Stride Beneish M-Score Historical Data
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 Beneish M-Score Chart
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Stride Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-3.05 |
-2.52 |
-2.36 |
-2.70 |
-2.63 |
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Stride Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.74 |
-2.63 |
-2.56 |
-2.55 |
-2.44 |
Competitive Comparison of Stride's Beneish M-Score
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.
Stride's Beneish M-Score Distribution in the Education Industry
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.
Stride 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 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 * 1.1297 | + | 0.528 * 0.9435 | + | 0.404 * 0.9122 | + | 0.892 * 1.0614 | + | 0.115 * 0.9068 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9655 | + | 4.679 * -0.021837 | - | 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 €532 Mil.
Revenue was 479.17 + 462.964 + 449.93 + 446.26 = €1,838 Mil.
Gross Profit was 185.223 + 184.477 + 161.996 + 158.831 = €691 Mil.
Total Current Assets was €1,112 Mil.
Total Assets was €1,741 Mil.
Property, Plant and Equipment(Net PPE) was €106 Mil.
Depreciation, Depletion and Amortization(DDA) was €103 Mil.
Selling, General, & Admin. Expense(SGA) was €479 Mil.
Total Current Liabilities was €259 Mil.
Long-Term Debt & Capital Lease Obligation was €453 Mil.
Net Income was 64.112 + 61.289 + 4.571 + 40.032 = €170 Mil.
Non Operating Income was 7.064 + 5.995 + 4.84 + 5.407 = €23 Mil.
Cash Flow from Operations was 63.081 + 158.947 + -126.781 + 89.466 = €185 Mil.
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Total Receivables was €443 Mil.
Revenue was 439.245 + 432.763 + 429.402 + 430.63 = €1,732 Mil.
Gross Profit was 163.685 + 160.563 + 130.945 + 158.622 = €614 Mil.
Total Current Assets was €940 Mil.
Total Assets was €1,588 Mil.
Property, Plant and Equipment(Net PPE) was €125 Mil.
Depreciation, Depletion and Amortization(DDA) was €101 Mil.
Selling, General, & Admin. Expense(SGA) was €468 Mil.
Total Current Liabilities was €265 Mil.
Long-Term Debt & Capital Lease Obligation was €468 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) |
| = | (531.569 / 1838.324) | / | (443.335 / 1732.04) |
| = | 0.28916 | / | 0.255961 |
| | = | 1.1297 |
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) |
| = | (613.815 / 1732.04) | / | (690.527 / 1838.324) |
| = | 0.354388 | / | 0.375629 |
| | = | 0.9435 |
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 - (1112.355 + 105.743) / 1740.836) | / | (1 - (940.357 + 124.67) / 1587.658) |
| = | 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 |
| = | 1838.324 | / | 1732.04 |
| | = | 1.0614 |
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)) |
| = | (100.733 / (100.733 + 124.67)) | / | (102.759 / (102.759 + 105.743)) |
| = | 0.446902 | / | 0.492844 |
| | = | 0.9068 |
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) |
| = | (479.083 / 1838.324) | / | (467.522 / 1732.04) |
| = | 0.260609 | / | 0.269926 |
| | = | 0.9655 |
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) |
| = | ((453.2 + 259.404) / 1740.836) | / | ((467.927 + 265.487) / 1587.658) |
| = | 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 |
| = | (170.004 - 23.306 | - | 184.713) | / | 1740.836 |
| | = | -0.021837 |
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.
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