Niterra Co Beneish M-Score Historical Data
The historical data trend for Niterra 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.
Niterra Co Beneish M-Score Chart
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Niterra Co Annual Data
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Mar15 |
Mar16 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.78 |
-2.49 |
-2.50 |
-2.53 |
-2.29 |
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Niterra Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.53 |
-2.54 |
-2.30 |
-2.38 |
-2.29 |
Competitive Comparison of Niterra Co's Beneish M-Score
For the Auto Parts subindustry, Niterra 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.
Niterra Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Niterra Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Niterra Co's Beneish M-Score falls into.
Niterra 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 Niterra 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 * 1.0472 | + | 0.528 * 0.9553 | + | 0.404 * 1.5884 | + | 0.892 * 1.0923 | + | 0.115 * 0.995 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0238 | + | 4.679 * -0.036418 | - | 0.327 * 0.9197 |
| = | -2.29 |
* 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 円141,403 Mil.
Revenue was 158617 + 154717 + 153201 + 147950 = 円614,485 Mil.
Gross Profit was 54860 + 59318 + 56367 + 55647 = 円226,192 Mil.
Total Current Assets was 円564,150 Mil.
Total Assets was 円975,719 Mil.
Property, Plant and Equipment(Net PPE) was 円235,765 Mil.
Depreciation, Depletion and Amortization(DDA) was 円39,814 Mil.
Selling, General, & Admin. Expense(SGA) was 円122,873 Mil.
Total Current Liabilities was 円172,918 Mil.
Long-Term Debt & Capital Lease Obligation was 円135,742 Mil.
Net Income was 14322 + 22138 + 22106 + 24079 = 円82,645 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 35217 + 29089 + 36876 + 16997 = 円118,179 Mil.
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Total Receivables was 円123,620 Mil.
Revenue was 143348 + 140138 + 141966 + 137105 = 円562,557 Mil.
Gross Profit was 40755 + 54775 + 51286 + 50999 = 円197,815 Mil.
Total Current Assets was 円567,188 Mil.
Total Assets was 円903,102 Mil.
Property, Plant and Equipment(Net PPE) was 円233,469 Mil.
Depreciation, Depletion and Amortization(DDA) was 円39,194 Mil.
Selling, General, & Admin. Expense(SGA) was 円109,876 Mil.
Total Current Liabilities was 円153,907 Mil.
Long-Term Debt & Capital Lease Obligation was 円156,735 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) |
| = | (141403 / 614485) | / | (123620 / 562557) |
| = | 0.230116 | / | 0.219747 |
| | = | 1.0472 |
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) |
| = | (197815 / 562557) | / | (226192 / 614485) |
| = | 0.351635 | / | 0.3681 |
| | = | 0.9553 |
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 - (564150 + 235765) / 975719) | / | (1 - (567188 + 233469) / 903102) |
| = | 0.180179 | / | 0.113437 |
| | = | 1.5884 |
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 |
| = | 614485 | / | 562557 |
| | = | 1.0923 |
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)) |
| = | (39194 / (39194 + 233469)) | / | (39814 / (39814 + 235765)) |
| = | 0.143745 | / | 0.144474 |
| | = | 0.995 |
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) |
| = | (122873 / 614485) | / | (109876 / 562557) |
| = | 0.199961 | / | 0.195315 |
| | = | 1.0238 |
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) |
| = | ((135742 + 172918) / 975719) | / | ((156735 + 153907) / 903102) |
| = | 0.316341 | / | 0.343972 |
| | = | 0.9197 |
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 |
| = | (82645 - 0 | - | 118179) | / | 975719 |
| | = | -0.036418 |
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.
Niterra Co has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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