NEXON Co Beneish M-Score Historical Data
The historical data trend for NEXON 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.
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NEXON Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.96 |
-2.42 |
-2.13 |
-2.52 |
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NEXON Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.13 |
-2.35 |
-2.14 |
-2.17 |
-2.52 |
Competitive Comparison
For the Electronic Gaming & Multimedia subindustry, NEXON 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.
NEXON Co Beneish M-Score Distribution
For the Interactive Media industry and Communication Services sector, NEXON Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NEXON Co's Beneish M-Score falls into.
NEXON 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 NEXON 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 * 1.0394 | + | 0.528 * 1.0397 | + | 0.404 * 0.9521 | + | 0.892 * 1.1969 | + | 0.115 * 0.9172 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8861 | + | 4.679 * -0.052912 | - | 0.327 * 1.0522 |
| = | -2.52 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was 円37,873 Mil.
Revenue was 84577 + 120256 + 94436 + 124087 = 円423,356 Mil.
Gross Profit was 49584 + 84348 + 61632 + 89854 = 円285,418 Mil.
Total Current Assets was 円689,506 Mil.
Total Assets was 円1,098,103 Mil.
Property, Plant and Equipment(Net PPE) was 円52,854 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,598 Mil.
Selling, General, & Admin. Expense(SGA) was 円147,740 Mil.
Total Current Liabilities was 円89,374 Mil.
Long-Term Debt & Capital Lease Obligation was 円24,090 Mil.
Net Income was -41887 + 35167 + 24538 + 52791 = 円70,609 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 29948 + 41102 + 29129 + 28533 = 円128,712 Mil.
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Total Receivables was 円30,444 Mil.
Revenue was 81095 + 97463 + 84122 + 91034 = 円353,714 Mil.
Gross Profit was 50338 + 69332 + 59156 + 69110 = 円247,936 Mil.
Total Current Assets was 円642,029 Mil.
Total Assets was 円1,042,849 Mil.
Property, Plant and Equipment(Net PPE) was 円45,964 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,767 Mil.
Selling, General, & Admin. Expense(SGA) was 円139,297 Mil.
Total Current Liabilities was 円83,134 Mil.
Long-Term Debt & Capital Lease Obligation was 円19,279 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) |
| = | (37873 / 423356) | / | (30444 / 353714) |
| = | 0.089459 | / | 0.08607 |
| | = | 1.0394 |
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) |
| = | (247936 / 353714) | / | (285418 / 423356) |
| = | 0.70095 | / | 0.67418 |
| | = | 1.0397 |
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 - (689506 + 52854) / 1098103) | / | (1 - (642029 + 45964) / 1042849) |
| = | 0.323961 | / | 0.340276 |
| | = | 0.9521 |
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 |
| = | 423356 | / | 353714 |
| | = | 1.1969 |
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)) |
| = | (6767 / (6767 + 45964)) | / | (8598 / (8598 + 52854)) |
| = | 0.128331 | / | 0.139914 |
| | = | 0.9172 |
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) |
| = | (147740 / 423356) | / | (139297 / 353714) |
| = | 0.348973 | / | 0.393813 |
| | = | 0.8861 |
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) |
| = | ((24090 + 89374) / 1098103) | / | ((19279 + 83134) / 1042849) |
| = | 0.103327 | / | 0.098205 |
| | = | 1.0522 |
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 |
| = | (70609 - 0 | - | 128712) | / | 1098103 |
| | = | -0.052912 |
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.
NEXON Co has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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