NIS AD Beneish M-Score Historical Data
The historical data trend for NIS AD'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.
NIS AD Beneish M-Score Chart
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NIS AD Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
Dec25 |
| Beneish M-Score |
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-2.21 |
-1.98 |
-6.02 |
-2.56 |
-3.05 |
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NIS AD Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
Dec25 |
Mar26 |
| Beneish M-Score |
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-2.66 |
-3.08 |
-3.14 |
-3.05 |
-3.52 |
XBEL:NIIS vs PSX, MPC, VLO: Beneish M-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, NIS AD'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.
NIS AD Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, NIS AD's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NIS AD's Beneish M-Score falls into.
NIS AD 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 NIS AD 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 * 0.682 | + | 0.528 * 0.9741 | + | 0.404 * 1.1627 | + | 0.892 * 0.7208 | + | 0.115 * 0.9418 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2484 | + | 4.679 * -0.111657 | - | 0.327 * 0.9327 |
| = | -3.52 |
* 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 (Mar26) TTM: | Last Year (Mar25) TTM: |
Total Receivables was RSD11,712 Mil.
Revenue was 66171.423 + 60436.351 + 83868.7 + 73513.685 = RSD283,990 Mil.
Gross Profit was 14550.355 + 9573.888 + 15314.897 + 5600.866 = RSD45,040 Mil.
Total Current Assets was RSD115,911 Mil.
Total Assets was RSD474,006 Mil.
Property, Plant and Equipment(Net PPE) was RSD339,228 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD22,294 Mil.
Selling, General, & Admin. Expense(SGA) was RSD9,706 Mil.
Total Current Liabilities was RSD66,710 Mil.
Long-Term Debt & Capital Lease Obligation was RSD28,689 Mil.
Net Income was 2963.809 + -5009.619 + 3597.919 + -4838.149 = RSD-3,286 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RSD0 Mil.
Cash Flow from Operations was 16716.69 + 0 + 24982.962 + 7940.628 = RSD49,640 Mil.
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Total Receivables was RSD23,823 Mil.
Revenue was 72302.84 + 103453.881 + 106208.887 + 112011.105 = RSD393,977 Mil.
Gross Profit was 12037.607 + 15709.437 + 15840.932 + 17276.982 = RSD60,865 Mil.
Total Current Assets was RSD132,794 Mil.
Total Assets was RSD493,067 Mil.
Property, Plant and Equipment(Net PPE) was RSD343,394 Mil.
Depreciation, Depletion and Amortization(DDA) was RSD21,174 Mil.
Selling, General, & Admin. Expense(SGA) was RSD10,786 Mil.
Total Current Liabilities was RSD50,320 Mil.
Long-Term Debt & Capital Lease Obligation was RSD56,075 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) |
| = | (11712.108 / 283990.159) | / | (23823.367 / 393976.713) |
| = | 0.041241 | / | 0.060469 |
| | = | 0.682 |
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) |
| = | (60864.958 / 393976.713) | / | (45040.006 / 283990.159) |
| = | 0.154489 | / | 0.158597 |
| | = | 0.9741 |
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 - (115911.499 + 339227.723) / 474006.004) | / | (1 - (132793.77 + 343394.369) / 493067.357) |
| = | 0.039803 | / | 0.034233 |
| | = | 1.1627 |
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 |
| = | 283990.159 | / | 393976.713 |
| | = | 0.7208 |
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)) |
| = | (21173.766 / (21173.766 + 343394.369)) | / | (22293.595 / (22293.595 + 339227.723)) |
| = | 0.058079 | / | 0.061666 |
| | = | 0.9418 |
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) |
| = | (9706.197 / 283990.159) | / | (10786.369 / 393976.713) |
| = | 0.034178 | / | 0.027378 |
| | = | 1.2484 |
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) |
| = | ((28688.991 + 66709.806) / 474006.004) | / | ((56075.126 + 50319.771) / 493067.357) |
| = | 0.201261 | / | 0.215782 |
| | = | 0.9327 |
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 |
| = | (-3286.04 - 0 | - | 49640.28) | / | 474006.004 |
| | = | -0.111657 |
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.
NIS AD has a M-score of -3.52 suggests that the company is unlikely to be a manipulator.
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