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 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.99 |
-2.25 |
-2.66 |
-2.65 |
-2.77 |
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Apple Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.65 |
-2.79 |
-2.53 |
-2.58 |
-2.77 |
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 * 1.0647 | + | 0.528 * 0.9551 | + | 0.404 * 0.9719 | + | 0.892 * 1.0202 | + | 0.115 * 1.0409 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.026 | + | 4.679 * -0.067913 | - | 0.327 * 1.0526 |
| = | -2.77 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $66,243 Mil.
Revenue was 94930 + 85777 + 90753 + 119575 = $391,035 Mil.
Gross Profit was 43879 + 39678 + 42271 + 54855 = $180,683 Mil.
Total Current Assets was $152,987 Mil.
Total Assets was $364,980 Mil.
Property, Plant and Equipment(Net PPE) was $45,680 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,445 Mil.
Selling, General, & Admin. Expense(SGA) was $26,097 Mil.
Total Current Liabilities was $176,392 Mil.
Long-Term Debt & Capital Lease Obligation was $85,750 Mil.
Net Income was 14736 + 21448 + 23636 + 33916 = $93,736 Mil.
Non Operating Income was 19 + 142 + 158 + -50 = $269 Mil.
Cash Flow from Operations was 26811 + 28858 + 22690 + 39895 = $118,254 Mil.
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Total Receivables was $60,985 Mil.
Revenue was 89498 + 81797 + 94836 + 117154 = $383,285 Mil.
Gross Profit was 40427 + 36413 + 41976 + 50332 = $169,148 Mil.
Total Current Assets was $143,566 Mil.
Total Assets was $352,583 Mil.
Property, Plant and Equipment(Net PPE) was $43,715 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,519 Mil.
Selling, General, & Admin. Expense(SGA) was $24,932 Mil.
Total Current Liabilities was $145,308 Mil.
Long-Term Debt & Capital Lease Obligation was $95,281 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) |
| = | (66243 / 391035) | / | (60985 / 383285) |
| = | 0.169404 | / | 0.159111 |
| | = | 1.0647 |
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) |
| = | (169148 / 383285) | / | (180683 / 391035) |
| = | 0.441311 | / | 0.462063 |
| | = | 0.9551 |
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 - (152987 + 45680) / 364980) | / | (1 - (143566 + 43715) / 352583) |
| = | 0.455677 | / | 0.468831 |
| | = | 0.9719 |
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 |
| = | 391035 | / | 383285 |
| | = | 1.0202 |
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)) |
| = | (11519 / (11519 + 43715)) | / | (11445 / (11445 + 45680)) |
| = | 0.208549 | / | 0.20035 |
| | = | 1.0409 |
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) |
| = | (26097 / 391035) | / | (24932 / 383285) |
| = | 0.066738 | / | 0.065048 |
| | = | 1.026 |
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) |
| = | ((85750 + 176392) / 364980) | / | ((95281 + 145308) / 352583) |
| = | 0.718237 | / | 0.682361 |
| | = | 1.0526 |
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 |
| = | (93736 - 269 | - | 118254) | / | 364980 |
| | = | -0.067913 |
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 -2.77 suggests that the company is unlikely to be a manipulator.
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