Apple Beneish M-Score Historical Data
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.
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Apple Annual Data
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Trend |
Sep12 |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
| Beneish M-Score |
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|
|
|
|
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-2.50 |
-2.42 |
-2.87 |
-2.97 |
-2.25 |
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Apple Quarterly Data
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Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
|
|
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|
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-2.67 |
-2.60 |
-2.25 |
-2.49 |
-2.38 |
Competitive Comparison
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.
Apple Beneish M-Score Distribution
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.
Apple 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 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.
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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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