National Aluminum & Profile Napco (XPAE:NAPCO) Beneish M-Score : -3.28 (As of Dec. 15, 2024)

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What is National Aluminum & Profile Napco Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for National Aluminum & Profile Napco's Beneish M-Score or its related term are showing as below:

XPAE:NAPCO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.89 Med: -2.67 Max: 0.39
Current: -3.28

During the past 13 years, the highest Beneish M-Score of National Aluminum & Profile Napco was 0.39. The lowest was -3.89. And the median was -2.67.

National Aluminum & Profile Napco Beneish M-Score Historical Data

The historical data trend for National Aluminum & Profile Napco'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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National Aluminum & Profile Napco Beneish M-Score Chart

National Aluminum & Profile Napco Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.94

-1.77

-0.40

National Aluminum & Profile Napco Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-0.40	-3.40	-2.85	-3.28

Competitive Comparison of National Aluminum & Profile Napco's Beneish M-Score

For the Aluminum subindustry, National Aluminum & Profile Napco'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.

National Aluminum & Profile Napco's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, National Aluminum & Profile Napco's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where National Aluminum & Profile Napco's Beneish M-Score falls into.

National Aluminum & Profile Napco 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 National Aluminum & Profile Napco for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0651

0.528 * 0.5318

0.404 * 0.8384

0.892 * 0.7747

0.115 * 5.6438

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.9177

4.679 * -0.149051

0.327 * 1.0817

-3.28

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was JOD6.09 Mil.
Revenue was 3.972 + 3.22 + 2.556 + 3.138 = JOD12.89 Mil.
Gross Profit was 0.297 + 0.327 + 0.385 + 0.914 = JOD1.92 Mil.
Total Current Assets was JOD17.58 Mil.
Total Assets was JOD46.78 Mil.
Property, Plant and Equipment(Net PPE) was JOD26.90 Mil.
Depreciation, Depletion and Amortization(DDA) was JOD0.25 Mil.
Selling, General, & Admin. Expense(SGA) was JOD1.35 Mil.
Total Current Liabilities was JOD20.26 Mil.
Long-Term Debt & Capital Lease Obligation was JOD13.23 Mil.
Net Income was -0.757 + -0.767 + -0.608 + 0.048 = JOD-2.08 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = JOD0.00 Mil.
Cash Flow from Operations was -0.347 + 1.479 + 0.063 + 3.693 = JOD4.89 Mil.

Total Receivables was JOD7.38 Mil.
Revenue was 3.794 + 2.983 + 4.27 + 5.586 = JOD16.63 Mil.
Gross Profit was 0.342 + 0.15 + 0.532 + 0.296 = JOD1.32 Mil.
Total Current Assets was JOD22.06 Mil.
Total Assets was JOD44.81 Mil.
Property, Plant and Equipment(Net PPE) was JOD20.12 Mil.
Depreciation, Depletion and Amortization(DDA) was JOD1.12 Mil.
Selling, General, & Admin. Expense(SGA) was JOD0.91 Mil.
Total Current Liabilities was JOD16.47 Mil.
Long-Term Debt & Capital Lease Obligation was JOD13.19 Mil.

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)
	=	(6.088 / 12.886)	/	(7.378 / 16.633)
	=	0.472451	/	0.443576
	=	1.0651

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)
	=	(1.32 / 16.633)	/	(1.923 / 12.886)
	=	0.07936	/	0.149232
	=	0.5318

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 - (17.581 + 26.9) / 46.776)	/	(1 - (22.062 + 20.123) / 44.807)
	=	0.049064	/	0.058518
	=	0.8384

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
	=	12.886	/	16.633
	=	0.7747

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))
	=	(1.117 / (1.117 + 20.123))	/	(0.253 / (0.253 + 26.9))
	=	0.052589	/	0.009318
	=	5.6438

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)
	=	(1.352 / 12.886)	/	(0.91 / 16.633)
	=	0.10492	/	0.054711
	=	1.9177

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)
	=	((13.233 + 20.261) / 46.776)	/	((13.19 + 16.472) / 44.807)
	=	0.716051	/	0.661995
	=	1.0817

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
	=	(-2.084 - 0	-	4.888)	/	46.776
	=	-0.149051

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.

National Aluminum & Profile Napco has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.

National Aluminum & Profile Napco Beneish M-Score Related Terms

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National Aluminum & Profile Napco Business Description

Industry

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Address

Beit Iba, Qusin Junction, P.O. Box 178, Nablus, PSE

Website

http://www.napco.ps

National Aluminum & Profile Napco offers creative aluminum solutions to Palestine residents. The company product line includes Extrusion, Powder Coating, Wood Effect, Anodizing, Thermal Break, and Cast House. Its aluminum products include Windows and Doors series, Kitchens, Shutters, Curtainwall, Industrial profiles, Decoration, and fencing. The company projects include Gate Way, Al-Sharif Commercial Center, Surda Mosque, and others.

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