Nahdi Medical Co Beneish M-Score Historical Data
The historical data trend for Nahdi Medical 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.
Nahdi Medical Co Beneish M-Score Chart
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Nahdi Medical Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.66 |
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Nahdi Medical Co Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.23 |
-2.41 |
-3.51 |
-2.66 |
-2.24 |
Competitive Comparison of Nahdi Medical Co's Beneish M-Score
For the Pharmaceutical Retailers subindustry, Nahdi Medical 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.
Nahdi Medical Co's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Nahdi Medical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nahdi Medical Co's Beneish M-Score falls into.
Nahdi Medical 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 Nahdi Medical 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 * 1.4598 | + | 0.528 * 1.0514 | + | 0.404 * 1.0337 | + | 0.892 * 1.026 | + | 0.115 * 1.0765 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0112 | + | 4.679 * -0.059415 | - | 0.327 * 0.9391 |
| = | -2.24 |
* 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 ﷼217 Mil.
Revenue was 2257.497 + 2214.254 + 2162.9 + 2231.485 = ﷼8,866 Mil.
Gross Profit was 860.834 + 865.058 + 874.173 + 896.09 = ﷼3,496 Mil.
Total Current Assets was ﷼2,988 Mil.
Total Assets was ﷼5,676 Mil.
Property, Plant and Equipment(Net PPE) was ﷼2,378 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼623 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼471 Mil.
Total Current Liabilities was ﷼2,138 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼833 Mil.
Net Income was 232.95 + 170.518 + 212.805 + 264.952 = ﷼881 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 462.428 + 218.734 + 550.324 + -13.046 = ﷼1,218 Mil.
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Total Receivables was ﷼145 Mil.
Revenue was 2105.036 + 2138.242 + 2158.983 + 2239.469 = ﷼8,642 Mil.
Gross Profit was 889.203 + 856.306 + 911.056 + 926.303 = ﷼3,583 Mil.
Total Current Assets was ﷼3,240 Mil.
Total Assets was ﷼5,657 Mil.
Property, Plant and Equipment(Net PPE) was ﷼2,119 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼609 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼454 Mil.
Total Current Liabilities was ﷼2,331 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼822 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) |
| = | (216.509 / 8866.136) | / | (144.563 / 8641.73) |
| = | 0.02442 | / | 0.016728 |
| | = | 1.4598 |
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) |
| = | (3582.868 / 8641.73) | / | (3496.155 / 8866.136) |
| = | 0.414601 | / | 0.394327 |
| | = | 1.0514 |
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 - (2987.849 + 2378.308) / 5675.553) | / | (1 - (3240.397 + 2118.508) / 5657.259) |
| = | 0.054514 | / | 0.052738 |
| | = | 1.0337 |
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 |
| = | 8866.136 | / | 8641.73 |
| | = | 1.026 |
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)) |
| = | (609.323 / (609.323 + 2118.508)) | / | (622.729 / (622.729 + 2378.308)) |
| = | 0.223373 | / | 0.207505 |
| | = | 1.0765 |
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) |
| = | (470.859 / 8866.136) | / | (453.85 / 8641.73) |
| = | 0.053108 | / | 0.052518 |
| | = | 1.0112 |
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) |
| = | ((832.713 + 2138.181) / 5675.553) | / | ((822.135 + 2331.234) / 5657.259) |
| = | 0.523455 | / | 0.557402 |
| | = | 0.9391 |
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 |
| = | (881.225 - 0 | - | 1218.44) | / | 5675.553 |
| | = | -0.059415 |
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.
Nahdi Medical Co has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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