GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Enovis Corp (NYSE:ENOV) » Definitions » Beneish M-Score

ENOV (Enovis) Beneish M-Score : -2.66 (As of Oct. 31, 2024)


View and export this data going back to 2008. Start your Free Trial

What is Enovis Beneish M-Score?

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:

ENOV' s Beneish M-Score Range Over the Past 10 Years
Min: -3.24   Med: -2.54   Max: 2.6
Current: -2.66

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.


Enovis Beneish M-Score Historical Data

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.

* Premium members only.

Enovis Beneish M-Score Chart

Enovis Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.43 -2.52 -2.69 -2.70 -2.66

Competitive Comparison of Enovis's Beneish M-Score

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.


Enovis's Beneish M-Score Distribution in the Industrial Products Industry

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.



Enovis 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 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.


Enovis Business Description

Traded in Other Exchanges
Address
2711 Centerville Road, Suite 400, Wilmington, DE, USA, 19808
Enovis Corp is a medical technology company focused on developing clinically differentiated solutions that generate measurable patient outcomes and transform workflows by manufacturing and distributing high-quality medical devices with a broad use for reconstructive surgery, rehabilitation, pain management, and physical therapy. The company conducts its operations through two operating segments: Prevention & Recovery (P&R) and Reconstructive (Recon). It generates the majority of revenue from the Prevention & Recovery segment.
Executives
John Kleckner officer: Principal Accounting Officer 2711 CENTERVILLE ROAD, SUITE 400, WILMINGTON DE 19808
Berry Phillip Benjamin (ben) officer: SVP, Chief Financial Officer 2711 CENTERVILLE ROAD SUITE 400, WILMINGTON DE 19808
Rajiv Vinnakota director 8730 STONY POINT PARKWAY, SUITE 150, RICHMOND VA 23235
A Clayton Perfall director
Brady Shirley officer: EVP, Colfax, Pres. & CEO, DJO 2711 CENTERVILLE ROAD, SUITE 400, WILMINGTON DE 19808
Patricia A Lang officer: SVP, Chief HR Officer C/O DIEBOLD NIXDORF, INCORPORATED, 5995 MAYFAIR ROAD, NORTH CANTON OH 44720
Bradley J Tandy officer: SVP, General Counsel P.O. BOX 587, 56 E. BELL DRIVE, WARSAW IN 46580
Daniel A Pryor officer: SVP??Strategy & Business Deve. DANAHER CORP, 2099 PENNSYLVANIA AVE NW 12TH FL, WASHINGTON DC 20006
Matthew L. Trerotola director, officer: President & CEO 2711 CENTERVILLE ROAD, SUITE 400, WILMINGTON DE 19808
Christopher M Hix officer: SVP, Chief Financial Officer 2160 SATELLITE BLVD., SUITE 200, DULUTH GA 30097
Barbara W. Bodem director C/O DENTSPLY SIRONA INC, 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277
Christine Ortiz director 1200 ABERNATHY ROAD, NE, SUITE 1200, ATLANTA GA 30328
Angela S Lalor director 3M CENTER, BLDG. 0220-09-E-02, ST PAUL MN 55144 1000
Shyam Kambeyanda officer: ESAB President and SVP, Colfax 2711 CENTERVILLE ROAD, SUITE 400, WILMINGTON DE 19808
Douglas J. Pitts officer: Controller, PAO 100 MATSONFORD ROAD, RADNOR PA 19087