NVIDIA Beneish M-Score Historical Data
The historical data trend for NVIDIA'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.
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NVIDIA Annual Data
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Jan24 |
| Beneish M-Score |
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-2.96 |
-1.13 |
-1.75 |
-2.54 |
-1.14 |
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NVIDIA Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.54 |
-2.81 |
-2.31 |
-1.87 |
-1.14 |
Competitive Comparison
For the Semiconductors subindustry, NVIDIA'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.
NVIDIA Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, NVIDIA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NVIDIA's Beneish M-Score falls into.
NVIDIA 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 NVIDIA 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 * 1.1907 | + | 0.528 * 0.779 | + | 0.404 * 0.7616 | + | 0.892 * 2.1706 | + | 0.115 * 1.114 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4793 | + | 4.679 * 0.022842 | - | 0.327 * 0.7375 |
| = | -1.18 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was €9,179 Mil.
Revenue was 20290.554 + 17159.64 + 12210.328 + 6559.104 = €56,220 Mil.
Gross Profit was 15414.138 + 12689.8 + 8553.648 + 4238.976 = €40,897 Mil.
Total Current Assets was €40,709 Mil.
Total Assets was €60,338 Mil.
Property, Plant and Equipment(Net PPE) was €4,829 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,388 Mil.
Selling, General, & Admin. Expense(SGA) was €2,446 Mil.
Total Current Liabilities was €9,759 Mil.
Long-Term Debt & Capital Lease Obligation was €8,793 Mil.
Net Income was 11277.63 + 8753.121 + 5593.952 + 1863.216 = €27,488 Mil.
Non Operating Income was 239.598 + -62.502 + 53.336 + -13.68 = €217 Mil.
Cash Flow from Operations was 10556.082 + 6943.404 + 5738.592 + 2654.832 = €25,893 Mil.
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Total Receivables was €3,551 Mil.
Revenue was 5615.328 + 6019.965 + 6590.032 + 7674.688 = €25,900 Mil.
Gross Profit was 3557.024 + 3224.655 + 2865.445 + 5029.106 = €14,676 Mil.
Total Current Assets was €21,412 Mil.
Total Assets was €38,217 Mil.
Property, Plant and Equipment(Net PPE) was €4,496 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,488 Mil.
Selling, General, & Admin. Expense(SGA) was €2,351 Mil.
Total Current Liabilities was €6,090 Mil.
Long-Term Debt & Capital Lease Obligation was €9,841 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) |
| = | (9179.082 / 56219.626) | / | (3551.456 / 25900.013) |
| = | 0.163272 | / | 0.137122 |
| | = | 1.1907 |
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) |
| = | (14676.23 / 25900.013) | / | (40896.562 / 56219.626) |
| = | 0.56665 | / | 0.727443 |
| | = | 0.779 |
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 - (40708.71 + 4828.68) / 60338.304) | / | (1 - (21411.744 + 4496.16) / 38216.896) |
| = | 0.245299 | / | 0.322082 |
| | = | 0.7616 |
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 |
| = | 56219.626 | / | 25900.013 |
| | = | 2.1706 |
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)) |
| = | (1488.276 / (1488.276 + 4496.16)) | / | (1387.718 / (1387.718 + 4828.68)) |
| = | 0.248691 | / | 0.223235 |
| | = | 1.114 |
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) |
| = | (2445.683 / 56219.626) | / | (2350.593 / 25900.013) |
| = | 0.043502 | / | 0.090756 |
| | = | 0.4793 |
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) |
| = | ((8792.604 + 9759.258) / 60338.304) | / | ((9841.44 + 6090.464) / 38216.896) |
| = | 0.307464 | / | 0.416881 |
| | = | 0.7375 |
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 |
| = | (27487.919 - 216.752 | - | 25892.91) | / | 60338.304 |
| | = | 0.022842 |
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.
NVIDIA has a M-score of -1.18 signals that the company is likely to be a manipulator.
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