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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.
Idex Corporation has a M-score of -2.77 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Idex Corporation was -2.34. The lowest was -3.00. 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 Corporation 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 * 0.9547||+||0.528 * 0.9531||+||0.404 * 0.9639||+||0.892 * 1.0358||+||0.115 * 0.9717|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0379||+||4.679 * -0.051||-||0.327 * 0.97|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $253 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.
Net Income was 67.555 + 63.799 + 62.561 + 61.3 = $255 Mil.
Non Operating Income was -0.696 + -0.188 + 0.573 + 1.279 = $1 Mil.
Cash Flow from Operations was 101.612 + 118.396 + 109.319 + 72.195 = $402 Mil.
|Accounts Receivable was $256 Mil.
Revenue was 490.838 + 479.859 + 494.144 + 489.417 = $1,954 Mil.
Gross Profit was 202.858 + 194.84 + 203.113 + 202.889 = $804 Mil.
Total Current Assets was $882 Mil.
Total Assets was $2,785 Mil.
Property, Plant and Equipment(Net PPE) was $219 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General & Admin. Expense(SGA) was $444 Mil.
Total Current Liabilities was $291 Mil.
Long-Term Debt was $779 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)|
|=||(253.226 / 2024.13)||/||(256.095 / 1954.258)|
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)|
|=||(211.509 / 1954.258)||/||(227.009 / 2024.13)|
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 - (990.953 + 213.488) / 2887.577)||/||(1 - (881.865 + 219.161) / 2785.39)|
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))|
|=||(78.312 / (78.312 + 219.161))||/||(79.334 / (79.334 + 213.488))|
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)|
|=||(477.851 / 2024.13)||/||(444.49 / 1954.258)|
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)|
|=||((772.005 + 304.609) / 2887.577)||/||((779.241 + 291.427) / 2785.39)|
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|
|=||(255.215 - 0.968||-||401.522)||/||2887.577|
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 Corporation has a M-score of -2.77 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 Corporation Annual Data
Idex Corporation Quarterly Data