NVIDIA Beneish M-Score Historical Data
The historical data trend for NVIDIA'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.
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NVIDIA Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.96 |
-1.13 |
-1.75 |
-2.54 |
-1.14 |
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NVIDIA Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.54 |
-2.81 |
-2.31 |
-1.87 |
-1.14 |
Competitive Comparison
For the Semiconductors subindustry, NVIDIA'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.
NVIDIA Beneish M-Score Distribution
For the Semiconductors industry and Technology sector, NVIDIA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NVIDIA's Beneish M-Score falls into.
NVIDIA 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 NVIDIA 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 * 1.1568 | + | 0.528 * 0.7829 | + | 0.404 * 0.7616 | + | 0.892 * 2.2585 | + | 0.115 * 1.0846 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.482 | + | 4.679 * 0.021756 | - | 0.327 * 0.7375 |
| = | -1.14 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $9,999 Mil.
Revenue was 22103 + 18120 + 13507 + 7192 = $60,922 Mil.
Gross Profit was 16791 + 13400 + 9462 + 4648 = $44,301 Mil.
Total Current Assets was $44,345 Mil.
Total Assets was $65,728 Mil.
Property, Plant and Equipment(Net PPE) was $5,260 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,508 Mil.
Selling, General, & Admin. Expense(SGA) was $2,656 Mil.
Total Current Liabilities was $10,631 Mil.
Long-Term Debt & Capital Lease Obligation was $9,578 Mil.
Net Income was 12285 + 9243 + 6188 + 2043 = $29,759 Mil.
Non Operating Income was 261 + -66 + 59 + -15 = $239 Mil.
Cash Flow from Operations was 11499 + 7332 + 6348 + 2911 = $28,090 Mil.
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Total Receivables was $3,827 Mil.
Revenue was 6051 + 5931 + 6704 + 8288 = $26,974 Mil.
Gross Profit was 3833 + 3177 + 2915 + 5431 = $15,356 Mil.
Total Current Assets was $23,073 Mil.
Total Assets was $41,182 Mil.
Property, Plant and Equipment(Net PPE) was $4,845 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,544 Mil.
Selling, General, & Admin. Expense(SGA) was $2,440 Mil.
Total Current Liabilities was $6,563 Mil.
Long-Term Debt & Capital Lease Obligation was $10,605 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) |
| = | (9999 / 60922) | / | (3827 / 26974) |
| = | 0.164128 | / | 0.141877 |
| | = | 1.1568 |
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) |
| = | (15356 / 26974) | / | (44301 / 60922) |
| = | 0.569289 | / | 0.727176 |
| | = | 0.7829 |
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 - (44345 + 5260) / 65728) | / | (1 - (23073 + 4845) / 41182) |
| = | 0.245299 | / | 0.322082 |
| | = | 0.7616 |
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 |
| = | 60922 | / | 26974 |
| | = | 2.2585 |
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)) |
| = | (1544 / (1544 + 4845)) | / | (1508 / (1508 + 5260)) |
| = | 0.241665 | / | 0.222813 |
| | = | 1.0846 |
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) |
| = | (2656 / 60922) | / | (2440 / 26974) |
| = | 0.043597 | / | 0.090457 |
| | = | 0.482 |
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) |
| = | ((9578 + 10631) / 65728) | / | ((10605 + 6563) / 41182) |
| = | 0.307464 | / | 0.416881 |
| | = | 0.7375 |
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 |
| = | (29759 - 239 | - | 28090) | / | 65728 |
| | = | 0.021756 |
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.
NVIDIA has a M-score of -1.14 signals that the company is likely to be a manipulator.
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