National Building & Marketing Co Beneish M-Score Historical Data
The historical data trend for National Building & Marketing Co'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.
National Building & Marketing Co Beneish M-Score Chart
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National Building & Marketing Co Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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116.24 |
-1.88 |
-1.81 |
-2.48 |
-2.45 |
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National Building & Marketing Co Semi-Annual Data
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Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-1.81 |
-0.21 |
-2.48 |
29.23 |
-2.45 |
Competitive Comparison of National Building & Marketing Co's Beneish M-Score
For the Steel subindustry, National Building & Marketing Co'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.
National Building & Marketing Co's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, National Building & Marketing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Building & Marketing Co's Beneish M-Score falls into.
National Building & Marketing Co 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 National Building & Marketing Co 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 * 1.4004 | + | 0.528 * 0.8153 | + | 0.404 * 0.3687 | + | 0.892 * 1.1676 | + | 0.115 * 1.0095 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0919 | + | 4.679 * -0.025133 | - | 0.327 * 1.0232 |
| = | -2.45 |
* 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 ﷼283.1 Mil.
Revenue was ﷼818.0 Mil.
Gross Profit was ﷼120.5 Mil.
Total Current Assets was ﷼654.1 Mil.
Total Assets was ﷼1,230.7 Mil.
Property, Plant and Equipment(Net PPE) was ﷼419.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼76.2 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼11.9 Mil.
Total Current Liabilities was ﷼617.2 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼254.6 Mil.
Net Income was ﷼45.1 Mil.
Gross Profit was ﷼0.0 Mil.
Cash Flow from Operations was ﷼76.0 Mil.
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Total Receivables was ﷼173.2 Mil.
Revenue was ﷼700.6 Mil.
Gross Profit was ﷼84.1 Mil.
Total Current Assets was ﷼301.1 Mil.
Total Assets was ﷼1,013.9 Mil.
Property, Plant and Equipment(Net PPE) was ﷼361.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼66.4 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼9.4 Mil.
Total Current Liabilities was ﷼568.1 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼133.8 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) |
| = | (283.135 / 818.002) | / | (173.164 / 700.612) |
| = | 0.34613 | / | 0.247161 |
| | = | 1.4004 |
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) |
| = | (84.139 / 700.612) | / | (120.494 / 818.002) |
| = | 0.120094 | / | 0.147303 |
| | = | 0.8153 |
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 - (654.118 + 419.293) / 1230.666) | / | (1 - (301.123 + 361.338) / 1013.857) |
| = | 0.12778 | / | 0.346593 |
| | = | 0.3687 |
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 |
| = | 818.002 | / | 700.612 |
| | = | 1.1676 |
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)) |
| = | (66.364 / (66.364 + 361.338)) | / | (76.153 / (76.153 + 419.293)) |
| = | 0.155164 | / | 0.153706 |
| | = | 1.0095 |
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) |
| = | (11.919 / 818.002) | / | (9.35 / 700.612) |
| = | 0.014571 | / | 0.013345 |
| | = | 1.0919 |
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) |
| = | ((254.643 + 617.181) / 1230.666) | / | ((133.796 + 568.138) / 1013.857) |
| = | 0.708416 | / | 0.69234 |
| | = | 1.0232 |
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 |
| = | (45.111 - 0 | - | 76.041) | / | 1230.666 |
| | = | -0.025133 |
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.
National Building & Marketing Co has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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