DXP Enterprises Beneish M-Score Historical Data
The historical data trend for DXP Enterprises'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.
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DXP Enterprises Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.97 |
-2.38 |
-1.94 |
-2.69 |
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DXP Enterprises Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.94 |
-2.03 |
-2.12 |
-2.38 |
-2.69 |
Competitive Comparison
For the Industrial Distribution subindustry, DXP Enterprises'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.
DXP Enterprises Beneish M-Score Distribution
For the Industrial Distribution industry and Industrials sector, DXP Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DXP Enterprises's Beneish M-Score falls into.
DXP Enterprises 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 DXP Enterprises 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 * 0.9053 | + | 0.528 * 0.9468 | + | 0.404 * 0.8825 | + | 0.892 * 1.1336 | + | 0.115 * 1.0083 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9972 | + | 4.679 * -0.032922 | - | 0.327 * 1.0365 |
| = | -2.69 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $353 Mil.
Revenue was 407.044 + 419.249 + 428.04 + 424.267 = $1,679 Mil.
Gross Profit was 122.836 + 125.562 + 131.852 + 125.041 = $505 Mil.
Total Current Assets was $649 Mil.
Total Assets was $1,177 Mil.
Property, Plant and Equipment(Net PPE) was $110 Mil.
Depreciation, Depletion and Amortization(DDA) was $30 Mil.
Selling, General, & Admin. Expense(SGA) was $367 Mil.
Total Current Liabilities was $224 Mil.
Long-Term Debt & Capital Lease Obligation was $555 Mil.
Net Income was 16.006 + 16.172 + 19.054 + 17.58 = $69 Mil.
Non Operating Income was 1.877 + -1.234 + 0.242 + 0.469 = $1 Mil.
Cash Flow from Operations was 42.447 + 39.758 + -2.432 + 26.449 = $106 Mil.
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Total Receivables was $344 Mil.
Revenue was 406.295 + 387.314 + 367.812 + 319.411 = $1,481 Mil.
Gross Profit was 111.259 + 111.633 + 104.262 + 94.884 = $422 Mil.
Total Current Assets was $516 Mil.
Total Assets was $1,037 Mil.
Property, Plant and Equipment(Net PPE) was $103 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $324 Mil.
Total Current Liabilities was $213 Mil.
Long-Term Debt & Capital Lease Obligation was $449 Mil.
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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) |
| = | (353.494 / 1678.6) | / | (344.468 / 1480.832) |
| = | 0.210589 | / | 0.232618 |
| | = | 0.9053 |
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) |
| = | (422.038 / 1480.832) | / | (505.291 / 1678.6) |
| = | 0.285001 | / | 0.301019 |
| | = | 0.9468 |
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 - (648.554 + 110.347) / 1177.436) | / | (1 - (516.114 + 103.366) / 1037.28) |
| = | 0.355463 | / | 0.402784 |
| | = | 0.8825 |
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 |
| = | 1678.6 | / | 1480.832 |
| | = | 1.1336 |
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)) |
| = | (28.5 / (28.5 + 103.366)) | / | (30.105 / (30.105 + 110.347)) |
| = | 0.216128 | / | 0.214344 |
| | = | 1.0083 |
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) |
| = | (366.569 / 1678.6) | / | (324.286 / 1480.832) |
| = | 0.218378 | / | 0.218989 |
| | = | 0.9972 |
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) |
| = | ((555.033 + 224.165) / 1177.436) | / | ((449.394 + 212.901) / 1037.28) |
| = | 0.661775 | / | 0.638492 |
| | = | 1.0365 |
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 |
| = | (68.812 - 1.354 | - | 106.222) | / | 1177.436 |
| | = | -0.032922 |
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.
DXP Enterprises has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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