Market Cap : 2.25 T | Enterprise Value : 2.32 T | PE Ratio : 22.55 | PB Ratio : 33.41 |
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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Apple's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Apple was -0.88. The lowest was -4.41. And the median was -2.58.
The historical data trend for Apple'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.
For the Consumer Electronics subindustry, Apple'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.
For the Hardware industry and Technology sector, Apple's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Apple's Beneish M-Score falls into.
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 Apple 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 * 1.1585 | + | 0.528 * 0.9206 | + | 0.404 * 1.0442 | + | 0.892 * 1.1863 | + | 0.115 * 1.0063 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9634 | + | 4.679 * -0.0402 | - | 0.327 * 1.0322 | |||||||
= | -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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was $45,400 Mil. Revenue was 97278 + 123945 + 83360 + 81434 = $386,017 Mil. Gross Profit was 42559 + 54243 + 35174 + 35255 = $167,231 Mil. Total Current Assets was $118,180 Mil. Total Assets was $350,662 Mil. Property, Plant and Equipment(Net PPE) was $39,304 Mil. Depreciation, Depletion and Amortization(DDA) was $11,255 Mil. Selling, General, & Admin. Expense(SGA) was $23,670 Mil. Total Current Liabilities was $127,508 Mil. Long-Term Debt & Capital Lease Obligation was $103,323 Mil. Net Income was 25010 + 34630 + 20551 + 21744 = $101,935 Mil. Non Operating Income was 151 + -203 + -525 + 189 = $-388 Mil. Cash Flow from Operations was 28166 + 46966 + 20200 + 21094 = $116,426 Mil. |
Total Receivables was $33,036 Mil. Revenue was 89584 + 111439 + 64698 + 59685 = $325,406 Mil. Gross Profit was 38079 + 44328 + 24689 + 22680 = $129,776 Mil. Total Current Assets was $121,465 Mil. Total Assets was $337,158 Mil. Property, Plant and Equipment(Net PPE) was $37,815 Mil. Depreciation, Depletion and Amortization(DDA) was $10,917 Mil. Selling, General, & Admin. Expense(SGA) was $20,712 Mil. Total Current Liabilities was $106,385 Mil. Long-Term Debt & Capital Lease Obligation was $108,642 Mil. |
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) |
= | (45400 / 386017) | / | (33036 / 325406) | |
= | 0.1176114 | / | 0.10152241 | |
= | 1.1585 |
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) | |
= | (129776 / 325406) | / | (167231 / 386017) | |
= | 0.39881256 | / | 0.43322185 | |
= | 0.9206 |
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 - (118180 + 39304) / 350662) | / | (1 - (121465 + 37815) / 337158) | |
= | 0.55089516 | / | 0.52758054 | |
= | 1.0442 |
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 | |
= | 386017 | / | 325406 | |
= | 1.1863 |
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)) |
= | (10917 / (10917 + 37815)) | / | (11255 / (11255 + 39304)) | |
= | 0.22402118 | / | 0.22261121 | |
= | 1.0063 |
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) |
= | (23670 / 386017) | / | (20712 / 325406) | |
= | 0.06131854 | / | 0.06364972 | |
= | 0.9634 |
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) |
= | ((103323 + 127508) / 350662) | / | ((108642 + 106385) / 337158) | |
= | 0.65827207 | / | 0.6377633 | |
= | 1.0322 |
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 | |
= | (101935 - -388 | - | 116426) | / | 350662 | |
= | -0.0402 |
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.
Apple has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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Kondo Chris | officer: Principal Accounting Officer | 1 INFINITE LOOP CUPERTINO CA 95014 |
Maestri Luca | officer: Senior Vice President, CFO | 1 INFINITE LOOP CUPERTINO CA 95014 |
Adams Katherine L. | officer: SVP, GC and Secretary | APPLE INC. 1 INFINITE LOOP CUPERTINO CA 95014 |
Williams Jeffrey E | officer: COO | ONE INFINITE LOOP CUPERTINO CA 95014 |
Cook Timothy D | director, officer: Chief Executive Officer | C/O APPLE INC ONE INFINITE LOOP CUPERTINO CA 95014 |
Jung Andrea | director | C/O APPLE INC ONE APPLE PARK WAY CUPERTINO CA 95014 |
Wagner Susan | director | C/O BLACKROCK, INC. 40 EAST 52ND STREET NEW YORK NY 10022 |
Bell James A | director | C/O THE DOW CHEMICAL COMPANY 2211 H.H. DOW WAY MIDLAND MI 48674 |
Levinson Arthur D | director | C/O GENENTECH INC 1 DNA WAY MS 49 SOUTH SAN FRANCISCO CA 94080-4990 |
Sugar Ronald D | director | 10877 WILSHIRE BLVD. SUITE 1650 LOS ANGELES CA 900274 |
Gore Albert Jr | director | C/O APPLE INC 1 INFINITE LOOP CUPERTINO CA 95014 |
Iger Robert A | director | C/O WALT DISNEY CO 500 S BUENA VISTA STREET BURBANK CA 91521-1062 |
Ahrendts Angela J | officer: Senior Vice President | 1 INFINITE LOOP CUPERTINO CA 95014 |
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