NARI Technology Co Beneish M-Score Historical Data
The historical data trend for NARI Technology 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.
NARI Technology Co Beneish M-Score Chart
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NARI Technology Co Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.21 |
-2.25 |
-2.53 |
-2.69 |
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NARI Technology Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.50 |
-2.47 |
-2.49 |
-2.69 |
-2.76 |
Competitive Comparison of NARI Technology Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, NARI Technology 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.
NARI Technology Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, NARI Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NARI Technology Co's Beneish M-Score falls into.
NARI Technology 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 NARI Technology 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 * 0.9571 | + | 0.528 * 1.0394 | + | 0.404 * 0.8577 | + | 0.892 * 1.1228 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0068 | + | 4.679 * -0.064058 | - | 0.327 * 1.0288 |
| = | -2.76 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥28,471 Mil.
Revenue was 7698.604 + 23005.877 + 10317.456 + 12053.925 = ¥53,076 Mil.
Gross Profit was 1900.073 + 5460.524 + 3145.587 + 3533.785 = ¥14,040 Mil.
Total Current Assets was ¥64,733 Mil.
Total Assets was ¥83,146 Mil.
Property, Plant and Equipment(Net PPE) was ¥10,168 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,627 Mil.
Total Current Liabilities was ¥31,607 Mil.
Long-Term Debt & Capital Lease Obligation was ¥94 Mil.
Net Income was 595.66 + 3022.86 + 1661.491 + 1975.384 = ¥7,255 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -900.134 + 9406.242 + 2020.312 + 2055.164 = ¥12,582 Mil.
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Total Receivables was ¥26,492 Mil.
Revenue was 6196.046 + 21212.672 + 9293.769 + 10567.73 = ¥47,270 Mil.
Gross Profit was 1679.66 + 5422.207 + 2775.093 + 3120.167 = ¥12,997 Mil.
Total Current Assets was ¥53,848 Mil.
Total Assets was ¥73,971 Mil.
Property, Plant and Equipment(Net PPE) was ¥11,570 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥2,324 Mil.
Total Current Liabilities was ¥27,289 Mil.
Long-Term Debt & Capital Lease Obligation was ¥124 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) |
| = | (28471.067 / 53075.862) | / | (26492.498 / 47270.217) |
| = | 0.536422 | / | 0.560448 |
| | = | 0.9571 |
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) |
| = | (12997.127 / 47270.217) | / | (14039.969 / 53075.862) |
| = | 0.274954 | / | 0.264526 |
| | = | 1.0394 |
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 - (64732.551 + 10167.731) / 83146.33) | / | (1 - (53848.01 + 11570.319) / 73971.353) |
| = | 0.099175 | / | 0.115626 |
| | = | 0.8577 |
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 |
| = | 53075.862 | / | 47270.217 |
| | = | 1.1228 |
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)) |
| = | (0 / (0 + 11570.319)) | / | (0 / (0 + 10167.731)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (2627.311 / 53075.862) | / | (2324.087 / 47270.217) |
| = | 0.049501 | / | 0.049166 |
| | = | 1.0068 |
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) |
| = | ((93.743 + 31607) / 83146.33) | / | ((124.222 + 27289.294) / 73971.353) |
| = | 0.381264 | / | 0.370596 |
| | = | 1.0288 |
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 |
| = | (7255.395 - 0 | - | 12581.584) | / | 83146.33 |
| | = | -0.064058 |
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.
NARI Technology Co has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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