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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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ennis's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Ennis was -2.24. The lowest was -3.83. And the median was -2.70.
The historical data trend for Ennis'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.
Ennis Annual Data | |||||||||||||||||||||
Trend | Feb14 | Feb15 | Feb16 | Feb17 | Feb18 | Feb19 | Feb20 | Feb21 | Feb22 | Feb23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.49 | -2.58 | -2.84 | -2.77 | -2.24 |
Ennis Quarterly Data | ||||||||||||||||||||
Feb19 | May19 | Aug19 | Nov19 | Feb20 | May20 | Aug20 | Nov20 | Feb21 | May21 | Aug21 | Nov21 | Feb22 | May22 | Aug22 | Nov22 | Feb23 | May23 | Aug23 | Nov23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.40 | -2.24 | -2.48 | -2.58 | -2.70 |
For the Business Equipment & Supplies subindustry, Ennis'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.
For the Industrial Products industry and Industrials sector, Ennis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ennis's Beneish M-Score falls into.
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 Ennis 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 * 1.061 | + | 0.528 * 1.0244 | + | 0.404 * 0.9416 | + | 0.892 * 0.992 | + | 0.115 * 1.0583 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0394 | + | 4.679 * -0.068074 | - | 0.327 * 0.8015 | |||||||
= | -2.70 |
* 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 (Nov23) TTM: | Last Year (Nov22) TTM: |
Total Receivables was $48.1 Mil. Revenue was 104.621 + 106.76 + 111.294 + 102.692 = $425.4 Mil. Gross Profit was 30.531 + 33.099 + 34.041 + 28.35 = $126.0 Mil. Total Current Assets was $199.3 Mil. Total Assets was $401.2 Mil. Property, Plant and Equipment(Net PPE) was $67.2 Mil. Depreciation, Depletion and Amortization(DDA) was $17.6 Mil. Selling, General, & Admin. Expense(SGA) was $72.0 Mil. Total Current Liabilities was $34.3 Mil. Long-Term Debt & Capital Lease Obligation was $6.1 Mil. Net Income was 9.906 + 10.91 + 11.635 + 12.193 = $44.6 Mil. Non Operating Income was -0.325 + 0.525 + 0.462 + 6.015 = $6.7 Mil. Cash Flow from Operations was 17.566 + 13.208 + 21.726 + 12.779 = $65.3 Mil. |
Total Receivables was $45.7 Mil. Revenue was 110.245 + 111.233 + 107.667 + 99.665 = $428.8 Mil. Gross Profit was 33.477 + 35.219 + 34.004 + 27.436 = $130.1 Mil. Total Current Assets was $185.1 Mil. Total Assets was $386.7 Mil. Property, Plant and Equipment(Net PPE) was $63.7 Mil. Depreciation, Depletion and Amortization(DDA) was $17.9 Mil. Selling, General, & Admin. Expense(SGA) was $69.8 Mil. Total Current Liabilities was $39.4 Mil. Long-Term Debt & Capital Lease Obligation was $9.2 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) |
= | (48.14 / 425.367) | / | (45.738 / 428.81) | |
= | 0.113173 | / | 0.106663 | |
= | 1.061 |
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) | |
= | (130.136 / 428.81) | / | (126.021 / 425.367) | |
= | 0.303482 | / | 0.296264 | |
= | 1.0244 |
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 - (199.32 + 67.152) / 401.21) | / | (1 - (185.094 + 63.654) / 386.65) | |
= | 0.335829 | / | 0.356658 | |
= | 0.9416 |
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 | |
= | 425.367 | / | 428.81 | |
= | 0.992 |
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)) |
= | (17.934 / (17.934 + 63.654)) | / | (17.605 / (17.605 + 67.152)) | |
= | 0.219812 | / | 0.207711 | |
= | 1.0583 |
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) |
= | (71.971 / 425.367) | / | (69.803 / 428.81) | |
= | 0.169197 | / | 0.162783 | |
= | 1.0394 |
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) |
= | ((6.14 + 34.288) / 401.21) | / | ((9.215 + 39.392) / 386.65) | |
= | 0.100765 | / | 0.125713 | |
= | 0.8015 |
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 | |
= | (44.644 - 6.677 | - | 65.279) | / | 401.21 | |
= | -0.068074 |
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.
Ennis has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Ennis's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Daniel Gus | officer: General Counsel & Asst. Secy. | 2441 PRESIDENTIAL PARKWAY, MIDLOTHIAN TX 76065 |
Robert T Pennington | officer: Chief Revenue Officer | 2441 PRESIDENTIAL PARKWAY, MIDLOTHIAN TX 76065 |
Boyne Wade Brewer | officer: Chief Operating Officer | 2441 PRESIDENTIAL PARKWAY, MIDLOTHIAN TX 76065 |
Alejandro Quiroz | director | 18943 DE ENCLAVE, SAN ANTONIO TX 78258 |
Vera Burnett | officer: Interim CFO | 2441 PRESIDENTIAL PARKWAY, MIDLOTHIAN TX 76065 |
Margaret A Walters | director | 2441 PRESIDENTIAL PARKWAY, MIDLOTHIAN TX 76065 |
Barbara T Clemens | director | 12024 BEAUTYBRUSH, BEE CAVE TX 78738 |
Aaron Carter | director | 2502 GARRETT COURT, CEDAR HILL TX 75104 |
Michael D Magill | officer: Exec VP and Treasurer | 2441 PRESIDENTIAL PARKWAY, MIDLOTHIAN TX 76065 |
Gary S Mozina | director | 27300 HIDDEN RIVER COURT, BONITA SPRINGS FL 34134 |
Troy L Priddy | director | 2206 SHANE DRIVE, MIDLOTHIAN TX 76065 |
John R Blind | director | 316 LAKE STILLWATER DRIVE, SAINT SIMONS ISLAND GA 31522 |
Kenneth G Pritchett | director | 4470 E. HIGHWAY 287, SUITE 800, MIDLOTHIAN TX 76065 |
Keith S Walters | director, officer: Chairman, President and CEO | 2441 PRESIDENTIAL PARKWAY, MIDLOTHIAN TX 76065 |
Irshad Ahmad | officer: VP-Chief Technology Officer | ENNIS INC, 2441 PRESIDENTIAL PARKWAY, MIDLOTHIAN TX 76065 |
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