NPD Co Beneish M-Score Historical Data
The historical data trend for NPD Co'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.
NPD Co Beneish M-Score Chart
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NPD Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.55 |
-1.74 |
-3.04 |
-2.73 |
-1.65 |
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NPD Co 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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-2.73 |
-2.15 |
-2.09 |
-1.60 |
-1.65 |
Competitive Comparison of NPD Co's Beneish M-Score
For the Communication Equipment subindustry, NPD Co'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.
NPD Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, NPD Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NPD Co's Beneish M-Score falls into.
NPD Co 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 NPD Co 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 * 1.1267 | + | 0.528 * 0.8861 | + | 0.404 * 2.4297 | + | 0.892 * 1.3361 | + | 0.115 * 0.964 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8746 | + | 4.679 * -0.033727 | - | 0.327 * 0.8841 |
| = | -1.65 |
* 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 ₩36,691 Mil.
Revenue was 86490.854 + 83253.179 + 72695.335 + 72420.636 = ₩314,860 Mil.
Gross Profit was 14743.5 + 13956.178 + 12958.411 + 13280.578 = ₩54,939 Mil.
Total Current Assets was ₩147,263 Mil.
Total Assets was ₩222,070 Mil.
Property, Plant and Equipment(Net PPE) was ₩61,928 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,880 Mil.
Selling, General, & Admin. Expense(SGA) was ₩28,104 Mil.
Total Current Liabilities was ₩93,615 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,900 Mil.
Net Income was 1529.233 + 4861.844 + 8284.367 + 4401.605 = ₩19,077 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 11600.671 + 2144.63 + 12425.963 + 395.571 = ₩26,567 Mil.
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Total Receivables was ₩24,373 Mil.
Revenue was 64076.851 + 59275.919 + 57506.439 + 54797.625 = ₩235,657 Mil.
Gross Profit was 13031.71 + 10390.897 + 6891.876 + 6120.365 = ₩36,435 Mil.
Total Current Assets was ₩131,502 Mil.
Total Assets was ₩200,825 Mil.
Property, Plant and Equipment(Net PPE) was ₩64,529 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,883 Mil.
Selling, General, & Admin. Expense(SGA) was ₩24,051 Mil.
Total Current Liabilities was ₩96,107 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,730 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) |
| = | (36691.243 / 314860.004) | / | (24373.126 / 235656.834) |
| = | 0.116532 | / | 0.103426 |
| | = | 1.1267 |
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) |
| = | (36434.848 / 235656.834) | / | (54938.667 / 314860.004) |
| = | 0.15461 | / | 0.174486 |
| | = | 0.8861 |
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 - (147262.556 + 61928.036) / 222069.531) | / | (1 - (131501.906 + 64529.28) / 200824.639) |
| = | 0.057995 | / | 0.023869 |
| | = | 2.4297 |
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 |
| = | 314860.004 | / | 235656.834 |
| | = | 1.3361 |
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)) |
| = | (6883.349 / (6883.349 + 64529.28)) | / | (6879.645 / (6879.645 + 61928.036)) |
| = | 0.096388 | / | 0.099984 |
| | = | 0.964 |
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) |
| = | (28104.033 / 314860.004) | / | (24050.892 / 235656.834) |
| = | 0.089259 | / | 0.102059 |
| | = | 0.8746 |
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) |
| = | ((7899.696 + 93614.955) / 222069.531) | / | ((7729.995 + 96106.743) / 200824.639) |
| = | 0.45713 | / | 0.517052 |
| | = | 0.8841 |
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 |
| = | (19077.049 - 0 | - | 26566.835) | / | 222069.531 |
| | = | -0.033727 |
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.
NPD Co has a M-score of -1.65 signals that the company is likely to be a manipulator.
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