APi Group Beneish M-Score Historical Data
The historical data trend for APi Group'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.
APi Group Beneish M-Score Chart
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APi Group Annual Data
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Trend |
Dec17 |
Aug18 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.50 |
-1.86 |
-2.72 |
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APi Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.60 |
-2.61 |
-2.66 |
-2.72 |
-2.81 |
Competitive Comparison of APi Group's Beneish M-Score
For the Engineering & Construction subindustry, APi Group'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.
APi Group's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, APi Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where APi Group's Beneish M-Score falls into.
APi Group 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 APi Group 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 * 0.9708 | + | 0.528 * 0.9065 | + | 0.404 * 0.9827 | + | 0.892 * 1.0319 | + | 0.115 * 0.9959 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0484 | + | 4.679 * -0.049221 | - | 0.327 * 1.1198 |
| = | -2.81 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,714 Mil.
Revenue was 1601 + 1759 + 1784 + 1771 = $6,915 Mil.
Gross Profit was 492 + 508 + 511 + 496 = $2,007 Mil.
Total Current Assets was $2,232 Mil.
Total Assets was $7,192 Mil.
Property, Plant and Equipment(Net PPE) was $609 Mil.
Depreciation, Depletion and Amortization(DDA) was $298 Mil.
Selling, General, & Admin. Expense(SGA) was $1,612 Mil.
Total Current Liabilities was $1,654 Mil.
Long-Term Debt & Capital Lease Obligation was $2,797 Mil.
Net Income was 45 + 25 + 54 + 48 = $172 Mil.
Non Operating Income was -3 + 0 + 4 + 3 = $4 Mil.
Cash Flow from Operations was 7 + 297 + 144 + 74 = $522 Mil.
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Total Receivables was $1,711 Mil.
Revenue was 1614 + 1703 + 1735 + 1649 = $6,701 Mil.
Gross Profit was 425 + 463 + 440 + 435 = $1,763 Mil.
Total Current Assets was $2,364 Mil.
Total Assets was $7,766 Mil.
Property, Plant and Equipment(Net PPE) was $621 Mil.
Depreciation, Depletion and Amortization(DDA) was $302 Mil.
Selling, General, & Admin. Expense(SGA) was $1,490 Mil.
Total Current Liabilities was $1,549 Mil.
Long-Term Debt & Capital Lease Obligation was $2,743 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) |
| = | (1714 / 6915) | / | (1711 / 6701) |
| = | 0.247867 | / | 0.255335 |
| | = | 0.9708 |
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) |
| = | (1763 / 6701) | / | (2007 / 6915) |
| = | 0.263095 | / | 0.290239 |
| | = | 0.9065 |
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 - (2232 + 609) / 7192) | / | (1 - (2364 + 621) / 7766) |
| = | 0.604978 | / | 0.615632 |
| | = | 0.9827 |
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 |
| = | 6915 | / | 6701 |
| | = | 1.0319 |
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)) |
| = | (302 / (302 + 621)) | / | (298 / (298 + 609)) |
| = | 0.327194 | / | 0.328556 |
| | = | 0.9959 |
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) |
| = | (1612 / 6915) | / | (1490 / 6701) |
| = | 0.233116 | / | 0.222355 |
| | = | 1.0484 |
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) |
| = | ((2797 + 1654) / 7192) | / | ((2743 + 1549) / 7766) |
| = | 0.618882 | / | 0.552665 |
| | = | 1.1198 |
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 |
| = | (172 - 4 | - | 522) | / | 7192 |
| | = | -0.049221 |
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.
APi Group has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
APi Group (APi Group) Business Description
Traded in Other Exchanges
Address
c/o APi Group, Inc, 1100 Old Highway 8 NW, New Brighton, MN, USA, 55112
APi Group Corp operates in two operating segments, 1) Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design, installation, inspection, and service of these integrated systems. These services are provided in commercial, education, healthcare, high tech, industrial, and special-hazard settings. 2) Specialty Services segment includes providing a variety of infrastructure services and specialized industrial plant services, which include maintenance and repair of critical infrastructure such as underground electric, gas, water, sewer, and telecommunications infrastructure.
Executives
| Viking Global Investors Lp |
10 percent owner |
600 WASHINGTON BLVD., FLOOR 11, STAMFORD CT 06901 |
| Ashken Ian G H |
director |
C/O MARIPOSA CAPITAL, LLC, 5200 BLUE LAGOON DRIVE, SUITE 855, MIAMI FL 33126 |
| James E Lillie |
director |
C/O MOORE CORPORATION LIMITED, ONE CANTERBURY GREEN, STAMFORD CT 06901 |
| Fd Juno Holdings L.p. |
10 percent owner |
C/O THE BLACKSTONE GROUP INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Juno Lower Holdings L.p. |
10 percent owner |
C/O THE BLACKSTONE GROUP INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Bto De Gp - Nq L.l.c. |
10 percent owner |
C/O THE BLACKSTONE GROUP INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Juno Holdings Manager L.l.c. |
10 percent owner |
C/O THE BLACKSTONE GROUP INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Fd Juno Holdings Manager L.l.c. |
10 percent owner |
C/O THE BLACKSTONE GROUP INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Blackstone Juno Holdings L.p. |
10 percent owner |
C/O THE BLACKSTONE GROUP INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Blackstone Tactical Opportunities Associates Iii - Nq L.p. |
10 percent owner |
C/O THE BLACKSTONE GROUP INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Blackstone Tactical Opportunities Fund - Fd L.p. |
10 percent owner |
C/O THE BLACKSTONE GROUP INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Bto Holdings Manager L.l.c. |
10 percent owner |
C/O THE BLACKSTONE GROUP, 345 PARK AVE., NEW YORK NY 10154 |
| Blackstone Tactical Opportunities Associates L.l.c. |
10 percent owner |
C/O BLACKSTONE INC., 345 PARK AVE., NEW YORK NY 10154 |
| Btoa L.l.c. |
10 percent owner |
C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Stephen A Schwarzman |
10 percent owner |
C/O BLACKSTONE INC., 345 PARK AVE, NEW YORK NY 10154 |
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