Nidec Beneish M-Score Historical Data
The historical data trend for Nidec'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.
Nidec Beneish M-Score Chart
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Nidec Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.64 |
-2.59 |
-2.23 |
-2.59 |
-2.68 |
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Nidec 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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-2.59 |
-2.63 |
-2.70 |
-2.71 |
-2.68 |
Competitive Comparison of Nidec's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Nidec'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.
Nidec's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nidec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nidec's Beneish M-Score falls into.
Nidec 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 Nidec 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 * 1.0835 | + | 0.528 * 0.8694 | + | 0.404 * 1.034 | + | 0.892 * 1.047 | + | 0.115 * 0.9589 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0443 | + | 4.679 * -0.061826 | - | 0.327 * 0.8957 |
| = | -2.68 |
* 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 円672,655 Mil.
Revenue was 593514 + 594026 + 594607 + 566055 = 円2,348,202 Mil.
Gross Profit was 113426 + 130305 + 128435 + 125447 = 円497,613 Mil.
Total Current Assets was 円1,549,583 Mil.
Total Assets was 円3,171,535 Mil.
Property, Plant and Equipment(Net PPE) was 円877,284 Mil.
Depreciation, Depletion and Amortization(DDA) was 円131,590 Mil.
Selling, General, & Admin. Expense(SGA) was 円253,429 Mil.
Total Current Liabilities was 円956,502 Mil.
Long-Term Debt & Capital Lease Obligation was 円414,817 Mil.
Net Income was -20521 + 39844 + 42040 + 64041 = 円125,404 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 117207 + 63001 + 59581 + 81698 = 円321,487 Mil.
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Total Receivables was 円592,948 Mil.
Revenue was 543077 + 568980 + 590398 + 540369 = 円2,242,824 Mil.
Gross Profit was 81671 + 102748 + 119605 + 109177 = 円413,201 Mil.
Total Current Assets was 円1,384,618 Mil.
Total Assets was 円2,872,591 Mil.
Property, Plant and Equipment(Net PPE) was 円835,691 Mil.
Depreciation, Depletion and Amortization(DDA) was 円119,469 Mil.
Selling, General, & Admin. Expense(SGA) was 円231,783 Mil.
Total Current Liabilities was 円900,407 Mil.
Long-Term Debt & Capital Lease Obligation was 円486,305 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) |
| = | (672655 / 2348202) | / | (592948 / 2242824) |
| = | 0.286455 | / | 0.264376 |
| | = | 1.0835 |
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) |
| = | (413201 / 2242824) | / | (497613 / 2348202) |
| = | 0.184232 | / | 0.211912 |
| | = | 0.8694 |
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 - (1549583 + 877284) / 3171535) | / | (1 - (1384618 + 835691) / 2872591) |
| = | 0.234797 | / | 0.227071 |
| | = | 1.034 |
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 |
| = | 2348202 | / | 2242824 |
| | = | 1.047 |
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)) |
| = | (119469 / (119469 + 835691)) | / | (131590 / (131590 + 877284)) |
| = | 0.125077 | / | 0.130433 |
| | = | 0.9589 |
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) |
| = | (253429 / 2348202) | / | (231783 / 2242824) |
| = | 0.107925 | / | 0.103344 |
| | = | 1.0443 |
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) |
| = | ((414817 + 956502) / 3171535) | / | ((486305 + 900407) / 2872591) |
| = | 0.432383 | / | 0.482739 |
| | = | 0.8957 |
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 |
| = | (125404 - 0 | - | 321487) | / | 3171535 |
| | = | -0.061826 |
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.
Nidec has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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