Nokia Oyj Beneish M-Score Historical Data
The historical data trend for Nokia Oyj'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.
Nokia Oyj Beneish M-Score Chart
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Nokia Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-3.10 |
-2.61 |
-2.05 |
-2.58 |
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Nokia Oyj Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.85 |
-1.79 |
-1.76 |
-2.58 |
-2.81 |
Competitive Comparison of Nokia Oyj's Beneish M-Score
For the Communication Equipment subindustry, Nokia Oyj'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.
Nokia Oyj's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Nokia Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nokia Oyj's Beneish M-Score falls into.
Nokia Oyj 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 Nokia Oyj 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 * 0.9889 | + | 0.528 * 0.9722 | + | 0.404 * 1.0119 | + | 0.892 * 0.8131 | + | 0.115 * 0.9908 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1457 | + | 4.679 * -0.036666 | - | 0.327 * 0.9196 |
| = | -2.84 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R$34,382 Mil.
Revenue was 25261.659 + 30494.175 + 26258.915 + 30026.681 = R$112,041 Mil.
Gross Profit was 12097.666 + 12749.098 + 10151.479 + 11463.777 = R$46,462 Mil.
Total Current Assets was R$97,133 Mil.
Total Assets was R$214,754 Mil.
Property, Plant and Equipment(Net PPE) was R$15,107 Mil.
Depreciation, Depletion and Amortization(DDA) was R$5,757 Mil.
Selling, General, & Admin. Expense(SGA) was R$15,476 Mil.
Total Current Liabilities was R$58,854 Mil.
Long-Term Debt & Capital Lease Obligation was R$21,094 Mil.
Net Income was 2349.167 + -229.762 + 732.635 + 1524.998 = R$4,377 Mil.
Non Operating Income was 5.413 + 26.716 + -131.769 + -68.362 = R$-168 Mil.
Cash Flow from Operations was 5775.485 + 9991.959 + -1597.04 + -1751.118 = R$12,419 Mil.
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Total Receivables was R$42,762 Mil.
Revenue was 32673.648 + 41390.874 + 32401.295 + 31337.36 = R$137,803 Mil.
Gross Profit was 12246.344 + 17708.782 + 13005.166 + 12597.907 = R$55,558 Mil.
Total Current Assets was R$107,379 Mil.
Total Assets was R$234,069 Mil.
Property, Plant and Equipment(Net PPE) was R$16,273 Mil.
Depreciation, Depletion and Amortization(DDA) was R$6,123 Mil.
Selling, General, & Admin. Expense(SGA) was R$16,615 Mil.
Total Current Liabilities was R$69,329 Mil.
Long-Term Debt & Capital Lease Obligation was R$25,430 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) |
| = | (34382.271 / 112041.43) | / | (42761.825 / 137803.177) |
| = | 0.306871 | / | 0.310311 |
| | = | 0.9889 |
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) |
| = | (55558.199 / 137803.177) | / | (46462.02 / 112041.43) |
| = | 0.403171 | / | 0.414686 |
| | = | 0.9722 |
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 - (97133.164 + 15107.198) / 214753.875) | / | (1 - (107378.579 + 16272.693) / 234069.13) |
| = | 0.477353 | / | 0.471732 |
| | = | 1.0119 |
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 |
| = | 112041.43 | / | 137803.177 |
| | = | 0.8131 |
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)) |
| = | (6122.853 / (6122.853 + 16272.693)) | / | (5757.192 / (5757.192 + 15107.198)) |
| = | 0.273396 | / | 0.275934 |
| | = | 0.9908 |
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) |
| = | (15476.496 / 112041.43) | / | (16614.621 / 137803.177) |
| = | 0.138132 | / | 0.120568 |
| | = | 1.1457 |
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) |
| = | ((21093.783 + 58853.658) / 214753.875) | / | ((25429.567 + 69329.031) / 234069.13) |
| = | 0.372275 | / | 0.404832 |
| | = | 0.9196 |
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 |
| = | (4377.038 - -168.002 | - | 12419.286) | / | 214753.875 |
| | = | -0.036666 |
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.
Nokia Oyj has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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