Appier Group Beneish M-Score Historical Data
The historical data trend for Appier Group'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.
Appier Group Beneish M-Score Chart
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Appier Group Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-1.86 |
-1.95 |
-2.12 |
-1.76 |
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Appier Group Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
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Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.12 |
-2.09 |
-1.79 |
-2.31 |
-1.76 |
Competitive Comparison of Appier Group's Beneish M-Score
For the Software - Infrastructure subindustry, Appier Group'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.
Appier Group's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Appier Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Appier Group's Beneish M-Score falls into.
Appier Group 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 Appier Group 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 * 1.3087 | + | 0.528 * 0.9927 | + | 0.404 * 1.2065 | + | 0.892 * 1.2892 | + | 0.115 * 0.7462 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8864 | + | 4.679 * 0.022358 | - | 0.327 * 1.0018 |
| = | -1.76 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was 円9,593 Mil.
Revenue was 9483 + 9050 + 8150 + 7374 = 円34,057 Mil.
Gross Profit was 4938 + 4872 + 4180 + 3812 = 円17,802 Mil.
Total Current Assets was 円27,999 Mil.
Total Assets was 円44,637 Mil.
Property, Plant and Equipment(Net PPE) was 円2,398 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,930 Mil.
Selling, General, & Admin. Expense(SGA) was 円11,532 Mil.
Total Current Liabilities was 円8,669 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,537 Mil.
Net Income was 1687 + 814 + 369 + 57 = 円2,927 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 322 + 1772 + 35 + -200 = 円1,929 Mil.
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Total Receivables was 円5,686 Mil.
Revenue was 7615.516 + 7080.269 + 6170 + 5552 = 円26,418 Mil.
Gross Profit was 4036.835 + 3723.376 + 3167 + 2781 = 円13,708 Mil.
Total Current Assets was 円24,929 Mil.
Total Assets was 円37,852 Mil.
Property, Plant and Equipment(Net PPE) was 円2,914 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,028 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,092 Mil.
Total Current Liabilities was 円6,547 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,092 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) |
| = | (9593 / 34057) | / | (5686 / 26417.785) |
| = | 0.281675 | / | 0.215234 |
| | = | 1.3087 |
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) |
| = | (13708.211 / 26417.785) | / | (17802 / 34057) |
| = | 0.518901 | / | 0.522712 |
| | = | 0.9927 |
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 - (27999 + 2398) / 44637) | / | (1 - (24929 + 2914) / 37852) |
| = | 0.319018 | / | 0.264425 |
| | = | 1.2065 |
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 |
| = | 34057 | / | 26417.785 |
| | = | 1.2892 |
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)) |
| = | (2028 / (2028 + 2914)) | / | (2930 / (2930 + 2398)) |
| = | 0.41036 | / | 0.549925 |
| | = | 0.7462 |
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) |
| = | (11532 / 34057) | / | (10091.738 / 26417.785) |
| = | 0.338609 | / | 0.382005 |
| | = | 0.8864 |
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) |
| = | ((1537 + 8669) / 44637) | / | ((2092 + 6547) / 37852) |
| = | 0.228644 | / | 0.228231 |
| | = | 1.0018 |
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 |
| = | (2927 - 0 | - | 1929) | / | 44637 |
| | = | 0.022358 |
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.
Appier Group has a M-score of -1.76 signals that the company is likely to be a manipulator.
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