Nipponnso Holdings Beneish M-Score Historical Data
The historical data trend for Nipponnso Holdings'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.
Nipponnso Holdings Beneish M-Score Chart
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Nipponnso Holdings Annual Data
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Mar14 |
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Mar23 |
| Beneish M-Score |
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-2.31 |
-2.89 |
-2.67 |
-2.46 |
-2.62 |
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Nipponnso Holdings Quarterly Data
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Mar19 |
Jun19 |
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Dec23 |
| Beneish M-Score |
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-2.50 |
-2.62 |
-2.61 |
-2.67 |
-2.71 |
Competitive Comparison of Nipponnso Holdings's Beneish M-Score
For the Chemicals subindustry, Nipponnso Holdings'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.
Nipponnso Holdings's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Nipponnso Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nipponnso Holdings's Beneish M-Score falls into.
Nipponnso Holdings 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 Nipponnso Holdings 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 * 0.9799 | + | 0.528 * 0.9068 | + | 0.404 * 0.9609 | + | 0.892 * 1.0214 | + | 0.115 * 1.0115 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0225 | + | 4.679 * -0.050475 | - | 0.327 * 0.9732 |
| = | -2.77 |
* 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 $1,806 Mil.
Revenue was 2195.31 + 2053.962 + 2185.251 + 2346.483 = $8,781 Mil.
Gross Profit was 896.15 + 853.319 + 861.818 + 895.579 = $3,507 Mil.
Total Current Assets was $4,552 Mil.
Total Assets was $16,615 Mil.
Property, Plant and Equipment(Net PPE) was $5,712 Mil.
Depreciation, Depletion and Amortization(DDA) was $776 Mil.
Selling, General, & Admin. Expense(SGA) was $2,376 Mil.
Total Current Liabilities was $4,005 Mil.
Long-Term Debt & Capital Lease Obligation was $4,969 Mil.
Net Income was 172.564 + 162.258 + 173.729 + 154.716 = $663 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 299.907 + 367.723 + 237.765 + 596.517 = $1,502 Mil.
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Total Receivables was $1,804 Mil.
Revenue was 2218.748 + 2077.639 + 2060.332 + 2240.174 = $8,597 Mil.
Gross Profit was 828.931 + 730.108 + 764.956 + 789.408 = $3,113 Mil.
Total Current Assets was $3,767 Mil.
Total Assets was $15,639 Mil.
Property, Plant and Equipment(Net PPE) was $5,650 Mil.
Depreciation, Depletion and Amortization(DDA) was $778 Mil.
Selling, General, & Admin. Expense(SGA) was $2,275 Mil.
Total Current Liabilities was $3,210 Mil.
Long-Term Debt & Capital Lease Obligation was $5,470 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) |
| = | (1805.878 / 8781.006) | / | (1804.339 / 8596.893) |
| = | 0.205657 | / | 0.209883 |
| | = | 0.9799 |
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) |
| = | (3113.403 / 8596.893) | / | (3506.866 / 8781.006) |
| = | 0.362154 | / | 0.39937 |
| | = | 0.9068 |
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 - (4551.849 + 5711.866) / 16614.968) | / | (1 - (3767.467 + 5649.981) / 15638.818) |
| = | 0.382261 | / | 0.397816 |
| | = | 0.9609 |
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 |
| = | 8781.006 | / | 8596.893 |
| | = | 1.0214 |
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)) |
| = | (777.774 / (777.774 + 5649.981)) | / | (776.156 / (776.156 + 5711.866)) |
| = | 0.121002 | / | 0.119629 |
| | = | 1.0115 |
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) |
| = | (2376.302 / 8781.006) | / | (2275.382 / 8596.893) |
| = | 0.270618 | / | 0.264675 |
| | = | 1.0225 |
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) |
| = | ((4969.187 + 4005.216) / 16614.968) | / | ((5469.852 + 3209.559) / 15638.818) |
| = | 0.54014 | / | 0.554991 |
| | = | 0.9732 |
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 |
| = | (663.267 - 0 | - | 1501.912) | / | 16614.968 |
| | = | -0.050475 |
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.
Nipponnso Holdings has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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