Market Cap : 803.58 B | Enterprise Value : 831.88 B | P/E (TTM) : 14.00 | P/B : 6.84 |
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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Apple Inc was -0.90. The lowest was -4.22. And the median was -2.63.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
Apple Inc Annual Data
Apple Inc Quarterly Data
* The bar in red indicates where Apple Inc'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 Apple Inc 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 * 0.7051 | + | 0.528 * 1.0059 | + | 0.404 * 0.9176 | + | 0.892 * 1.0938 | + | 0.115 * 1.007 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0149 | + | 4.679 * -0.043 | - | 0.327 * 0.9972 | |||||||
= | -2.90 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
This Year (Dec18) TTM: | Last Year (Dec17) TTM: |
Accounts Receivable was $18,077 Mil. Revenue was 84310 + 62900 + 53265 + 61137 = $261,612 Mil. Gross Profit was 32031 + 24084 + 20421 + 23422 = $99,958 Mil. Total Current Assets was $140,828 Mil. Total Assets was $373,719 Mil. Property, Plant and Equipment(Net PPE) was $39,597 Mil. Depreciation, Depletion and Amortization(DDA) was $11,553 Mil. Selling, General, & Admin. Expense(SGA) was $17,257 Mil. Total Current Liabilities was $108,283 Mil. Long-Term Debt & Capital Lease Obligation was $92,989 Mil. Net Income was 19965 + 14125 + 11519 + 13822 = $59,431 Mil. Non Operating Income was 143 + -140 + 100 + -439 = $-336 Mil. Cash Flow from Operations was 26690 + 19523 + 14488 + 15130 = $75,831 Mil. |
Accounts Receivable was $23,440 Mil. Revenue was 88293 + 52579 + 45408 + 52896 = $239,176 Mil. Gross Profit was 33912 + 19931 + 17488 + 20591 = $91,922 Mil. Total Current Assets was $143,810 Mil. Total Assets was $406,794 Mil. Property, Plant and Equipment(Net PPE) was $33,679 Mil. (DDA) was $9,915 Mil. Selling, General, & Admin. Expense(SGA) was $15,546 Mil. Total Current Liabilities was $115,788 Mil. Long-Term Debt & Capital Lease Obligation was $103,922 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
= | (18077 / 261612) | / | (23440 / 239176) | |
= | 0.06909851 | / | 0.09800314 | |
= | 0.7051 |
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) | |
= | (91922 / 239176) | / | (99958 / 261612) | |
= | 0.38432786 | / | 0.38208492 | |
= | 1.0059 |
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 - (140828 + 39597) / 373719) | / | (1 - (143810 + 33679) / 406794) | |
= | 0.51721748 | / | 0.56368825 | |
= | 0.9176 |
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 | |
= | 261612 | / | 239176 | |
= | 1.0938 |
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)) |
= | (9915 / (9915 + 33679)) | / | (11553 / (11553 + 39597)) | |
= | 0.22743956 | / | 0.2258651 | |
= | 1.007 |
6. SGAI = Sales, General and Administrative expenses Index
The ratio of c 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) |
= | (17257 / 261612) | / | (15546 / 239176) | |
= | 0.0659641 | / | 0.06499816 | |
= | 1.0149 |
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$sgai= in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((92989 + 108283) / 373719) | / | ((103922 + 115788) / 406794) | |
= | 0.53856507 | / | 0.54010138 | |
= | 0.9972 |
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 | |
= | (59431 - -336 | - | 75831) | / | 373719 | |
= | -0.043 |
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Apple Inc has a M-score of -2.90 suggests that the company will not be a manipulator.
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