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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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Stride's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Stride was -2.11. The lowest was -3.48. And the median was -2.86.
The historical data trend for Stride'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.
Stride Annual Data | |||||||||||||||||||||
Trend | Jun14 | Jun15 | Jun16 | Jun17 | Jun18 | Jun19 | Jun20 | Jun21 | Jun22 | Jun23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.05 | -2.52 | -2.36 | -2.70 | -2.63 |
Stride Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.74 | -2.63 | -2.56 | -2.55 | -2.44 |
For the Education & Training Services subindustry, Stride'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, Stride's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stride'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 Stride 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 * 1.1069 | + | 0.528 * 0.9455 | + | 0.404 * 0.9122 | + | 0.892 * 1.0997 | + | 0.115 * 0.896 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9705 | + | 4.679 * -0.023248 | - | 0.327 * 0.8861 | |||||||
= | -2.44 |
* 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 $578 Mil. Revenue was 520.837 + 504.868 + 480.181 + 483.489 = $1,989 Mil. Gross Profit was 201.329 + 201.174 + 172.888 + 172.081 = $747 Mil. Total Current Assets was $1,209 Mil. Total Assets was $1,892 Mil. Property, Plant and Equipment(Net PPE) was $115 Mil. Depreciation, Depletion and Amortization(DDA) was $111 Mil. Selling, General, & Admin. Expense(SGA) was $518 Mil. Total Current Liabilities was $282 Mil. Long-Term Debt & Capital Lease Obligation was $493 Mil. Net Income was 69.687 + 66.836 + 4.878 + 43.372 = $185 Mil. Non Operating Income was 7.678 + 6.538 + 5.165 + 5.858 = $25 Mil. Cash Flow from Operations was 68.566 + 173.334 + -135.305 + 96.93 = $204 Mil. |
Total Receivables was $475 Mil. Revenue was 470.284 + 458.435 + 425.15 + 455.211 = $1,809 Mil. Gross Profit was 175.252 + 170.088 + 129.649 + 167.677 = $643 Mil. Total Current Assets was $1,007 Mil. Total Assets was $1,700 Mil. Property, Plant and Equipment(Net PPE) was $133 Mil. Depreciation, Depletion and Amortization(DDA) was $105 Mil. Selling, General, & Admin. Expense(SGA) was $485 Mil. Total Current Liabilities was $284 Mil. Long-Term Debt & Capital Lease Obligation was $501 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) |
= | (577.792 / 1989.375) | / | (474.663 / 1809.08) | |
= | 0.290439 | / | 0.262378 | |
= | 1.1069 |
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) | |
= | (642.666 / 1809.08) | / | (747.472 / 1989.375) | |
= | 0.355245 | / | 0.375732 | |
= | 0.9455 |
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 - (1209.081 + 114.938) / 1892.213) | / | (1 - (1006.806 + 133.48) / 1699.848) | |
= | 0.30028 | / | 0.329184 | |
= | 0.9122 |
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 | |
= | 1989.375 | / | 1809.08 | |
= | 1.0997 |
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)) |
= | (105.106 / (105.106 + 133.48)) | / | (111.166 / (111.166 + 114.938)) | |
= | 0.440537 | / | 0.491659 | |
= | 0.896 |
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) |
= | (517.604 / 1989.375) | / | (485.017 / 1809.08) | |
= | 0.260184 | / | 0.268101 | |
= | 0.9705 |
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) |
= | ((492.609 + 281.961) / 1892.213) | / | ((500.992 + 284.247) / 1699.848) | |
= | 0.409346 | / | 0.461947 | |
= | 0.8861 |
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 | |
= | (184.773 - 25.239 | - | 203.525) | / | 1892.213 | |
= | -0.023248 |
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.
Stride has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Stride's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Robert Cohen | director | 7900 HARKINS ROAD, LANHAM MD 20706 |
Eliza Mcfadden | director | 2300 CORPORATE PARK DRIVE, HERNDON VA 20171 |
Les Ottolenghi | officer: Chief Info. & Tech. Officer | ONE CAESARS PALACE DRIVE, LAS VEGAS NV 89109 |
Vincent Mathis | officer: EVP, General Counsel | 2300 CORPORATE PARK DRIVE, HERNDON VA 20171 |
James Jeaho Rhyu | director, officer: Chief Executive Officer | 2300 CORPORATE PARK DRIVE, HERNDON VA 20171 |
Donna Blackman | officer: Chief Financial Officer | 11720 PLAZA AMERICA DRIVE, 9TH FLOOR, RESTON VA 20190 |
Ralph R Smith | director | 1615 WEST CHESTER PIKE, STE 200, WEST CHESTER PA 19382-7956 |
Allison Lawrence | director | 11720 PLAZA AMERICA DRIVE, 9TH FLOOR, RESTON VA 20190 |
Joseph A Verbrugge | director | 1221 AVENUE OF THE AMERICAS, NEW YORK NY 10020 |
Nathaniel A Davis | director, officer: Chairman and CEO | 1500 ECKINGTON PLACE NE, WASHINGTON DC 20002 |
Shaun Mcalmont | officer: EVP, Career Technical Ed. | C/O LINCOLN EDUCATIONAL SERVICES CORP., 200 EXECUTIVE DRIVE, SUITE 340, WEST ORANGE NJ 07052 |
Kevin Chavous | director | 2300 CORPORATE PARK DRIVE, HERNDON VA 20171 |
Timothy Medina | officer: Chief Financial Officer | 2300 CORPORATE PARK DRIVE, HERNDON VA 20171 |
Victoria D Harker | director | 4300 WILSON BOULEVARD, ARLINGTON VA 22203 |
Howard D. Polsky | officer: General Counsel & Secretary | 2300 CORPORATE PARK DRIVE, HERNDON VA 20171 |
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