Nasdaq Beneish M-Score Historical Data
The historical data trend for Nasdaq'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.
Nasdaq Beneish M-Score Chart
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Nasdaq Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.26 |
-2.47 |
-2.48 |
-2.12 |
-2.44 |
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Nasdaq 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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-2.12 |
-2.10 |
-1.79 |
-1.84 |
-2.44 |
Competitive Comparison of Nasdaq's Beneish M-Score
For the Financial Data & Stock Exchanges subindustry, Nasdaq'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.
Nasdaq's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Nasdaq's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nasdaq's Beneish M-Score falls into.
Nasdaq 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 Nasdaq 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 * 0.9397 | + | 0.528 * 1.0387 | + | 0.404 * 1.0348 | + | 0.892 * 1.2192 | + | 0.115 * 0.6572 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8364 | + | 4.679 * -0.022874 | - | 0.327 * 0.9414 |
| = | -2.40 |
* 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 €976 Mil.
Revenue was 1938.65 + 1713.702 + 1664.768 + 1540.08 = €6,857 Mil.
Gross Profit was 774.505 + 661.334 + 691.176 + 644.92 = €2,772 Mil.
Total Current Assets was €7,436 Mil.
Total Assets was €29,027 Mil.
Property, Plant and Equipment(Net PPE) was €924 Mil.
Depreciation, Depletion and Amortization(DDA) was €568 Mil.
Selling, General, & Admin. Expense(SGA) was €395 Mil.
Total Current Liabilities was €7,546 Mil.
Long-Term Debt & Capital Lease Obligation was €9,043 Mil.
Net Income was 339.025 + 275.706 + 206.238 + 215.28 = €1,036 Mil.
Non Operating Income was -9.55 + -27.03 + -42.734 + -28.52 = €-108 Mil.
Cash Flow from Operations was 673.275 + 219.844 + 427.34 + 487.6 = €1,808 Mil.
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Total Receivables was €852 Mil.
Revenue was 1510.299 + 1359.587 + 1322.659 + 1431.822 = €5,624 Mil.
Gross Profit was 678.58 + 574.381 + 552.877 + 555.73 = €2,362 Mil.
Total Current Assets was €8,341 Mil.
Total Assets was €29,614 Mil.
Property, Plant and Equipment(Net PPE) was €897 Mil.
Depreciation, Depletion and Amortization(DDA) was €299 Mil.
Selling, General, & Admin. Expense(SGA) was €387 Mil.
Total Current Liabilities was €8,276 Mil.
Long-Term Debt & Capital Lease Obligation was €9,702 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) |
| = | (976.01 / 6857.2) | / | (851.893 / 5624.367) |
| = | 0.142334 | / | 0.151465 |
| | = | 0.9397 |
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) |
| = | (2361.568 / 5624.367) | / | (2771.935 / 6857.2) |
| = | 0.419882 | / | 0.404237 |
| | = | 1.0387 |
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 - (7435.63 + 924.44) / 29027.225) | / | (1 - (8341.032 + 896.826) / 29613.598) |
| = | 0.711992 | / | 0.688054 |
| | = | 1.0348 |
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 |
| = | 6857.2 | / | 5624.367 |
| | = | 1.2192 |
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)) |
| = | (299.034 / (299.034 + 896.826)) | / | (567.804 / (567.804 + 924.44)) |
| = | 0.250058 | / | 0.380503 |
| | = | 0.6572 |
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) |
| = | (395.033 / 6857.2) | / | (387.402 / 5624.367) |
| = | 0.057608 | / | 0.068879 |
| | = | 0.8364 |
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) |
| = | ((9042.895 + 7546.41) / 29027.225) | / | ((9701.86 + 8275.925) / 29613.598) |
| = | 0.571508 | / | 0.607079 |
| | = | 0.9414 |
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 |
| = | (1036.249 - -107.834 | - | 1808.059) | / | 29027.225 |
| | = | -0.022874 |
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.
Nasdaq has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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