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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| 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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| Beneish M-Score |
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-2.49 |
-2.48 |
-2.48 |
-2.45 |
-2.48 |
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 * 1.0226 | + | 0.528 * 0.9861 | + | 0.404 * 0.9758 | + | 0.892 * 1.131 | + | 0.115 * 1.251 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9038 | + | 4.679 * -0.038913 | - | 0.327 * 0.9505 |
| = | -2.48 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $163 Mil.
Revenue was 466.055 + 447.729 + 417.4 + 409.907 = $1,741 Mil.
Gross Profit was 266.186 + 261.093 + 231.405 + 227.367 = $986 Mil.
Total Current Assets was $450 Mil.
Total Assets was $2,790 Mil.
Property, Plant and Equipment(Net PPE) was $449 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $646 Mil.
Total Current Liabilities was $541 Mil.
Long-Term Debt & Capital Lease Obligation was $746 Mil.
Net Income was 60.832 + 75.856 + 46.165 + 49.419 = $232 Mil.
Non Operating Income was -0.684 + -0.493 + -1.481 + 5.014 = $2 Mil.
Cash Flow from Operations was 207.91 + -19.019 + 89.316 + 60.268 = $338 Mil.
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Total Receivables was $141 Mil.
Revenue was 412.658 + 393.242 + 368.845 + 364.641 = $1,539 Mil.
Gross Profit was 237.337 + 221.173 + 200.227 + 200.923 = $860 Mil.
Total Current Assets was $388 Mil.
Total Assets was $2,715 Mil.
Property, Plant and Equipment(Net PPE) was $442 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $632 Mil.
Total Current Liabilities was $509 Mil.
Long-Term Debt & Capital Lease Obligation was $808 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) |
| = | (162.972 / 1741.091) | / | (140.909 / 1539.386) |
| = | 0.093603 | / | 0.091536 |
| | = | 1.0226 |
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) |
| = | (859.66 / 1539.386) | / | (986.051 / 1741.091) |
| = | 0.558443 | / | 0.566341 |
| | = | 0.9861 |
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 - (450.343 + 449.229) / 2789.759) | / | (1 - (387.634 + 442.29) / 2715.034) |
| = | 0.677545 | / | 0.694323 |
| | = | 0.9758 |
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 |
| = | 1741.091 | / | 1539.386 |
| | = | 1.131 |
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)) |
| = | (115.483 / (115.483 + 442.29)) | / | (89.093 / (89.093 + 449.229)) |
| = | 0.207043 | / | 0.165501 |
| | = | 1.251 |
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) |
| = | (645.738 / 1741.091) | / | (631.664 / 1539.386) |
| = | 0.370881 | / | 0.410335 |
| | = | 0.9038 |
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) |
| = | ((745.646 + 540.569) / 2789.759) | / | ((807.823 + 509.11) / 2715.034) |
| = | 0.461049 | / | 0.485052 |
| | = | 0.9505 |
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 |
| = | (232.272 - 2.356 | - | 338.475) | / | 2789.759 |
| | = | -0.038913 |
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 -2.48 suggests that the company is unlikely to be a manipulator.
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