Nissan Motor Co Beneish M-Score Historical Data
The historical data trend for Nissan Motor 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.
Nissan Motor Co Beneish M-Score Chart
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Nissan Motor Co Annual Data
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Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.07 |
-2.92 |
-2.71 |
-2.65 |
-2.44 |
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Nissan Motor Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
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Dec21 |
Mar22 |
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Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.49 |
-2.44 |
-2.35 |
-2.45 |
-2.42 |
Competitive Comparison of Nissan Motor Co's Beneish M-Score
For the Auto Manufacturers subindustry, Nissan Motor 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.
Nissan Motor Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Nissan Motor Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nissan Motor Co's Beneish M-Score falls into.
Nissan Motor 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 Nissan Motor 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 * 1.0416 | + | 0.528 * 1.1982 | + | 0.404 * 1.038 | + | 0.892 * 1.0317 | + | 0.115 * 1.0501 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1633 | + | 4.679 * -0.019768 | - | 0.327 * 1.0491 |
| = | -2.42 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was 円8,106,258 Mil.
Revenue was 3158986 + 2985826 + 2998395 + 3514310 = 円12,657,517 Mil.
Gross Profit was 434999 + 433103 + 401259 + 491788 = 円1,761,149 Mil.
Total Current Assets was 円12,923,385 Mil.
Total Assets was 円20,094,824 Mil.
Property, Plant and Equipment(Net PPE) was 円4,844,127 Mil.
Depreciation, Depletion and Amortization(DDA) was 円649,873 Mil.
Selling, General, & Admin. Expense(SGA) was 円654,014 Mil.
Total Current Liabilities was 円7,792,088 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,025,041 Mil.
Net Income was -14075 + -9339 + 28562 + 101295 = 円106,443 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 255947 + 44144 + -253586 + 457168 = 円503,673 Mil.
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Total Receivables was 円7,543,425 Mil.
Revenue was 3108060 + 3145686 + 2917660 + 3097004 = 円12,268,410 Mil.
Gross Profit was 505157 + 572309 + 497660 + 470140 = 円2,045,266 Mil.
Total Current Assets was 円12,004,190 Mil.
Total Assets was 円18,555,210 Mil.
Property, Plant and Equipment(Net PPE) was 円4,480,693 Mil.
Depreciation, Depletion and Amortization(DDA) was 円635,514 Mil.
Selling, General, & Admin. Expense(SGA) was 円544,936 Mil.
Total Current Liabilities was 円6,861,942 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,419,771 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) |
| = | (8106258 / 12657517) | / | (7543425 / 12268410) |
| = | 0.64043 | / | 0.614866 |
| | = | 1.0416 |
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) |
| = | (2045266 / 12268410) | / | (1761149 / 12657517) |
| = | 0.16671 | / | 0.139139 |
| | = | 1.1982 |
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 - (12923385 + 4844127) / 20094824) | / | (1 - (12004190 + 4480693) / 18555210) |
| = | 0.115816 | / | 0.111577 |
| | = | 1.038 |
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 |
| = | 12657517 | / | 12268410 |
| | = | 1.0317 |
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)) |
| = | (635514 / (635514 + 4480693)) | / | (649873 / (649873 + 4844127)) |
| = | 0.124216 | / | 0.118288 |
| | = | 1.0501 |
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) |
| = | (654014 / 12657517) | / | (544936 / 12268410) |
| = | 0.05167 | / | 0.044418 |
| | = | 1.1633 |
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) |
| = | ((5025041 + 7792088) / 20094824) | / | ((4419771 + 6861942) / 18555210) |
| = | 0.637832 | / | 0.608008 |
| | = | 1.0491 |
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 |
| = | (106443 - 0 | - | 503673) | / | 20094824 |
| | = | -0.019768 |
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.
Nissan Motor Co has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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