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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.
Good Sign:
Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Enovis's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Enovis was 2.60. The lowest was -3.24. And the median was -2.54.
The historical data trend for Enovis'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.
Enovis Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.67 | -1.80 | -2.54 | -2.30 | -2.69 |
Enovis Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.43 | -2.52 | -2.69 | -2.70 | -2.66 |
For the Specialty Industrial Machinery subindustry, Enovis'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.
For the Industrial Products industry and Industrials sector, Enovis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enovis's Beneish M-Score falls into.
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 Enovis 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 * 1.1225 | + | 0.528 * 1.0009 | + | 0.404 * 0.9652 | + | 0.892 * 1.1762 | + | 0.115 * 1.0874 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9865 | + | 4.679 * -0.029626 | - | 0.327 * 1.9341 | |||||||
= | -2.66 |
* 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 $395 Mil. Revenue was 525.16 + 516.266 + 455.02 + 417.524 = $1,914 Mil. Gross Profit was 288.883 + 297.896 + 264.389 + 242.966 = $1,094 Mil. Total Current Assets was $1,173 Mil. Total Assets was $5,442 Mil. Property, Plant and Equipment(Net PPE) was $447 Mil. Depreciation, Depletion and Amortization(DDA) was $251 Mil. Selling, General, & Admin. Expense(SGA) was $935 Mil. Total Current Liabilities was $518 Mil. Long-Term Debt & Capital Lease Obligation was $1,380 Mil. Net Income was -18.638 + -71.998 + 2.964 + -2.88 = $-91 Mil. Non Operating Income was 29.249 + -37.146 + 12.112 + -4.585 = $-0 Mil. Cash Flow from Operations was 7.773 + -36.156 + 68.415 + 31.013 = $71 Mil. |
Total Receivables was $299 Mil. Revenue was 428.502 + 406.151 + 408.713 + 383.814 = $1,627 Mil. Gross Profit was 248.359 + 235.065 + 231.753 + 215.824 = $931 Mil. Total Current Assets was $887 Mil. Total Assets was $4,444 Mil. Property, Plant and Equipment(Net PPE) was $322 Mil. Depreciation, Depletion and Amortization(DDA) was $207 Mil. Selling, General, & Admin. Expense(SGA) was $806 Mil. Total Current Liabilities was $354 Mil. Long-Term Debt & Capital Lease Obligation was $448 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) |
= | (394.736 / 1913.97) | / | (298.976 / 1627.18) | |
= | 0.206239 | / | 0.183739 | |
= | 1.1225 |
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) | |
= | (931.001 / 1627.18) | / | (1094.134 / 1913.97) | |
= | 0.572156 | / | 0.571657 | |
= | 1.0009 |
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 - (1172.753 + 446.692) / 5442.028) | / | (1 - (887.239 + 322.493) / 4443.553) | |
= | 0.702419 | / | 0.727756 | |
= | 0.9652 |
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 | |
= | 1913.97 | / | 1627.18 | |
= | 1.1762 |
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)) |
= | (207.443 / (207.443 + 322.493)) | / | (251.234 / (251.234 + 446.692)) | |
= | 0.391449 | / | 0.359972 | |
= | 1.0874 |
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) |
= | (935.05 / 1913.97) | / | (805.822 / 1627.18) | |
= | 0.48854 | / | 0.495226 | |
= | 0.9865 |
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) |
= | ((1379.882 + 518.005) / 5442.028) | / | ((447.567 + 353.673) / 4443.553) | |
= | 0.348746 | / | 0.180315 | |
= | 1.9341 |
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 | |
= | (-90.552 - -0.37 | - | 71.045) | / | 5442.028 | |
= | -0.029626 |
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.
Enovis has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Enovis's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
John Kleckner | officer: Principal Accounting Officer | 2711 CENTERVILLE ROAD, SUITE 400, WILMINGTON DE 19808 |
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