NEXTracker Beneish M-Score Historical Data
The historical data trend for NEXTracker'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.
NEXTracker Beneish M-Score Chart
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NEXTracker Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
- |
-2.40 |
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NEXTracker Quarterly Data
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Mar20 |
Mar21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
-2.40 |
- |
-3.23 |
-3.40 |
Competitive Comparison of NEXTracker's Beneish M-Score
For the Solar subindustry, NEXTracker'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.
NEXTracker's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, NEXTracker's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NEXTracker's Beneish M-Score falls into.
NEXTracker 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 NEXTracker 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 * 1.0351 | + | 0.528 * 0.5237 | + | 0.404 * 1.3499 | + | 0.892 * 1.2512 | + | 0.115 * 0.9394 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6493 | + | 4.679 * -0.20913 | - | 0.327 * 0.8992 |
| = | -3.40 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $717 Mil.
Revenue was 710.426 + 573.357 + 479.543 + 518.395 = $2,282 Mil.
Gross Profit was 209.725 + 149.11 + 113.744 + 90.312 = $563 Mil.
Total Current Assets was $1,419 Mil.
Total Assets was $2,095 Mil.
Property, Plant and Equipment(Net PPE) was $8 Mil.
Depreciation, Depletion and Amortization(DDA) was $4 Mil.
Selling, General, & Admin. Expense(SGA) was $172 Mil.
Total Current Liabilities was $759 Mil.
Long-Term Debt & Capital Lease Obligation was $145 Mil.
Net Income was 41.396 + 39.253 + 20.429 + -186.463 = $-85 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 64.804 + 26.91 + 225.767 + 35.287 = $353 Mil.
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Total Receivables was $553 Mil.
Revenue was 513.37 + 467.142 + 403.23 + 439.813 = $1,824 Mil.
Gross Profit was 82.259 + 64.539 + 49.863 + 38.952 = $236 Mil.
Total Current Assets was $954 Mil.
Total Assets was $1,260 Mil.
Property, Plant and Equipment(Net PPE) was $8 Mil.
Depreciation, Depletion and Amortization(DDA) was $4 Mil.
Selling, General, & Admin. Expense(SGA) was $83 Mil.
Total Current Liabilities was $605 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (716.816 / 2281.721) | / | (553.465 / 1823.555) |
| = | 0.314156 | / | 0.303509 |
| | = | 1.0351 |
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) |
| = | (235.613 / 1823.555) | / | (562.891 / 2281.721) |
| = | 0.129205 | / | 0.246696 |
| | = | 0.5237 |
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 - (1418.96 + 8.369) / 2095.125) | / | (1 - (954.337 + 7.91) / 1259.695) |
| = | 0.318738 | / | 0.236127 |
| | = | 1.3499 |
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 |
| = | 2281.721 | / | 1823.555 |
| | = | 1.2512 |
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)) |
| = | (3.594 / (3.594 + 7.91)) | / | (4.17 / (4.17 + 8.369)) |
| = | 0.312413 | / | 0.332562 |
| | = | 0.9394 |
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) |
| = | (171.857 / 2281.721) | / | (83.274 / 1823.555) |
| = | 0.075319 | / | 0.045666 |
| | = | 1.6493 |
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) |
| = | ((144.762 + 759.437) / 2095.125) | / | ((0 + 604.612) / 1259.695) |
| = | 0.431573 | / | 0.479967 |
| | = | 0.8992 |
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 |
| = | (-85.385 - 0 | - | 352.768) | / | 2095.125 |
| | = | -0.20913 |
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.
NEXTracker has a M-score of -3.40 suggests that the company is unlikely to be a manipulator.
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