0.16(0.06%) Volume: 76,605,766 4:00PM EST| Market Cap : 1.2 T | Enterprise Value : 1.2 T | P/E (TTM) : 21.59 | P/B : 13.39 |
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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Apple was -0.97. The lowest was -4.41. And the median was -2.61.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| Apple Quarterly Data | ||||||||||||||||||||
| Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | |
| Beneish M-Score |
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-2.90 | -2.67 | -2.77 | -2.82 | -2.67 |
* 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 * 1.1337 | + | 0.528 * 1.0069 | + | 0.404 * 0.7967 | + | 0.892 * 1.0232 | + | 0.115 * 0.9247 | |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
| - | 0.172 * 1.0567 | + | 4.679 * -0.0471 | - | 0.327 * 1.0643 | |||||||
| = | -2.67 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| This Year (Dec19) TTM: | Last Year (Dec18) TTM: |
| Accounts Receivable was $20,970 Mil. Revenue was 91819 + 64040 + 53809 + 58015 = $267,683 Mil. Gross Profit was 35217 + 24313 + 20227 + 21821 = $101,578 Mil. Total Current Assets was $163,231 Mil. Total Assets was $340,618 Mil. Property, Plant and Equipment(Net PPE) was $37,031 Mil. Depreciation, Depletion and Amortization(DDA) was $11,968 Mil. Selling, General, & Admin. Expense(SGA) was $18,659 Mil. Total Current Liabilities was $102,161 Mil. Long-Term Debt & Capital Lease Obligation was $93,078 Mil. Net Income was 22236 + 13686 + 10044 + 11561 = $57,527 Mil. Non Operating Income was 89 + 206 + 43 + 30 = $368 Mil. Cash Flow from Operations was 30516 + 19910 + 11636 + 11155 = $73,217 Mil. |
Accounts Receivable was $18,077 Mil. Revenue was 84310 + 62900 + 53265 + 61137 = $261,612 Mil. Gross Profit was 32031 + 24084 + 20421 + 23422 = $99,958 Mil. Total Current Assets was $140,828 Mil. Total Assets was $373,719 Mil. Property, Plant and Equipment(Net PPE) was $39,597 Mil. (DDA) was $11,553 Mil. Selling, General, & Admin. Expense(SGA) was $17,257 Mil. Total Current Liabilities was $108,283 Mil. Long-Term Debt & Capital Lease Obligation was $92,989 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
| = | (20970 / 267683) | / | (18077 / 261612) | |
| = | 0.07833893 | / | 0.06909851 | |
| = | 1.1337 |
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) | |
| = | (99958 / 261612) | / | (101578 / 267683) | |
| = | 0.38208492 | / | 0.37947124 | |
| = | 1.0069 |
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 - (163231 + 37031) / 340618) | / | (1 - (140828 + 39597) / 373719) | |
| = | 0.41206278 | / | 0.51721748 | |
| = | 0.7967 |
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 | |
| = | 267683 | / | 261612 | |
| = | 1.0232 |
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)) |
| = | (11553 / (11553 + 39597)) | / | (11968 / (11968 + 37031)) | |
| = | 0.2258651 | / | 0.24424988 | |
| = | 0.9247 |
6. SGAI = Sales, General and Administrative expenses Index
The ratio of c 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) |
| = | (18659 / 267683) | / | (17257 / 261612) | |
| = | 0.06970558 | / | 0.0659641 | |
| = | 1.0567 |
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$sgai= in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((93078 + 102161) / 340618) | / | ((92989 + 108283) / 373719) | |
| = | 0.57319049 | / | 0.53856507 | |
| = | 1.0643 |
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 | |
| = | (57527 - 368 | - | 73217) | / | 340618 | |
| = | -0.0471 |
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Apple has a M-score of -2.67 suggests that the company will not be a manipulator.
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