NODA SCREEN CO., Beneish M-Score Historical Data
The historical data trend for NODA SCREEN 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.
NODA SCREEN CO., Beneish M-Score Chart
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NODA SCREEN CO., Annual Data
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NODA SCREEN CO., Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of NODA SCREEN CO.,'s Beneish M-Score
For the Electronic Components subindustry, NODA SCREEN 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.
NODA SCREEN CO.,'s Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, NODA SCREEN CO.,'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NODA SCREEN CO.,'s Beneish M-Score falls into.
NODA SCREEN 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 NODA SCREEN 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 * 1.112 | + | 0.528 * 0.9631 | + | 0.404 * 1.1803 | + | 0.892 * 1.2025 | + | 0.115 * 2.2169 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0968 | + | 4.679 * 0.026937 | - | 0.327 * 1.2993 |
| = | -1.99 |
* 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 (Oct12) TTM: | Last Year (Oct11) TTM: |
Total Receivables was 円1,108 Mil.
Revenue was 870.086 + 878.885 + 894.688 + 800.496 = 円3,444 Mil.
Gross Profit was 333.625 + 403.017 + 406.121 + 379.569 = 円1,522 Mil.
Total Current Assets was 円4,550 Mil.
Total Assets was 円7,552 Mil.
Property, Plant and Equipment(Net PPE) was 円2,131 Mil.
Depreciation, Depletion and Amortization(DDA) was 円126 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,161 Mil.
Total Current Liabilities was 円417 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 44.437 + 90.501 + 83.854 + 69.161 = 円288 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 84.512 + 0 + 0 + 0 = 円85 Mil.
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Total Receivables was 円829 Mil.
Revenue was 696.967 + 715.548 + 732.123 + 719.43 = 円2,864 Mil.
Gross Profit was 300.966 + 319.21 + 303.927 + 295.151 = 円1,219 Mil.
Total Current Assets was 円4,283 Mil.
Total Assets was 円7,248 Mil.
Property, Plant and Equipment(Net PPE) was 円2,257 Mil.
Depreciation, Depletion and Amortization(DDA) was 円318 Mil.
Selling, General, & Admin. Expense(SGA) was 円880 Mil.
Total Current Liabilities was 円308 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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) |
| = | (1108.399 / 3444.155) | / | (828.916 / 2864.068) |
| = | 0.32182 | / | 0.289419 |
| | = | 1.112 |
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) |
| = | (1219.254 / 2864.068) | / | (1522.332 / 3444.155) |
| = | 0.425707 | / | 0.442004 |
| | = | 0.9631 |
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 - (4550.195 + 2130.989) / 7552.34) | / | (1 - (4282.986 + 2256.573) / 7247.904) |
| = | 0.115349 | / | 0.097731 |
| | = | 1.1803 |
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 |
| = | 3444.155 | / | 2864.068 |
| | = | 1.2025 |
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)) |
| = | (318.189 / (318.189 + 2256.573)) | / | (125.802 / (125.802 + 2130.989)) |
| = | 0.12358 | / | 0.055744 |
| | = | 2.2169 |
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) |
| = | (1161.12 / 3444.155) | / | (880.328 / 2864.068) |
| = | 0.337128 | / | 0.30737 |
| | = | 1.0968 |
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) |
| = | ((0 + 416.66) / 7552.34) | / | ((0 + 307.744) / 7247.904) |
| = | 0.05517 | / | 0.04246 |
| | = | 1.2993 |
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 |
| = | (287.953 - 0 | - | 84.512) | / | 7552.34 |
| | = | 0.026937 |
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.
NODA SCREEN CO., has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.
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