The GEO Group Beneish M-Score Historical Data
The historical data trend for The GEO 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.
The GEO Group Beneish M-Score Chart
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The GEO Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.07 |
-1.77 |
-2.79 |
-2.53 |
-3.05 |
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The GEO Group Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.78 |
-2.99 |
-3.05 |
-2.99 |
-2.83 |
Competitive Comparison of The GEO Group's Beneish M-Score
For the Security & Protection Services subindustry, The GEO 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.
The GEO Group's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, The GEO Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The GEO Group's Beneish M-Score falls into.
The GEO 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 The GEO 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 * 1.1014 | + | 0.528 * 0.571 | + | 0.404 * 1.0003 | + | 0.892 * 0.9936 | + | 0.115 * 1.0011 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0763 | + | 4.679 * -0.04406 | - | 0.327 * 0.972 |
| = | -2.83 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $384 Mil.
Revenue was 607.185 + 605.672 + 608.282 + 602.785 = $2,424 Mil.
Gross Profit was 607.185 + 163.997 + 608.282 + 602.785 = $1,982 Mil.
Total Current Assets was $490 Mil.
Total Assets was $3,644 Mil.
Property, Plant and Equipment(Net PPE) was $2,015 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $204 Mil.
Total Current Liabilities was $389 Mil.
Long-Term Debt & Capital Lease Obligation was $1,814 Mil.
Net Income was -32.513 + 22.668 + 25.232 + 24.519 = $40 Mil.
Non Operating Income was -85.246 + -0.039 + -5.445 + 1.183 = $-90 Mil.
Cash Flow from Operations was 28.713 + 85.807 + 52.213 + 123.273 = $290 Mil.
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Total Receivables was $351 Mil.
Revenue was 593.891 + 608.209 + 620.682 + 616.683 = $2,439 Mil.
Gross Profit was 593.891 + 174.717 + 190.116 + 180.473 = $1,139 Mil.
Total Current Assets was $452 Mil.
Total Assets was $3,672 Mil.
Property, Plant and Equipment(Net PPE) was $2,073 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General, & Admin. Expense(SGA) was $191 Mil.
Total Current Liabilities was $347 Mil.
Long-Term Debt & Capital Lease Obligation was $1,937 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) |
| = | (384.072 / 2423.924) | / | (350.961 / 2439.465) |
| = | 0.158451 | / | 0.143868 |
| | = | 1.1014 |
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) |
| = | (1139.197 / 2439.465) | / | (1982.249 / 2423.924) |
| = | 0.466986 | / | 0.817785 |
| | = | 0.571 |
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 - (490.413 + 2014.906) / 3643.988) | / | (1 - (451.976 + 2072.855) / 3671.889) |
| = | 0.312479 | / | 0.312389 |
| | = | 1.0003 |
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 |
| = | 2423.924 | / | 2439.465 |
| | = | 0.9936 |
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)) |
| = | (128.585 / (128.585 + 2072.855)) | / | (124.848 / (124.848 + 2014.906)) |
| = | 0.058409 | / | 0.058347 |
| | = | 1.0011 |
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) |
| = | (204.208 / 2423.924) | / | (190.942 / 2439.465) |
| = | 0.084247 | / | 0.078272 |
| | = | 1.0763 |
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) |
| = | ((1814.115 + 388.863) / 3643.988) | / | ((1936.698 + 347.208) / 3671.889) |
| = | 0.604551 | / | 0.621998 |
| | = | 0.972 |
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 |
| = | (39.906 - -89.547 | - | 290.006) | / | 3643.988 |
| | = | -0.04406 |
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.
The GEO Group has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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