Nielsen Holdings Beneish M-Score Historical Data
The historical data trend for Nielsen Holdings'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.
Nielsen Holdings Beneish M-Score Chart
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Nielsen Holdings Annual Data
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Dec12 |
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Dec17 |
Dec18 |
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Dec20 |
Dec21 |
| Beneish M-Score |
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-2.60 |
-2.69 |
-2.61 |
-3.23 |
-2.23 |
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Nielsen Holdings Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
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Sep19 |
Dec19 |
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Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.41 |
14.31 |
-2.23 |
-2.54 |
-2.64 |
Competitive Comparison of Nielsen Holdings's Beneish M-Score
For the Consulting Services subindustry, Nielsen Holdings'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.
Nielsen Holdings's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Nielsen Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nielsen Holdings's Beneish M-Score falls into.
Nielsen Holdings 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 Nielsen Holdings 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 * 0.99 | + | 0.528 * 1.0314 | + | 0.404 * 0.9809 | + | 0.892 * 1.03 | + | 0.115 * 1.0964 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1503 | + | 4.679 * -0.04033 | - | 0.327 * 0.9598 |
| = | -2.64 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $517 Mil.
Revenue was 882 + 877 + 894 + 882 = $3,535 Mil.
Gross Profit was 555 + 563 + 558 + 575 = $2,251 Mil.
Total Current Assets was $1,392 Mil.
Total Assets was $10,910 Mil.
Property, Plant and Equipment(Net PPE) was $371 Mil.
Depreciation, Depletion and Amortization(DDA) was $516 Mil.
Selling, General, & Admin. Expense(SGA) was $904 Mil.
Total Current Liabilities was $681 Mil.
Long-Term Debt & Capital Lease Obligation was $5,700 Mil.
Net Income was 111 + 105 + 214 + 100 = $530 Mil.
Non Operating Income was -3 + -3 + 2 + -8 = $-12 Mil.
Cash Flow from Operations was 265 + 219 + 227 + 271 = $982 Mil.
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Total Receivables was $507 Mil.
Revenue was 861 + 863 + 872 + 836 = $3,432 Mil.
Gross Profit was 569 + 586 + 553 + 546 = $2,254 Mil.
Total Current Assets was $1,196 Mil.
Total Assets was $11,031 Mil.
Property, Plant and Equipment(Net PPE) was $406 Mil.
Depreciation, Depletion and Amortization(DDA) was $715 Mil.
Selling, General, & Admin. Expense(SGA) was $763 Mil.
Total Current Liabilities was $737 Mil.
Long-Term Debt & Capital Lease Obligation was $5,985 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) |
| = | (517 / 3535) | / | (507 / 3432) |
| = | 0.146252 | / | 0.147727 |
| | = | 0.99 |
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) |
| = | (2254 / 3432) | / | (2251 / 3535) |
| = | 0.65676 | / | 0.636775 |
| | = | 1.0314 |
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 - (1392 + 371) / 10910) | / | (1 - (1196 + 406) / 11031) |
| = | 0.838405 | / | 0.854773 |
| | = | 0.9809 |
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 |
| = | 3535 | / | 3432 |
| | = | 1.03 |
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)) |
| = | (715 / (715 + 406)) | / | (516 / (516 + 371)) |
| = | 0.637823 | / | 0.581736 |
| | = | 1.0964 |
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) |
| = | (904 / 3535) | / | (763 / 3432) |
| = | 0.255728 | / | 0.222319 |
| | = | 1.1503 |
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) |
| = | ((5700 + 681) / 10910) | / | ((5985 + 737) / 11031) |
| = | 0.584876 | / | 0.609374 |
| | = | 0.9598 |
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 |
| = | (530 - -12 | - | 982) | / | 10910 |
| | = | -0.04033 |
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.
Nielsen Holdings has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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