Apollo Education Group Beneish M-Score Historical Data
The historical data trend for Apollo Education Group'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.
Apollo Education Group Beneish M-Score Chart
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Apollo Education Group Annual Data
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Trend |
Aug07 |
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Aug12 |
Aug13 |
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Aug15 |
Aug16 |
| Beneish M-Score |
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-2.75 |
-2.73 |
-2.29 |
-2.55 |
-2.51 |
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Apollo Education Group Quarterly Data
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Feb12 |
May12 |
Aug12 |
Nov12 |
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Feb14 |
May14 |
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Aug15 |
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May16 |
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Nov16 |
| Beneish M-Score |
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-2.98 |
-2.76 |
-2.79 |
-2.51 |
-2.39 |
Competitive Comparison of Apollo Education Group's Beneish M-Score
For the Education & Training Services subindustry, Apollo Education Group'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.
Apollo Education Group's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Apollo Education Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Apollo Education Group's Beneish M-Score falls into.
Apollo Education Group 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 Apollo Education Group 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 * 1.4002 | + | 0.528 * 1.0936 | + | 0.404 * 1.1334 | + | 0.892 * 0.8206 | + | 0.115 * 1.0282 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9326 | + | 4.679 * -0.049667 | - | 0.327 * 0.9682 |
| = | -2.38 |
* 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 (Nov16) TTM: | Last Year (Nov15) TTM: |
Total Receivables was $246 Mil.
Revenue was 484.499 + 492.479 + 558.002 + 465.348 = $2,000 Mil.
Gross Profit was 235.746 + 231.777 + 283.516 + 194.708 = $946 Mil.
Total Current Assets was $1,082 Mil.
Total Assets was $1,955 Mil.
Property, Plant and Equipment(Net PPE) was $321 Mil.
Depreciation, Depletion and Amortization(DDA) was $108 Mil.
Selling, General, & Admin. Expense(SGA) was $697 Mil.
Total Current Liabilities was $681 Mil.
Long-Term Debt & Capital Lease Obligation was $33 Mil.
Net Income was 4.07 + 15.863 + 20.744 + -60.396 = $-20 Mil.
Non Operating Income was -0.644 + -0.983 + -0.273 + -1.113 = $-3 Mil.
Cash Flow from Operations was 16.454 + 35.451 + -13.45 + 41.95 = $80 Mil.
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Total Receivables was $214 Mil.
Revenue was 586.021 + 600.291 + 676.358 + 575.103 = $2,438 Mil.
Gross Profit was 294.694 + 300.104 + 381.517 + 284.17 = $1,260 Mil.
Total Current Assets was $1,185 Mil.
Total Assets was $2,047 Mil.
Property, Plant and Equipment(Net PPE) was $352 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $911 Mil.
Total Current Liabilities was $751 Mil.
Long-Term Debt & Capital Lease Obligation was $21 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) |
| = | (246.306 / 2000.328) | / | (214.379 / 2437.773) |
| = | 0.123133 | / | 0.087941 |
| | = | 1.4002 |
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) |
| = | (1260.485 / 2437.773) | / | (945.747 / 2000.328) |
| = | 0.517064 | / | 0.472796 |
| | = | 1.0936 |
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 - (1081.689 + 321.345) / 1955.243) | / | (1 - (1184.991 + 351.602) / 2046.578) |
| = | 0.282425 | / | 0.249189 |
| | = | 1.1334 |
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 |
| = | 2000.328 | / | 2437.773 |
| | = | 0.8206 |
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)) |
| = | (122.869 / (122.869 + 351.602)) | / | (108.173 / (108.173 + 321.345)) |
| = | 0.25896 | / | 0.251847 |
| | = | 1.0282 |
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) |
| = | (697.021 / 2000.328) | / | (910.833 / 2437.773) |
| = | 0.348453 | / | 0.373633 |
| | = | 0.9326 |
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) |
| = | ((33.251 + 681.106) / 1955.243) | / | ((20.782 + 751.491) / 2046.578) |
| = | 0.365355 | / | 0.377348 |
| | = | 0.9682 |
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 |
| = | (-19.719 - -3.013 | - | 80.405) | / | 1955.243 |
| | = | -0.049667 |
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.
Apollo Education Group has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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