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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Adtalem Global Education's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Adtalem Global Education was -0.92. The lowest was -3.34. And the median was -2.50.
The historical data trend for Adtalem Global Education'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.
Adtalem Global Education Annual Data | |||||||||||||||||||||
Trend | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | Jun24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-3.10 | -3.34 | -0.92 | -2.34 | -2.48 |
Adtalem Global Education Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.36 | -2.53 | -2.48 | -2.48 | -2.45 |
For the Education & Training Services subindustry, Adtalem Global Education'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.
For the Education industry and Consumer Defensive sector, Adtalem Global Education's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Adtalem Global Education'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 Adtalem Global Education 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 * 0.9745 | + | 0.528 * 0.9731 | + | 0.404 * 0.9897 | + | 0.892 * 1.1283 | + | 0.115 * 1.2692 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8974 | + | 4.679 * -0.022316 | - | 0.327 * 0.955 | |||||||
= | -2.45 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $147 Mil. Revenue was 447.729 + 417.4 + 409.907 + 412.658 = $1,688 Mil. Gross Profit was 261.093 + 231.405 + 227.367 + 237.337 = $957 Mil. Total Current Assets was $407 Mil. Total Assets was $2,723 Mil. Property, Plant and Equipment(Net PPE) was $435 Mil. Depreciation, Depletion and Amortization(DDA) was $91 Mil. Selling, General, & Admin. Expense(SGA) was $627 Mil. Total Current Liabilities was $385 Mil. Long-Term Debt & Capital Lease Obligation was $832 Mil. Net Income was 75.856 + 46.165 + 49.419 + 36.821 = $208 Mil. Non Operating Income was -0.493 + -1.481 + 5.014 + -18.217 = $-15 Mil. Cash Flow from Operations was -19.019 + 89.316 + 40.57 + 173.337 = $284 Mil. |
Total Receivables was $134 Mil. Revenue was 393.242 + 368.845 + 364.641 + 369.082 = $1,496 Mil. Gross Profit was 221.173 + 200.227 + 200.923 + 203.262 = $826 Mil. Total Current Assets was $378 Mil. Total Assets was $2,701 Mil. Property, Plant and Equipment(Net PPE) was $437 Mil. Depreciation, Depletion and Amortization(DDA) was $123 Mil. Selling, General, & Admin. Expense(SGA) was $620 Mil. Total Current Liabilities was $399 Mil. Long-Term Debt & Capital Lease Obligation was $865 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) |
= | (146.973 / 1687.694) | / | (133.666 / 1495.81) | |
= | 0.087085 | / | 0.08936 | |
= | 0.9745 |
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) | |
= | (825.585 / 1495.81) | / | (957.202 / 1687.694) | |
= | 0.551932 | / | 0.567166 | |
= | 0.9731 |
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 - (407.085 + 434.678) / 2722.955) | / | (1 - (378.099 + 437.347) / 2700.925) | |
= | 0.690864 | / | 0.698086 | |
= | 0.9897 |
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 | |
= | 1687.694 | / | 1495.81 | |
= | 1.1283 |
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)) |
= | (123.039 / (123.039 + 437.347)) | / | (90.925 / (90.925 + 434.678)) | |
= | 0.219561 | / | 0.172992 | |
= | 1.2692 |
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) |
= | (627.26 / 1687.694) | / | (619.501 / 1495.81) | |
= | 0.371667 | / | 0.414158 | |
= | 0.8974 |
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) |
= | ((831.975 + 384.554) / 2722.955) | / | ((864.976 + 398.573) / 2700.925) | |
= | 0.446768 | / | 0.467821 | |
= | 0.955 |
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 | |
= | (208.261 - -15.177 | - | 284.204) | / | 2722.955 | |
= | -0.022316 |
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.
Adtalem Global Education has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Adtalem Global Education's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Donna J Hrinak | director | C/O AOL LATIN AMERICA, 6600 N. ANDREWS AVE, SUITE 400, FT. LAUDERDALE FL 33309 |
Michael Betz | officer: President, Walden University | 500 W. MONROE, 28TH FLOOR, CHICAGO IL 60661 |
William W Burke | director | 3868 MOCKINGBIRD LN, DALLAS TX 75205 |
Lisa W Wardell | director | 5900 RYLAND DRIVE, BETHESDA MD 20817 |
Maurice Herrera | officer: Chief Marketing Officer | 500 W. MONROE, 28TH FLOOR, CHICAGO IL 60661 |
Manjunath Gangadharan | officer: VP, Chief Accounting Officer | 600 WEST CHICAGO AVE., STE 400, CHICAGO IL 60654 |
Blake Simpson | officer: SVP, Chief Comms Officer | 500 W. MONROE, SUITE 1300, CHICAGO IL 60661 |
Lyle Logan | director | ONE TOWER LANE, OAKBROOK TERRACE IL 60181 |
Evan Trent | officer: SVP, Chief Strat. & Transform | 500 W. MONROE, 28TH FLOOR, CHICAGO IL 60661 |
William V Krehbiel | director | 500 W. MONROE, CHICAGO IL 60661 |
James Raymond Bartholomew | officer: President, DeVry University | 2449 MARCY AVENUE, EVANSTON IL 60201 |
Cheryl James | officer: SVP, CHRO | 500 W. MONROE, 28TH FLOOR, CHICAGO IL 60661 |
Sharon O'keefe | director | C/O VOCERA COMMUNICATIONS, INC., 525 RACE STREET, SAN JOSE CA 95126 |
Michael W Malafronte | director | INTERNATIONAL VALUE ADVISERS, LLC, 717 FIFTH AVE, 10TH FLOOR, NEW YORK NY 10022 |
Georgette D. Kiser | director | 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505 |
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