NFI Group Beneish M-Score Historical Data
The historical data trend for NFI Group'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.
NFI Group Beneish M-Score Chart
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NFI Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.64 |
-2.83 |
-0.93 |
-2.70 |
-2.64 |
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NFI Group Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.70 |
-2.77 |
-2.84 |
-2.85 |
-2.64 |
Competitive Comparison of NFI Group's Beneish M-Score
For the Auto Manufacturers subindustry, NFI Group'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.
NFI Group's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, NFI Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NFI Group's Beneish M-Score falls into.
NFI Group 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 NFI Group 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 * 0.8935 | + | 0.528 * 0.7321 | + | 0.404 * 0.9378 | + | 0.892 * 1.1862 | + | 0.115 * 1.0173 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8389 | + | 4.679 * -0.016242 | - | 0.327 * 1.0431 |
| = | -2.64 |
* 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 C$701 Mil.
Revenue was 1192.474 + 963.587 + 1166.615 + 978.313 = C$4,301 Mil.
Gross Profit was 131.444 + 117.571 + 139.022 + 93.329 = C$481 Mil.
Total Current Assets was C$2,184 Mil.
Total Assets was C$4,152 Mil.
Property, Plant and Equipment(Net PPE) was C$428 Mil.
Depreciation, Depletion and Amortization(DDA) was C$110 Mil.
Selling, General, & Admin. Expense(SGA) was C$329 Mil.
Total Current Liabilities was C$1,344 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,631 Mil.
Net Income was 26.499 + -20.31 + 3.491 + -12.743 = C$-3 Mil.
Non Operating Income was 29.719 + -6.291 + 3.234 + 15.243 = C$42 Mil.
Cash Flow from Operations was 24.921 + -61.282 + 40.749 + 18.077 = C$22 Mil.
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Total Receivables was C$661 Mil.
Revenue was 1068.869 + 961.165 + 877.264 + 718.541 = C$3,626 Mil.
Gross Profit was 116.64 + 67.242 + 63.629 + 49.583 = C$297 Mil.
Total Current Assets was C$1,776 Mil.
Total Assets was C$3,622 Mil.
Property, Plant and Equipment(Net PPE) was C$414 Mil.
Depreciation, Depletion and Amortization(DDA) was C$109 Mil.
Selling, General, & Admin. Expense(SGA) was C$331 Mil.
Total Current Liabilities was C$987 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,502 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) |
| = | (700.541 / 4300.989) | / | (660.962 / 3625.839) |
| = | 0.162879 | / | 0.182292 |
| | = | 0.8935 |
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) |
| = | (297.094 / 3625.839) | / | (481.366 / 4300.989) |
| = | 0.081938 | / | 0.11192 |
| | = | 0.7321 |
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 - (2184.322 + 428.496) / 4151.764) | / | (1 - (1776.079 + 414.435) / 3622.266) |
| = | 0.370673 | / | 0.395264 |
| | = | 0.9378 |
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 |
| = | 4300.989 | / | 3625.839 |
| | = | 1.1862 |
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)) |
| = | (108.936 / (108.936 + 414.435)) | / | (110.222 / (110.222 + 428.496)) |
| = | 0.208143 | / | 0.204601 |
| | = | 1.0173 |
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) |
| = | (328.869 / 4300.989) | / | (330.506 / 3625.839) |
| = | 0.076464 | / | 0.091153 |
| | = | 0.8389 |
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) |
| = | ((1631.464 + 1344.259) / 4151.764) | / | ((1501.597 + 987.418) / 3622.266) |
| = | 0.716737 | / | 0.687143 |
| | = | 1.0431 |
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 |
| = | (-3.063 - 41.905 | - | 22.465) | / | 4151.764 |
| | = | -0.016242 |
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.
NFI Group has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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