TAL Education Group Beneish M-Score Historical Data
The historical data trend for TAL 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.
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TAL Education Group Annual Data
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Trend |
Feb14 |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
| Beneish M-Score |
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-1.39 |
-3.21 |
-2.93 |
-2.97 |
0.12 |
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TAL Education Group Quarterly Data
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Feb19 |
May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
| Beneish M-Score |
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-4.04 |
0.12 |
-1.18 |
-2.22 |
-2.94 |
Competitive Comparison
For the Education & Training Services subindustry, TAL 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.
TAL Education Group Beneish M-Score Distribution
For the Education industry and Consumer Defensive sector, TAL Education Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TAL Education Group's Beneish M-Score falls into.
TAL 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 TAL 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 * 0.9354 | + | 0.528 * 1.1225 | + | 0.404 * 0.799 | + | 0.892 * 1.0294 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9827 | + | 4.679 * -0.069033 | - | 0.327 * 1.2804 |
| = | -2.94 |
* 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 (Nov23) TTM: | Last Year (Nov22) TTM: |
Total Receivables was $0 Mil.
Revenue was 373.506 + 411.931 + 275.44 + 268.986 = $1,330 Mil.
Gross Profit was 200.326 + 242.549 + 135.927 + 141.273 = $720 Mil.
Total Current Assets was $3,644 Mil.
Total Assets was $4,913 Mil.
Property, Plant and Equipment(Net PPE) was $583 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $835 Mil.
Total Current Liabilities was $1,131 Mil.
Long-Term Debt & Capital Lease Obligation was $156 Mil.
Net Income was -23.946 + 37.902 + -45.037 + -39.417 = $-70 Mil.
Non Operating Income was 11.054 + -25.729 + -6.845 + 1.248 = $-20 Mil.
Cash Flow from Operations was 247.123 + -42.721 + 125.516 + -40.961 = $289 Mil.
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Total Receivables was $0 Mil.
Revenue was 232.681 + 294.06 + 224.045 + 541.152 = $1,292 Mil.
Gross Profit was 129.726 + 176.928 + 135.487 + 343.068 = $785 Mil.
Total Current Assets was $3,503 Mil.
Total Assets was $4,757 Mil.
Property, Plant and Equipment(Net PPE) was $422 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $826 Mil.
Total Current Liabilities was $855 Mil.
Long-Term Debt & Capital Lease Obligation was $118 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) |
| = | (0.404 / 1329.863) | / | (0.42 / 1291.938) |
| = | 0.000304 | / | 0.000325 |
| | = | 0.9354 |
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) |
| = | (785.209 / 1291.938) | / | (720.075 / 1329.863) |
| = | 0.607776 | / | 0.541466 |
| | = | 1.1225 |
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 - (3643.839 + 583.216) / 4913.323) | / | (1 - (3503.281 + 421.965) / 4756.828) |
| = | 0.139675 | / | 0.174819 |
| | = | 0.799 |
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 |
| = | 1329.863 | / | 1291.938 |
| | = | 1.0294 |
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 + 421.965)) | / | (0 / (0 + 583.216)) |
| = | 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) |
| = | (835.284 / 1329.863) | / | (825.74 / 1291.938) |
| = | 0.628098 | / | 0.639148 |
| | = | 0.9827 |
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) |
| = | ((156.282 + 1131.218) / 4913.323) | / | ((118.063 + 855.469) / 4756.828) |
| = | 0.262043 | / | 0.20466 |
| | = | 1.2804 |
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 |
| = | (-70.498 - -20.272 | - | 288.957) | / | 4913.323 |
| | = | -0.069033 |
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.
TAL Education Group has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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