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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Jun20 |
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Jun23 |
| Beneish M-Score |
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-3.04 |
-3.10 |
-3.34 |
-0.93 |
-2.35 |
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Adtalem Global Education Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-1.69 |
-2.20 |
-2.35 |
-2.31 |
-2.39 |
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 * 1.2901 | + | 0.528 * 1 | + | 0.404 * 1.0079 | + | 0.892 * 1.0111 | + | 0.115 * 1.2722 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0473 | + | 4.679 * -0.046862 | - | 0.327 * 1.0798 |
| = | -2.42 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €123 Mil.
Revenue was 360.603 + 345.608 + 336.564 + 344.723 = €1,387 Mil.
Gross Profit was 202.816 + 187.613 + 185.452 + 189.847 = €766 Mil.
Total Current Assets was €347 Mil.
Total Assets was €2,477 Mil.
Property, Plant and Equipment(Net PPE) was €401 Mil.
Depreciation, Depletion and Amortization(DDA) was €116 Mil.
Selling, General, & Admin. Expense(SGA) was €575 Mil.
Total Current Liabilities was €365 Mil.
Long-Term Debt & Capital Lease Obligation was €793 Mil.
Net Income was 36.58 + 9.975 + 20.531 + 42.842 = €110 Mil.
Non Operating Income was -5.461 + -5.983 + -4.067 + 4.365 = €-11 Mil.
Cash Flow from Operations was -6.512 + 93.405 + 49.372 + 100.874 = €237 Mil.
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Total Receivables was €94 Mil.
Revenue was 342.515 + 357.812 + 341.172 + 330.767 = €1,372 Mil.
Gross Profit was 192.133 + 196.57 + 188.602 + 180.015 = €757 Mil.
Total Current Assets was €399 Mil.
Total Assets was €2,684 Mil.
Property, Plant and Equipment(Net PPE) was €425 Mil.
Depreciation, Depletion and Amortization(DDA) was €169 Mil.
Selling, General, & Admin. Expense(SGA) was €543 Mil.
Total Current Liabilities was €351 Mil.
Long-Term Debt & Capital Lease Obligation was €812 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) |
| = | (122.572 / 1387.498) | / | (93.968 / 1372.266) |
| = | 0.08834 | / | 0.068477 |
| | = | 1.2901 |
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) |
| = | (757.32 / 1372.266) | / | (765.728 / 1387.498) |
| = | 0.551876 | / | 0.551877 |
| | = | 1 |
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 - (346.717 + 401.047) / 2476.748) | / | (1 - (399.422 + 425.474) / 2683.828) |
| = | 0.698086 | / | 0.692642 |
| | = | 1.0079 |
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 |
| = | 1387.498 | / | 1372.266 |
| | = | 1.0111 |
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)) |
| = | (169.283 / (169.283 + 425.474)) | / | (115.585 / (115.585 + 401.047)) |
| = | 0.284625 | / | 0.223728 |
| | = | 1.2722 |
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) |
| = | (574.781 / 1387.498) | / | (542.805 / 1372.266) |
| = | 0.414257 | / | 0.395554 |
| | = | 1.0473 |
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) |
| = | ((793.183 + 365.491) / 2476.748) | / | ((812.101 + 350.66) / 2683.828) |
| = | 0.467821 | / | 0.433247 |
| | = | 1.0798 |
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 |
| = | (109.928 - -11.146 | - | 237.139) | / | 2476.748 |
| | = | -0.046862 |
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 -2.42 suggests that the company is unlikely to be a manipulator.
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