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.
Apple Beneish M-Score Chart
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Apple Annual Data
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Trend |
Sep15 |
Sep16 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.99 |
-2.25 |
-2.66 |
-2.66 |
-2.77 |
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Apple Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.53 |
-2.58 |
-2.77 |
-2.50 |
-2.48 |
Competitive Comparison of Apple's Beneish M-Score
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's Beneish M-Score Distribution in the Hardware Industry
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 * 1.1535 | + | 0.528 * 0.9776 | + | 0.404 * 1.0201 | + | 0.892 * 1.0491 | + | 0.115 * 1.0522 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0046 | + | 4.679 * -0.035914 | - | 0.327 * 1.054 |
| = | -2.48 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $49,798 Mil.
Revenue was 95359 + 124300 + 94930 + 85777 = $400,366 Mil.
Gross Profit was 44867 + 58275 + 43879 + 39678 = $186,699 Mil.
Total Current Assets was $118,674 Mil.
Total Assets was $331,233 Mil.
Property, Plant and Equipment(Net PPE) was $46,876 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,502 Mil.
Selling, General, & Admin. Expense(SGA) was $26,746 Mil.
Total Current Liabilities was $144,571 Mil.
Long-Term Debt & Capital Lease Obligation was $78,566 Mil.
Net Income was 24780 + 36330 + 14736 + 21448 = $97,294 Mil.
Non Operating Income was -279 + -248 + 19 + 142 = $-366 Mil.
Cash Flow from Operations was 23952 + 29935 + 26811 + 28858 = $109,556 Mil.
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Total Receivables was $41,150 Mil.
Revenue was 90753 + 119575 + 89498 + 81797 = $381,623 Mil.
Gross Profit was 42271 + 54855 + 40427 + 36413 = $173,966 Mil.
Total Current Assets was $128,416 Mil.
Total Assets was $337,411 Mil.
Property, Plant and Equipment(Net PPE) was $43,546 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,389 Mil.
Selling, General, & Admin. Expense(SGA) was $25,378 Mil.
Total Current Liabilities was $123,822 Mil.
Long-Term Debt & Capital Lease Obligation was $91,831 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) |
| = | (49798 / 400366) | / | (41150 / 381623) |
| = | 0.124381 | / | 0.107829 |
| | = | 1.1535 |
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) |
| = | (173966 / 381623) | / | (186699 / 400366) |
| = | 0.455858 | / | 0.466321 |
| | = | 0.9776 |
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 - (118674 + 46876) / 331233) | / | (1 - (128416 + 43546) / 337411) |
| = | 0.500201 | / | 0.490349 |
| | = | 1.0201 |
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 |
| = | 400366 | / | 381623 |
| | = | 1.0491 |
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)) |
| = | (11389 / (11389 + 43546)) | / | (11502 / (11502 + 46876)) |
| = | 0.207318 | / | 0.197026 |
| | = | 1.0522 |
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) |
| = | (26746 / 400366) | / | (25378 / 381623) |
| = | 0.066804 | / | 0.0665 |
| | = | 1.0046 |
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) |
| = | ((78566 + 144571) / 331233) | / | ((91831 + 123822) / 337411) |
| = | 0.673656 | / | 0.63914 |
| | = | 1.054 |
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 |
| = | (97294 - -366 | - | 109556) | / | 331233 |
| | = | -0.035914 |
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 -2.48 suggests that the company is unlikely to be a manipulator.
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