Applied Digital Beneish M-Score Historical Data
The historical data trend for Applied Digital'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.
Applied Digital Beneish M-Score Chart
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Applied Digital Annual Data
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May20 |
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May23 |
May24 |
| Beneish M-Score |
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4.67 |
- |
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-1.78 |
12.71 |
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Applied Digital Quarterly Data
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Feb09 |
May20 |
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Nov24 |
| Beneish M-Score |
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-0.32 |
-0.11 |
12.71 |
35.98 |
23.29 |
Competitive Comparison of Applied Digital's Beneish M-Score
For the Information Technology Services subindustry, Applied Digital'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.
Applied Digital's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Applied Digital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Applied Digital's Beneish M-Score falls into.
Applied Digital 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 Applied Digital 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 * 21.727 | + | 0.528 * 12.6372 | + | 0.404 * 0.7294 | + | 0.892 * 1.8457 | + | 0.115 * 0.629 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9676 | + | 4.679 * -0.00963 | - | 0.327 * 1.009 |
| = | 23.29 |
* 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 (Nov24) TTM: | Last Year (Nov23) TTM: |
Total Receivables was $12.3 Mil.
Revenue was 63.868 + 60.704 + 43.699 + 43.348 = $211.6 Mil.
Gross Profit was 11.507 + -0.356 + -2.59 + -3.713 = $4.8 Mil.
Total Current Assets was $328.4 Mil.
Total Assets was $1,543.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,174.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $118.8 Mil.
Selling, General, & Admin. Expense(SGA) was $105.8 Mil.
Total Current Liabilities was $424.4 Mil.
Long-Term Debt & Capital Lease Obligation was $628.5 Mil.
Net Income was -138.726 + -4.247 + -64.45 + -62.838 = $-270.3 Mil.
Non Operating Income was -112.961 + 17.758 + -12.449 + -24.335 = $-132.0 Mil.
Cash Flow from Operations was -52.264 + -75.89 + -34.102 + 38.842 = $-123.4 Mil.
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Total Receivables was $0.3 Mil.
Revenue was 42.203 + 36.323 + 22.038 + 14.09 = $114.7 Mil.
Gross Profit was 12.434 + 11.102 + 6.1 + 3.557 = $33.2 Mil.
Total Current Assets was $36.5 Mil.
Total Assets was $480.7 Mil.
Property, Plant and Equipment(Net PPE) was $427.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.2 Mil.
Selling, General, & Admin. Expense(SGA) was $59.3 Mil.
Total Current Liabilities was $202.4 Mil.
Long-Term Debt & Capital Lease Obligation was $122.6 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) |
| = | (12.313 / 211.619) | / | (0.307 / 114.654) |
| = | 0.058185 | / | 0.002678 |
| | = | 21.727 |
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) |
| = | (33.193 / 114.654) | / | (4.848 / 211.619) |
| = | 0.289506 | / | 0.022909 |
| | = | 12.6372 |
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 - (328.388 + 1174.699) / 1543.169) | / | (1 - (36.457 + 427.08) / 480.654) |
| = | 0.025974 | / | 0.035612 |
| | = | 0.7294 |
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 |
| = | 211.619 | / | 114.654 |
| | = | 1.8457 |
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)) |
| = | (26.194 / (26.194 + 427.08)) | / | (118.837 / (118.837 + 1174.699)) |
| = | 0.057788 | / | 0.09187 |
| | = | 0.629 |
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) |
| = | (105.835 / 211.619) | / | (59.262 / 114.654) |
| = | 0.50012 | / | 0.516877 |
| | = | 0.9676 |
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) |
| = | ((628.462 + 424.353) / 1543.169) | / | ((122.573 + 202.423) / 480.654) |
| = | 0.682242 | / | 0.676154 |
| | = | 1.009 |
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 |
| = | (-270.261 - -131.987 | - | -123.414) | / | 1543.169 |
| | = | -0.00963 |
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.
Applied Digital has a M-score of 23.29 signals that the company is likely to be a manipulator.
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