442) | / | (1 - (9384.846 + 499.608) / 10371.533) |
| = | 0.048299 | / | 0.046963 |
| | = | 1.0284 |
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 |
| = | 10382.31 | / | 9139.994 |
| | = | 1.1359 |
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)) |
| = | (116.658 / (116.658 + 499.608)) | / | (125.746 / (125.746 + 583.468)) |
| = | 0.189298 | / | 0.177303 |
| | = | 1.0677 |
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) |
| = | (850.5 / 10382.31) | / | (607.488 / 9139.994) |
| = | 0.081918 | / | 0.066465 |
| | = | 1.2325 |
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) |
| = | ((61.678 + 5270.784) / 12377.442) | / | ((375.321 + 5009.385) / 10371.533) |
| = | 0.430821 | / | 0.519181 |
| | = | 0.8298 |
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 |
| = | (1278.793 - 0 | - | 1941.581) | / | 12377.442 |
| | = | -0.053548 |
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.
Nova Technology has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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