Stride Beneish M-Score Historical Data
The historical data trend for Stride'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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Stride Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-3.05 |
-2.52 |
-2.36 |
-2.70 |
-2.63 |
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Stride 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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-2.88 |
-2.74 |
-2.63 |
-2.56 |
-2.55 |
Competitive Comparison
For the Education & Training Services subindustry, Stride'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.
Stride Beneish M-Score Distribution
For the Education industry and Consumer Defensive sector, Stride's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stride's Beneish M-Score falls into.
Stride 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 Stride 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 * 1.0466 | + | 0.528 * 0.9499 | + | 0.404 * 0.9511 | + | 0.892 * 1.1013 | + | 0.115 * 0.8687 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.968 | + | 4.679 * -0.040173 | - | 0.327 * 0.8854 |
| = | -2.55 |
* 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 $510 Mil.
Revenue was 504.868 + 480.181 + 483.489 + 470.284 = $1,939 Mil.
Gross Profit was 201.174 + 172.888 + 172.081 + 175.252 = $721 Mil.
Total Current Assets was $1,089 Mil.
Total Assets was $1,782 Mil.
Property, Plant and Equipment(Net PPE) was $121 Mil.
Depreciation, Depletion and Amortization(DDA) was $111 Mil.
Selling, General, & Admin. Expense(SGA) was $508 Mil.
Total Current Liabilities was $241 Mil.
Long-Term Debt & Capital Lease Obligation was $496 Mil.
Net Income was 66.836 + 4.878 + 43.372 + 55.462 = $171 Mil.
Non Operating Income was 6.538 + 5.165 + 5.858 + 4.587 = $22 Mil.
Cash Flow from Operations was 173.334 + -135.305 + 96.93 + 85.038 = $220 Mil.
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Total Receivables was $442 Mil.
Revenue was 458.435 + 425.15 + 455.211 + 421.722 = $1,761 Mil.
Gross Profit was 170.088 + 129.649 + 167.677 + 154.839 = $622 Mil.
Total Current Assets was $929 Mil.
Total Assets was $1,619 Mil.
Property, Plant and Equipment(Net PPE) was $144 Mil.
Depreciation, Depletion and Amortization(DDA) was $102 Mil.
Selling, General, & Admin. Expense(SGA) was $476 Mil.
Total Current Liabilities was $249 Mil.
Long-Term Debt & Capital Lease Obligation was $507 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) |
| = | (509.635 / 1938.822) | / | (442.166 / 1760.518) |
| = | 0.262858 | / | 0.251157 |
| | = | 1.0466 |
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) |
| = | (622.253 / 1760.518) | / | (721.395 / 1938.822) |
| = | 0.353449 | / | 0.372079 |
| | = | 0.9499 |
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 - (1088.872 + 121.242) / 1782.196) | / | (1 - (928.815 + 143.947) / 1619.291) |
| = | 0.320998 | / | 0.337511 |
| | = | 0.9511 |
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 |
| = | 1938.822 | / | 1760.518 |
| | = | 1.1013 |
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)) |
| = | (102.301 / (102.301 + 143.947)) | / | (111.124 / (111.124 + 121.242)) |
| = | 0.415439 | / | 0.478228 |
| | = | 0.8687 |
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) |
| = | (507.641 / 1938.822) | / | (476.209 / 1760.518) |
| = | 0.26183 | / | 0.270494 |
| | = | 0.968 |
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) |
| = | ((496.044 + 240.902) / 1782.196) | / | ((507.012 + 249.258) / 1619.291) |
| = | 0.413504 | / | 0.467038 |
| | = | 0.8854 |
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 |
| = | (170.548 - 22.148 | - | 219.997) | / | 1782.196 |
| | = | -0.040173 |
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.
Stride has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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