NS Solutions Beneish M-Score Historical Data
The historical data trend for NS Solutions'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.
NS Solutions Beneish M-Score Chart
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NS Solutions Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.11 |
-2.18 |
-2.81 |
-2.49 |
-2.37 |
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NS Solutions Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.49 |
-2.60 |
-2.54 |
-2.59 |
-2.37 |
Competitive Comparison of NS Solutions's Beneish M-Score
For the Information Technology Services subindustry, NS Solutions'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.
NS Solutions's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, NS Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NS Solutions's Beneish M-Score falls into.
NS Solutions 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 NS Solutions 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 * 1.0101 | + | 0.528 * 0.9774 | + | 0.404 * 1.173 | + | 0.892 * 1.0649 | + | 0.115 * 1.1876 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0422 | + | 4.679 * -0.005109 | - | 0.327 * 1.0304 |
| = | -2.37 |
* 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 円85,929 Mil.
Revenue was 90513 + 75345 + 76000 + 68773 = 円310,631 Mil.
Gross Profit was 20937 + 17498 + 17286 + 16120 = 円71,841 Mil.
Total Current Assets was 円228,258 Mil.
Total Assets was 円374,637 Mil.
Property, Plant and Equipment(Net PPE) was 円51,702 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12,050 Mil.
Selling, General, & Admin. Expense(SGA) was 円36,633 Mil.
Total Current Liabilities was 円81,237 Mil.
Long-Term Debt & Capital Lease Obligation was 円27,855 Mil.
Net Income was 8758 + 5983 + 5477 + 4022 = 円24,240 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 7866 + 686 + 3327 + 14275 = 円26,154 Mil.
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Total Receivables was 円79,881 Mil.
Revenue was 84908 + 72094 + 69552 + 65132 = 円291,686 Mil.
Gross Profit was 19310 + 16178 + 15674 + 14771 = 円65,933 Mil.
Total Current Assets was 円207,383 Mil.
Total Assets was 円319,908 Mil.
Property, Plant and Equipment(Net PPE) was 円43,600 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12,620 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,006 Mil.
Total Current Liabilities was 円72,619 Mil.
Long-Term Debt & Capital Lease Obligation was 円17,786 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) |
| = | (85929 / 310631) | / | (79881 / 291686) |
| = | 0.276627 | / | 0.27386 |
| | = | 1.0101 |
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) |
| = | (65933 / 291686) | / | (71841 / 310631) |
| = | 0.226041 | / | 0.231274 |
| | = | 0.9774 |
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 - (228258 + 51702) / 374637) | / | (1 - (207383 + 43600) / 319908) |
| = | 0.252717 | / | 0.215453 |
| | = | 1.173 |
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 |
| = | 310631 | / | 291686 |
| | = | 1.0649 |
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)) |
| = | (12620 / (12620 + 43600)) | / | (12050 / (12050 + 51702)) |
| = | 0.224475 | / | 0.189014 |
| | = | 1.1876 |
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) |
| = | (36633 / 310631) | / | (33006 / 291686) |
| = | 0.117931 | / | 0.113156 |
| | = | 1.0422 |
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) |
| = | ((27855 + 81237) / 374637) | / | ((17786 + 72619) / 319908) |
| = | 0.291194 | / | 0.282597 |
| | = | 1.0304 |
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 |
| = | (24240 - 0 | - | 26154) | / | 374637 |
| | = | -0.005109 |
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.
NS Solutions has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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