Zhejiang Nhu Co Beneish M-Score Historical Data
The historical data trend for Zhejiang Nhu 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.
Zhejiang Nhu Co Beneish M-Score Chart
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Zhejiang Nhu Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.22 |
-2.23 |
-2.16 |
-2.52 |
-2.74 |
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Zhejiang Nhu Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Mar24 |
| Beneish M-Score |
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-2.67 |
-2.64 |
-2.69 |
-2.74 |
-2.61 |
Competitive Comparison of Zhejiang Nhu Co's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Zhejiang Nhu 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.
Zhejiang Nhu Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Zhejiang Nhu Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zhejiang Nhu Co's Beneish M-Score falls into.
Zhejiang Nhu 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 Zhejiang Nhu 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 * 1.0237 | + | 0.528 * 1.0161 | + | 0.404 * 1.1462 | + | 0.892 * 1.0502 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1315 | + | 4.679 * -0.057514 | - | 0.327 * 0.9014 |
| = | -2.61 |
* 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 ¥3,735 Mil.
Revenue was 4498.764 + 4104.355 + 3593.668 + 3806.287 = ¥16,003 Mil.
Gross Profit was 1576.187 + 1290.525 + 1265.541 + 1284.154 = ¥5,416 Mil.
Total Current Assets was ¥13,057 Mil.
Total Assets was ¥39,619 Mil.
Property, Plant and Equipment(Net PPE) was ¥23,290 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥338 Mil.
Total Current Liabilities was ¥4,898 Mil.
Long-Term Debt & Capital Lease Obligation was ¥7,630 Mil.
Net Income was 869.623 + 603.03 + 617.98 + 840.071 = ¥2,931 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 480.895 + 2494.015 + 1389.793 + 844.635 = ¥5,209 Mil.
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Total Receivables was ¥3,474 Mil.
Revenue was 3612.228 + 4023.966 + 3694.979 + 3907.048 = ¥15,238 Mil.
Gross Profit was 1144.827 + 1372.871 + 1242.896 + 1480.019 = ¥5,241 Mil.
Total Current Assets was ¥14,433 Mil.
Total Assets was ¥39,518 Mil.
Property, Plant and Equipment(Net PPE) was ¥22,238 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥285 Mil.
Total Current Liabilities was ¥8,432 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5,432 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) |
| = | (3735.02 / 16003.074) | / | (3474.041 / 15238.221) |
| = | 0.233394 | / | 0.227982 |
| | = | 1.0237 |
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) |
| = | (5240.613 / 15238.221) | / | (5416.407 / 16003.074) |
| = | 0.343912 | / | 0.33846 |
| | = | 1.0161 |
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 - (13057.001 + 23289.854) / 39618.54) | / | (1 - (14432.64 + 22237.881) / 39517.62) |
| = | 0.08258 | / | 0.072046 |
| | = | 1.1462 |
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 |
| = | 16003.074 | / | 15238.221 |
| | = | 1.0502 |
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)) |
| = | (0 / (0 + 22237.881)) | / | (0 / (0 + 23289.854)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (338.079 / 16003.074) | / | (284.503 / 15238.221) |
| = | 0.021126 | / | 0.01867 |
| | = | 1.1315 |
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) |
| = | ((7630.22 + 4898.26) / 39618.54) | / | ((5431.833 + 8431.506) / 39517.62) |
| = | 0.316228 | / | 0.350814 |
| | = | 0.9014 |
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 |
| = | (2930.704 - 0 | - | 5209.338) | / | 39618.54 |
| | = | -0.057514 |
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.
Zhejiang Nhu Co has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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