Diebold Nixdorf Beneish M-Score Historical Data
The historical data trend for Diebold Nixdorf'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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Diebold Nixdorf Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.31 |
-2.84 |
-2.84 |
-2.56 |
-1.65 |
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Diebold Nixdorf Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.65 |
-2.09 |
-1.79 |
-1.65 |
Competitive Comparison
For the Software - Application subindustry, Diebold Nixdorf'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.
Diebold Nixdorf Beneish M-Score Distribution
For the Software industry and Technology sector, Diebold Nixdorf's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Diebold Nixdorf's Beneish M-Score falls into.
Diebold Nixdorf 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 Diebold Nixdorf 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 * 1.4484 | + | 0.528 * 0.937 | + | 0.404 * 1.2104 | + | 0.892 * 0.814 | + | 0.115 * 1.8662 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8774 | + | 4.679 * 0.051418 | - | 0.327 * 0.4726 |
| = | -1.65 |
* 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 $722 Mil.
Revenue was 1036.8 + 0 + 922.2 + 858.1 = $2,817 Mil.
Gross Profit was 223.4 + 0 + 225.2 + 209.3 = $658 Mil.
Total Current Assets was $2,154 Mil.
Total Assets was $4,162 Mil.
Property, Plant and Equipment(Net PPE) was $258 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $530 Mil.
Total Current Liabilities was $1,421 Mil.
Long-Term Debt & Capital Lease Obligation was $1,318 Mil.
Net Income was 26.9 + 0 + -677.1 + -111.1 = $-761 Mil.
Non Operating Income was 5.4 + 0 + -633.9 + -9.2 = $-638 Mil.
Cash Flow from Operations was 0 + 0 + -241.7 + -95.9 = $-338 Mil.
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Total Receivables was $612 Mil.
Revenue was 968.8 + 810.4 + 851.7 + 829.8 = $3,461 Mil.
Gross Profit was 217.4 + 193.8 + 160.8 + 185.3 = $757 Mil.
Total Current Assets was $1,771 Mil.
Total Assets was $3,065 Mil.
Property, Plant and Equipment(Net PPE) was $229 Mil.
Depreciation, Depletion and Amortization(DDA) was $126 Mil.
Selling, General, & Admin. Expense(SGA) was $742 Mil.
Total Current Liabilities was $1,605 Mil.
Long-Term Debt & Capital Lease Obligation was $2,663 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) |
| = | (721.8 / 2817.1) | / | (612.2 / 3460.7) |
| = | 0.256221 | / | 0.176901 |
| | = | 1.4484 |
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) |
| = | (757.3 / 3460.7) | / | (657.9 / 2817.1) |
| = | 0.218829 | / | 0.233538 |
| | = | 0.937 |
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 - (2153.9 + 257.7) / 4162) | / | (1 - (1770.9 + 229.1) / 3065) |
| = | 0.420567 | / | 0.347471 |
| | = | 1.2104 |
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 |
| = | 2817.1 | / | 3460.7 |
| | = | 0.814 |
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)) |
| = | (126 / (126 + 229.1)) | / | (60.5 / (60.5 + 257.7)) |
| = | 0.35483 | / | 0.190132 |
| | = | 1.8662 |
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) |
| = | (529.7 / 2817.1) | / | (741.6 / 3460.7) |
| = | 0.18803 | / | 0.214292 |
| | = | 0.8774 |
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) |
| = | ((1317.5 + 1421) / 4162) | / | ((2662.5 + 1604.9) / 3065) |
| = | 0.657977 | / | 1.3923 |
| | = | 0.4726 |
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 |
| = | (-761.3 - -637.7 | - | -337.6) | / | 4162 |
| | = | 0.051418 |
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.
Diebold Nixdorf has a M-score of -1.65 signals that the company is likely to be a manipulator.
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