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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Idex Corp was -2.34. The lowest was -3.01. And the median was -2.59.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Idex Corp 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 * 0.9549||+||0.528 * 0.9762||+||0.404 * 0.9514||+||0.892 * 1.0611||+||0.115 * 1.0443|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9948||+||4.679 * -0.0315||-||0.327 * 1.0855|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $253 Mil.|
Revenue was 523.899 + 533.179 + 546.693 + 543.996 = $2,148 Mil.
Gross Profit was 229.117 + 234.646 + 241.132 + 244.42 = $949 Mil.
Total Current Assets was $1,076 Mil.
Total Assets was $2,908 Mil.
Property, Plant and Equipment(Net PPE) was $220 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General & Admin. Expense(SGA) was $504 Mil.
Total Current Liabilities was $412 Mil.
Long-Term Debt was $765 Mil.
Net Income was 61.62 + 71.441 + 71.777 + 74.548 = $279 Mil.
Non Operating Income was 1.46 + 0.944 + -0.137 + 0.844 = $3 Mil.
Cash Flow from Operations was 101.378 + 100.403 + 91.995 + 74.185 = $368 Mil.
|Accounts Receivable was $250 Mil.
Revenue was 520.62 + 490.617 + 518.445 + 494.448 = $2,024 Mil.
Gross Profit was 227.009 + 211.509 + 222.849 + 211.997 = $873 Mil.
Total Current Assets was $991 Mil.
Total Assets was $2,888 Mil.
Property, Plant and Equipment(Net PPE) was $213 Mil.
Depreciation, Depletion and Amortization(DDA) was $79 Mil.
Selling, General & Admin. Expense(SGA) was $478 Mil.
Total Current Liabilities was $305 Mil.
Long-Term Debt was $772 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(253.451 / 2147.767)||/||(250.151 / 2024.13)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(234.646 / 2024.13)||/||(229.117 / 2147.767)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (1075.791 + 219.543) / 2908.07)||/||(1 - (990.953 + 213.488) / 2887.577)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(79.334 / (79.334 + 213.488))||/||(76.907 / (76.907 + 219.543))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(504.419 / 2147.767)||/||(477.851 / 2024.13)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((765.006 + 411.968) / 2908.07)||/||((772.005 + 304.609) / 2887.577)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(279.386 - 3.111||-||367.961)||/||2908.07|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Idex Corp has a M-score of -2.67 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Idex Corp Annual Data
Idex Corp Quarterly Data