Nanjing Iron & Steel Co Beneish M-Score Historical Data
The historical data trend for Nanjing Iron & Steel 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.
Nanjing Iron & Steel Co Beneish M-Score Chart
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Nanjing Iron & Steel Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.02 |
-2.47 |
-2.59 |
-2.49 |
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Nanjing Iron & Steel Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.53 |
-2.28 |
-2.48 |
-2.49 |
-2.19 |
Competitive Comparison of Nanjing Iron & Steel Co's Beneish M-Score
For the Steel subindustry, Nanjing Iron & Steel 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.
Nanjing Iron & Steel Co's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Nanjing Iron & Steel Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nanjing Iron & Steel Co's Beneish M-Score falls into.
Nanjing Iron & Steel 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 Nanjing Iron & Steel 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 * 1.5109 | + | 0.528 * 0.9313 | + | 0.404 * 0.7279 | + | 0.892 * 1.0037 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9808 | + | 4.679 * -0.005655 | - | 0.327 * 1.0341 |
| = | -2.19 |
* 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 ¥11,366 Mil.
Revenue was 16872.433 + 16177.916 + 19446.675 + 19020.759 = ¥71,518 Mil.
Gross Profit was 1737.884 + 1699.436 + 2096.152 + 2208.532 = ¥7,742 Mil.
Total Current Assets was ¥31,661 Mil.
Total Assets was ¥73,256 Mil.
Property, Plant and Equipment(Net PPE) was ¥33,670 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥827 Mil.
Total Current Liabilities was ¥34,723 Mil.
Long-Term Debt & Capital Lease Obligation was ¥7,853 Mil.
Net Income was 553.932 + 460.143 + 676.092 + 612.86 = ¥2,303 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 383.748 + 302.024 + 761.883 + 1269.607 = ¥2,717 Mil.
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Total Receivables was ¥7,495 Mil.
Revenue was 17897.431 + 18022.39 + 17049.884 + 18281.607 = ¥71,251 Mil.
Gross Profit was 1684.664 + 1267.019 + 1942.644 + 2288.684 = ¥7,183 Mil.
Total Current Assets was ¥31,678 Mil.
Total Assets was ¥76,757 Mil.
Property, Plant and Equipment(Net PPE) was ¥33,670 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥840 Mil.
Total Current Liabilities was ¥35,818 Mil.
Long-Term Debt & Capital Lease Obligation was ¥7,321 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) |
| = | (11365.834 / 71517.783) | / | (7494.515 / 71251.312) |
| = | 0.158923 | / | 0.105184 |
| | = | 1.5109 |
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) |
| = | (7183.011 / 71251.312) | / | (7742.004 / 71517.783) |
| = | 0.100812 | / | 0.108253 |
| | = | 0.9313 |
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 - (31661.206 + 33669.578) / 73256.498) | / | (1 - (31678.296 + 33669.945) / 76757.357) |
| = | 0.108191 | / | 0.148639 |
| | = | 0.7279 |
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 |
| = | 71517.783 | / | 71251.312 |
| | = | 1.0037 |
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)) |
| = | (0 / (0 + 33669.945)) | / | (0 / (0 + 33669.578)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (827.252 / 71517.783) | / | (840.356 / 71251.312) |
| = | 0.011567 | / | 0.011794 |
| | = | 0.9808 |
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) |
| = | ((7853.416 + 34723.253) / 73256.498) | / | ((7320.902 + 35818.027) / 76757.357) |
| = | 0.5812 | / | 0.562017 |
| | = | 1.0341 |
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 |
| = | (2303.027 - 0 | - | 2717.262) | / | 73256.498 |
| | = | -0.005655 |
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.
Nanjing Iron & Steel Co has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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