Nexity Beneish M-Score Historical Data
The historical data trend for Nexity'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.
Nexity Beneish M-Score Chart
|
Nexity Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.56 |
-2.89 |
-2.09 |
-2.12 |
-2.84 |
|
Nexity Quarterly Data
|
|
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.09 |
- |
-2.12 |
- |
-2.84 |
Competitive Comparison of Nexity's Beneish M-Score
For the Real Estate - Diversified subindustry, Nexity'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.
Nexity's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Nexity's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nexity's Beneish M-Score falls into.
Nexity 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 Nexity 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 * 1.1316 | + | 0.528 * 1.0317 | + | 0.404 * 0.8635 | + | 0.892 * 0.8451 | + | 0.115 * 1.2949 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2253 | + | 4.679 * -0.035197 | - | 0.327 * 1.0133 |
| = | -2.54 |
* 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 (Dec23) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $1,744 Mil.
Revenue was 2260.297 + 2049.425 + 2702.928 + 1902.946 = $8,916 Mil.
Gross Profit was 759.33 + 718.015 + 873.946 + 679.896 = $3,031 Mil.
Total Current Assets was $6,739 Mil.
Total Assets was $9,266 Mil.
Property, Plant and Equipment(Net PPE) was $905 Mil.
Depreciation, Depletion and Amortization(DDA) was $408 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $5,504 Mil.
Long-Term Debt & Capital Lease Obligation was $1,546 Mil.
Net Income was 11.607 + 9.276 + 141.522 + 57.265 = $220 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 259.675 + 0.784 + 347.216 + -61.879 = $546 Mil.
|
Total Receivables was $1,823 Mil.
Revenue was 2677.252 + 2528.919 + 3533.865 + 1809.472 = $10,550 Mil.
Gross Profit was 888.444 + 956.682 + 1111.933 + 743.422 = $3,700 Mil.
Total Current Assets was $6,747 Mil.
Total Assets was $9,371 Mil.
Property, Plant and Equipment(Net PPE) was $725 Mil.
Depreciation, Depletion and Amortization(DDA) was $489 Mil.
Selling, General, & Admin. Expense(SGA) was $614 Mil.
Total Current Liabilities was $5,652 Mil.
Long-Term Debt & Capital Lease Obligation was $1,384 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) |
| = | (1743.823 / 8915.596) | / | (1823.366 / 10549.508) |
| = | 0.195592 | / | 0.172839 |
| | = | 1.1316 |
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) |
| = | (3700.481 / 10549.508) | / | (3031.187 / 8915.596) |
| = | 0.350773 | / | 0.339987 |
| | = | 1.0317 |
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 - (6739.182 + 904.959) / 9265.621) | / | (1 - (6747.062 + 724.68) / 9370.831) |
| = | 0.175 | / | 0.20266 |
| | = | 0.8635 |
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 |
| = | 8915.596 | / | 10549.508 |
| | = | 0.8451 |
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)) |
| = | (488.527 / (488.527 + 724.68)) | / | (408.4 / (408.4 + 904.959)) |
| = | 0.402674 | / | 0.310958 |
| | = | 1.2949 |
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) |
| = | (116.94 / 8915.596) | / | (614.138 / 10549.508) |
| = | 0.013116 | / | 0.058215 |
| | = | 0.2253 |
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) |
| = | ((1546.253 + 5503.543) / 9265.621) | / | ((1384.011 + 5651.912) / 9370.831) |
| = | 0.760855 | / | 0.750832 |
| | = | 1.0133 |
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 |
| = | (219.67 - 0 | - | 545.796) | / | 9265.621 |
| | = | -0.035197 |
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.
Nexity has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
NXYAF has been successfully added to your