Strategic Education Beneish M-Score Historical Data
The historical data trend for Strategic Education'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.
Strategic Education Beneish M-Score Chart
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Strategic Education Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.98 |
-2.60 |
-2.71 |
-2.35 |
-2.34 |
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Strategic Education 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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-2.35 |
-2.44 |
-2.32 |
-2.23 |
-2.34 |
Competitive Comparison of Strategic Education's Beneish M-Score
For the Education & Training Services subindustry, Strategic Education'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.
Strategic Education's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Strategic Education's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Strategic Education's Beneish M-Score falls into.
Strategic Education 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 Strategic Education 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 * 1.1369 | + | 0.528 * 0.9779 | + | 0.404 * 1.0067 | + | 0.892 * 1.0633 | + | 0.115 * 1.0116 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9519 | + | 4.679 * -0.016437 | - | 0.327 * 0.9108 |
| = | -2.34 |
* 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 $76 Mil.
Revenue was 302.702 + 285.936 + 287.68 + 256.606 = $1,133 Mil.
Gross Profit was 148.951 + 130.201 + 126.201 + 103.668 = $509 Mil.
Total Current Assets was $329 Mil.
Total Assets was $2,125 Mil.
Property, Plant and Equipment(Net PPE) was $238 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General, & Admin. Expense(SGA) was $384 Mil.
Total Current Liabilities was $210 Mil.
Long-Term Debt & Capital Lease Obligation was $189 Mil.
Net Income was 39.129 + 18.459 + 14.231 + -2.028 = $70 Mil.
Non Operating Income was -0.263 + -2.75 + -3.76 + -5.622 = $-12 Mil.
Cash Flow from Operations was 29.946 + 46.436 + 5.495 + 35.242 = $117 Mil.
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Total Receivables was $63 Mil.
Revenue was 269.938 + 263.123 + 273.564 + 258.855 = $1,065 Mil.
Gross Profit was 117.771 + 109.961 + 126.196 + 114.231 = $468 Mil.
Total Current Assets was $329 Mil.
Total Assets was $2,162 Mil.
Property, Plant and Equipment(Net PPE) was $258 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $380 Mil.
Total Current Liabilities was $210 Mil.
Long-Term Debt & Capital Lease Obligation was $235 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) |
| = | (76.102 / 1132.924) | / | (62.953 / 1065.48) |
| = | 0.067173 | / | 0.059084 |
| | = | 1.1369 |
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) |
| = | (468.159 / 1065.48) | / | (509.021 / 1132.924) |
| = | 0.439388 | / | 0.449298 |
| | = | 0.9779 |
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 - (329.069 + 237.731) / 2125.213) | / | (1 - (329.061 + 258.093) / 2161.747) |
| = | 0.733297 | / | 0.728389 |
| | = | 1.0067 |
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 |
| = | 1132.924 | / | 1065.48 |
| | = | 1.0633 |
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)) |
| = | (63.124 / (63.124 + 258.093)) | / | (57.313 / (57.313 + 237.731)) |
| = | 0.196515 | / | 0.194252 |
| | = | 1.0116 |
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) |
| = | (384.443 / 1132.924) | / | (379.817 / 1065.48) |
| = | 0.339337 | / | 0.356475 |
| | = | 0.9519 |
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) |
| = | ((189.135 + 209.619) / 2125.213) | / | ((235.402 + 209.944) / 2161.747) |
| = | 0.18763 | / | 0.206012 |
| | = | 0.9108 |
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 |
| = | (69.791 - -12.395 | - | 117.119) | / | 2125.213 |
| | = | -0.016437 |
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.
Strategic Education has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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