Nancal Technology Co Beneish M-Score Historical Data
The historical data trend for Nancal 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.
Nancal Technology Co Beneish M-Score Chart
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Nancal Technology Co Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec23 |
| Beneish M-Score |
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-1.75 |
-2.08 |
-2.06 |
-2.04 |
-2.57 |
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Nancal Technology Co Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-2.31 |
-2.31 |
-2.34 |
-2.57 |
-2.50 |
Competitive Comparison of Nancal Technology Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Nancal 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.
Nancal Technology Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nancal Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nancal Technology Co's Beneish M-Score falls into.
Nancal 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 Nancal 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 * 0.9355 | + | 0.528 * 0.875 | + | 0.404 * 1.1251 | + | 0.892 * 1.1773 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.995 | + | 4.679 * -0.014284 | - | 0.327 * 1.1085 |
| = | -2.50 |
* 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 ¥1,519 Mil.
Revenue was 403.961 + 325.199 + 352.902 + 422.075 = ¥1,504 Mil.
Gross Profit was 207.567 + 168.396 + 206.516 + 191.354 = ¥774 Mil.
Total Current Assets was ¥2,200 Mil.
Total Assets was ¥3,826 Mil.
Property, Plant and Equipment(Net PPE) was ¥190 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥122 Mil.
Total Current Liabilities was ¥848 Mil.
Long-Term Debt & Capital Lease Obligation was ¥53 Mil.
Net Income was 55.718 + 54.144 + 62.864 + 59.748 = ¥232 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 19.583 + 173.616 + 83.358 + 10.564 = ¥287 Mil.
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Total Receivables was ¥1,379 Mil.
Revenue was 309.861 + 426.155 + 273.441 + 268.194 = ¥1,278 Mil.
Gross Profit was 141.229 + 182.256 + 130.074 + 121.601 = ¥575 Mil.
Total Current Assets was ¥2,048 Mil.
Total Assets was ¥3,278 Mil.
Property, Plant and Equipment(Net PPE) was ¥137 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥104 Mil.
Total Current Liabilities was ¥679 Mil.
Long-Term Debt & Capital Lease Obligation was ¥17 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) |
| = | (1518.973 / 1504.137) | / | (1379.178 / 1277.651) |
| = | 1.009863 | / | 1.079464 |
| | = | 0.9355 |
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) |
| = | (575.16 / 1277.651) | / | (773.833 / 1504.137) |
| = | 0.45017 | / | 0.51447 |
| | = | 0.875 |
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 - (2200.397 + 190.341) / 3825.852) | / | (1 - (2048.251 + 136.765) / 3277.824) |
| = | 0.37511 | / | 0.333394 |
| | = | 1.1251 |
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 |
| = | 1504.137 | / | 1277.651 |
| | = | 1.1773 |
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 + 136.765)) | / | (0 / (0 + 190.341)) |
| = | 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) |
| = | (122.047 / 1504.137) | / | (104.194 / 1277.651) |
| = | 0.081141 | / | 0.081551 |
| | = | 0.995 |
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) |
| = | ((53.091 + 847.581) / 3825.852) | / | ((17.319 + 678.776) / 3277.824) |
| = | 0.235417 | / | 0.212365 |
| | = | 1.1085 |
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 |
| = | (232.474 - 0 | - | 287.121) | / | 3825.852 |
| | = | -0.014284 |
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.
Nancal Technology Co has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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