Espey Manufacturing & Electronics (Espey Manufacturing & Electronics) Beneish M-Score

: 0.00 (As of Today)

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The zones of discrimination for M-Score is as such:

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 historical rank and industry rank for Espey Manufacturing & Electronics's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Espey Manufacturing & Electronics was -0.94. The lowest was -3.96. And the median was -2.69.

Espey Manufacturing & Electronics Beneish M-Score Historical Data

The historical data trend for Espey Manufacturing & Electronics'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.

* Premium members only.

Espey Manufacturing & Electronics Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

-1.29

-3.90

Espey Manufacturing & Electronics Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score																-	-	-	-	-

Competitive Comparison

For the Electrical Equipment & Parts subindustry, Espey Manufacturing & Electronics'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.

Espey Manufacturing & Electronics Beneish M-Score Distribution

For the Industrial Products industry and Industrials sector, Espey Manufacturing & Electronics's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Espey Manufacturing & Electronics's Beneish M-Score falls into.

Espey Manufacturing & Electronics 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 Espey Manufacturing & Electronics for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $5.96 Mil.
Revenue was 10.303 + 8.568 + 8.343 + 9.81 = $37.02 Mil.
Gross Profit was 3.143 + 2.245 + 2.004 + 1.973 = $9.37 Mil.
Total Current Assets was $45.27 Mil.
Total Assets was $50.36 Mil.
Property, Plant and Equipment(Net PPE) was $5.09 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.48 Mil.
Selling, General, & Admin. Expense(SGA) was $4.11 Mil.
Total Current Liabilities was $12.14 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 1.795 + 1.095 + 0.896 + 0.867 = $4.65 Mil.
Non Operating Income was 0.005 + 0.014 + 0.021 + 0.013 = $0.05 Mil.
Cash Flow from Operations was 3.324 + 2.615 + -3.165 + 2.381 = $5.16 Mil.

Total Receivables was $4.61 Mil.
Revenue was 8.804 + 8.636 + 8.481 + 8.62 = $34.54 Mil.
Gross Profit was 2.261 + 1.812 + 1.177 + 1.735 = $6.99 Mil.
Total Current Assets was $41.94 Mil.
Total Assets was $44.60 Mil.
Property, Plant and Equipment(Net PPE) was $2.66 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.48 Mil.
Selling, General, & Admin. Expense(SGA) was $3.48 Mil.
Total Current Liabilities was $10.31 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.

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)
	=	(5.961 / 37.024)	/	(4.609 / 34.541)
	=	0.161004	/	0.133436
	=

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)
	=	(6.985 / 34.541)	/	(9.365 / 37.024)
	=	0.202223	/	0.252944
	=

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 - (45.271 + 5.092) / 50.363)	/	(1 - (41.937 + 2.66) / 44.597)
	=	0	/	0
	=

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
	=	37.024	/	34.541
	=

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))
	=	(0.483 / (0.483 + 2.66))	/	(0.476 / (0.476 + 5.092))
	=	0.153675	/	0.085489
	=

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)
	=	(4.111 / 37.024)	/	(3.476 / 34.541)
	=	0.111036	/	0.100634
	=

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)
	=	((0 + 12.139) / 50.363)	/	((0 + 10.309) / 44.597)
	=	0.24103	/	0.231159
	=

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
	=	(4.653 - 0.053	-	5.155)	/	50.363
	=	-0.01102

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.

Espey Manufacturing & Electronics Beneish M-Score Related Terms

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Espey Manufacturing & Electronics (Espey Manufacturing & Electronics) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Espey Manufacturing & Electronics Corp (AMEX:ESP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

233 Ballston Avenue, Saratoga Springs, NY, USA, 12866

Website

https://www.espey.com

Espey Manufacturing & Electronics Corp designs, develops, tests, and manufactures specialized military and rugged industrial power supplies and transformers for use in harsh or severe environment applications. Its products and solutions include power converters, power conditioning, high-voltage radar, contract manufacturing, custom engineering, and others. The applications of these products include AC and DC locomotives, shipboard power, shipboard radar, airborne power, ground-based radar, and ground mobile power.

Executives

Nancy Koskey Patzwahl	director	81 OLD LANE, CLAVERACK NY 12513
Peggy A Murphy	officer: Corporate Secretary	91 FEEDER DAM RD, S GLENSFALLS NY 12803
Katrina Leonore Sparano	officer: Assistant Treasurer	670 ACLAND BLVD., BALLSTON SPA NY 12020
Howard M Pinsley	director, officer: President/CEO, other: Chairman of the Board	233 BALLSTON AVE., SARATOGA SPRINGS NY 12866
Barry Pinsley	director	6101 PELICAN BAY BLVD., NAPLES FL 34108
Alvin O Sabo	director	51 ISLAND VIEW ROAD, COHOES NY 12047
Paul J Corr	director	87 RAILROAD PLACE, UNIT 306, SARATOGA SPRINGS NY 12866
David A Oneil	officer: Treasurer	14 BRIDGET CIRCLE, COHOES NY 12047
Sexauer Roger Nicholas Ii	director	2820 BENNETT POINT RD., QUEENSTOWN MD 21658
Carl Helmetag	director	330 SEA VIEW, RIVERSIDE RI 02915
Enright Patrick Thomas Jr.	director, officer: President and CEO	3111 SQUAW CREEK TRAIL, BALLSTON SPA NY 12020
Michael W Wool	director	131 HILLS POINT RD, CHARLOTTE VT 05402
St Pierre Mark Francis	officer: President	13 SECLUDED RIDGE, SOUTHWICK MA 01077
Espey Mfg. & Electronics Corp. Employee Retirement Plan & Trust	10 percent owner, other: Retirement Plan Trust	233 BALLSTON AVE., SARATOGA SPRINGS NY 12866
Seymour Saslow	director	199 CAROLINE ST, SARATOGA SPRINGS NY 12866