Adtalem Global Education Beneish M-Score Historical Data
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 Beneish M-Score Chart
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Adtalem Global Education Annual Data
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Jun24 |
| Beneish M-Score |
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-3.10 |
-3.34 |
-0.92 |
-2.34 |
-2.48 |
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Adtalem Global Education Quarterly Data
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Mar20 |
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Sep20 |
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Dec24 |
| Beneish M-Score |
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-2.36 |
-2.53 |
-2.48 |
-2.48 |
-2.45 |
Competitive Comparison of Adtalem Global Education's Beneish M-Score
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.
Adtalem Global Education's Beneish M-Score Distribution in the Education Industry
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.
Adtalem Global Education 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 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.
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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.
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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) |
| = | (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.
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