Neuca Beneish M-Score Historical Data
The historical data trend for Neuca'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.
Neuca Beneish M-Score Chart
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Neuca Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.62 |
-2.52 |
-2.49 |
-2.62 |
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Neuca Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.51 |
-2.62 |
-2.60 |
-2.60 |
-2.53 |
Competitive Comparison of Neuca's Beneish M-Score
For the Medical Distribution subindustry, Neuca'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.
Neuca's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Neuca's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Neuca's Beneish M-Score falls into.
Neuca 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 Neuca 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 * 1.006 | + | 0.528 * 0.9093 | + | 0.404 * 0.9469 | + | 0.892 * 1.0449 | + | 0.115 * 0.9592 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0795 | + | 4.679 * -0.005001 | - | 0.327 * 0.9413 |
| = | -2.53 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was zł1,903 Mil.
Revenue was 3185.245 + 3043.423 + 3162.127 + 2951.848 = zł12,343 Mil.
Gross Profit was 369.544 + 355.407 + 362.861 + 342.595 = zł1,430 Mil.
Total Current Assets was zł3,688 Mil.
Total Assets was zł5,570 Mil.
Property, Plant and Equipment(Net PPE) was zł657 Mil.
Depreciation, Depletion and Amortization(DDA) was zł120 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,146 Mil.
Total Current Liabilities was zł3,892 Mil.
Long-Term Debt & Capital Lease Obligation was zł136 Mil.
Net Income was 41.869 + 30.62 + 56.415 + 32.474 = zł161 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0 Mil.
Cash Flow from Operations was -34.861 + 83.782 + 60.093 + 80.22 = zł189 Mil.
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Total Receivables was zł1,811 Mil.
Revenue was 2967.623 + 2891.214 + 3001.951 + 2951.84 = zł11,813 Mil.
Gross Profit was 324.843 + 309.796 + 330.156 + 280.066 = zł1,245 Mil.
Total Current Assets was zł3,417 Mil.
Total Assets was zł5,286 Mil.
Property, Plant and Equipment(Net PPE) was zł640 Mil.
Depreciation, Depletion and Amortization(DDA) was zł111 Mil.
Selling, General, & Admin. Expense(SGA) was zł1,016 Mil.
Total Current Liabilities was zł3,909 Mil.
Long-Term Debt & Capital Lease Obligation was zł152 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) |
| = | (1903.285 / 12342.643) | / | (1810.699 / 11812.628) |
| = | 0.154204 | / | 0.153285 |
| | = | 1.006 |
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) |
| = | (1244.861 / 11812.628) | / | (1430.407 / 12342.643) |
| = | 0.105384 | / | 0.115891 |
| | = | 0.9093 |
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 - (3687.607 + 656.736) / 5570.065) | / | (1 - (3417.081 + 640.405) / 5285.973) |
| = | 0.220055 | / | 0.232405 |
| | = | 0.9469 |
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 |
| = | 12342.643 | / | 11812.628 |
| | = | 1.0449 |
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)) |
| = | (111.305 / (111.305 + 640.405)) | / | (119.888 / (119.888 + 656.736)) |
| = | 0.148069 | / | 0.154371 |
| | = | 0.9592 |
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) |
| = | (1146.061 / 12342.643) | / | (1016.109 / 11812.628) |
| = | 0.092854 | / | 0.086019 |
| | = | 1.0795 |
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) |
| = | ((136.309 + 3892.484) / 5570.065) | / | ((152.498 + 3909.255) / 5285.973) |
| = | 0.723294 | / | 0.768402 |
| | = | 0.9413 |
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 |
| = | (161.378 - 0 | - | 189.234) | / | 5570.065 |
| | = | -0.005001 |
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.
Neuca has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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