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.
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Enovis Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-1.80 |
-2.54 |
-2.30 |
-2.69 |
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Enovis 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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-2.30 |
-2.92 |
-2.43 |
-2.52 |
-2.69 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 0.9981 | + | 0.528 * 0.9584 | + | 0.404 * 0.9787 | + | 0.892 * 1.0922 | + | 0.115 * 1.0663 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9836 | + | 4.679 * -0.037532 | - | 0.327 * 1.2768 |
| = | -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 $291 Mil.
Revenue was 455.02 + 417.524 + 428.502 + 406.151 = $1,707 Mil.
Gross Profit was 264.389 + 242.966 + 248.359 + 235.065 = $991 Mil.
Total Current Assets was $897 Mil.
Total Assets was $4,509 Mil.
Property, Plant and Equipment(Net PPE) was $334 Mil.
Depreciation, Depletion and Amortization(DDA) was $217 Mil.
Selling, General, & Admin. Expense(SGA) was $830 Mil.
Total Current Liabilities was $370 Mil.
Long-Term Debt & Capital Lease Obligation was $515 Mil.
Net Income was 2.964 + -2.88 + -9.995 + -23.35 = $-33 Mil.
Non Operating Income was 12.112 + -4.585 + -4.558 + -1.974 = $1 Mil.
Cash Flow from Operations was 68.415 + 31.013 + 28.103 + 7.457 = $135 Mil.
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Total Receivables was $267 Mil.
Revenue was 408.713 + 383.814 + 395.117 + 375.457 = $1,563 Mil.
Gross Profit was 231.753 + 215.824 + 215.906 + 205.9 = $869 Mil.
Total Current Assets was $795 Mil.
Total Assets was $4,273 Mil.
Property, Plant and Equipment(Net PPE) was $304 Mil.
Depreciation, Depletion and Amortization(DDA) was $220 Mil.
Selling, General, & Admin. Expense(SGA) was $773 Mil.
Total Current Liabilities was $565 Mil.
Long-Term Debt & Capital Lease Obligation was $91 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) |
| = | (291.483 / 1707.197) | / | (267.38 / 1563.101) |
| = | 0.170738 | / | 0.171057 |
| | = | 0.9981 |
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) |
| = | (869.383 / 1563.101) | / | (990.779 / 1707.197) |
| = | 0.556191 | / | 0.580354 |
| | = | 0.9584 |
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 - (896.519 + 334.304) / 4509.334) | / | (1 - (795.023 + 303.622) / 4273.248) |
| = | 0.72705 | / | 0.742902 |
| | = | 0.9787 |
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 |
| = | 1707.197 | / | 1563.101 |
| | = | 1.0922 |
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)) |
| = | (219.71 / (219.71 + 303.622)) | / | (217.1 / (217.1 + 334.304)) |
| = | 0.419829 | / | 0.393722 |
| | = | 1.0663 |
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) |
| = | (830.305 / 1707.197) | / | (772.913 / 1563.101) |
| = | 0.486356 | / | 0.494474 |
| | = | 0.9836 |
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) |
| = | ((514.848 + 369.607) / 4509.334) | / | ((91.259 + 565.199) / 4273.248) |
| = | 0.196139 | / | 0.15362 |
| | = | 1.2768 |
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 |
| = | (-33.261 - 0.995 | - | 134.988) | / | 4509.334 |
| | = | -0.037532 |
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 -2.69 suggests that the company is unlikely to be a manipulator.
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