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ENDI (ENDI) Beneish M-Score : -2.59 (As of Mar. 02, 2025)


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What is ENDI Beneish M-Score?

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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ENDI's Beneish M-Score or its related term are showing as below:

ENDI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.83   Med: -2.52   Max: 12.68
Current: -2.59

During the past 3 years, the highest Beneish M-Score of ENDI was 12.68. The lowest was -3.83. And the median was -2.52.


ENDI Beneish M-Score Historical Data

The historical data trend for ENDI'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.

* Premium members only.

ENDI Beneish M-Score Chart

ENDI Annual Data
Trend Dec21 Dec22 Dec23
Beneish M-Score
- - -2.52

ENDI Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 12.68 -2.50 -2.52 -3.83 -2.59

Competitive Comparison of ENDI's Beneish M-Score

For the Asset Management subindustry, ENDI'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.


ENDI's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, ENDI's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ENDI's Beneish M-Score falls into.



ENDI 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 ENDI 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 * 1.0354+0.528 * 0.9893+0.404 * 1.5015+0.892 * 1.5752+0.115 * 1.0635
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6181+4.679 * 0.007796-0.327 * 3.9541
=-2.59

* 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 (Sep24) TTM:Last Year (Jun23) TTM:
Total Receivables was $1.49 Mil.
Revenue was 4.147 + 3.739 + 2.788 + 2.564 = $13.24 Mil.
Gross Profit was 4.099 + 3.682 + 2.74 + 2.51 = $13.03 Mil.
Total Current Assets was $21.88 Mil.
Total Assets was $38.10 Mil.
Property, Plant and Equipment(Net PPE) was $0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.56 Mil.
Selling, General, & Admin. Expense(SGA) was $6.85 Mil.
Total Current Liabilities was $2.88 Mil.
Long-Term Debt & Capital Lease Obligation was $10.00 Mil.
Net Income was 1.482 + -2.586 + 1.208 + 0.462 = $0.57 Mil.
Non Operating Income was 0.491 + -3.323 + -0.033 + -0.183 = $-3.05 Mil.
Cash Flow from Operations was 2.084 + 0 + 0.163 + 1.07 = $3.32 Mil.
Total Receivables was $0.92 Mil.
Revenue was 2.297 + 1.938 + 2.042 + 2.127 = $8.40 Mil.
Gross Profit was 2.242 + 1.877 + 1.971 + 2.094 = $8.18 Mil.
Total Current Assets was $18.18 Mil.
Total Assets was $25.31 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.11 Mil.
Selling, General, & Admin. Expense(SGA) was $7.04 Mil.
Total Current Liabilities was $2.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(1.494 / 13.238) / (0.916 / 8.404)
=0.112857 / 0.108996
=1.0354

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)
=(8.184 / 8.404) / (13.031 / 13.238)
=0.973822 / 0.984363
=0.9893

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 - (21.876 + 0.099) / 38.097) / (1 - (18.176 + 0) / 25.309)
=0.423183 / 0.281837
=1.5015

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
=13.238 / 8.404
=1.5752

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))
=(0.105 / (0.105 + 0)) / (1.558 / (1.558 + 0.099))
=1 / 0.940253
=1.0635

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)
=(6.849 / 13.238) / (7.035 / 8.404)
=0.517374 / 0.837101
=0.6181

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)
=((10 + 2.88) / 38.097) / ((0 + 2.164) / 25.309)
=0.338084 / 0.085503
=3.9541

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
=(0.566 - -3.048 - 3.317) / 38.097
=0.007796

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.

ENDI has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.


ENDI Business Description

Traded in Other Exchanges
N/A
Address
2400 Old Brick Road, Suite 115, Glen Allen, VA, USA, 23060
ENDI Corp is primarily focused on financial products and services and owns the following companies: CrossingBridge Advisors--an asset management firm managing mutual funds and an ETF, focused on investment grade, high yield, opportunistic corporate credit; Willow Oak Asset Management--provides outsourced operational, business development and marketing support to boutique asset management firms; eBuild Ventures--seeks to invest in growing, but undermanaged consumer-focused companies and data aggregation services; and Sitestar.net--offers consumer and business-grade internet access and web hosting services in the US and Canada.
Executives
Thomas A Mcdonnell director C/O KANSAS CITY SOUTHERN, 427 W 12TH STREET, KANSAS CITY MO 64105
Mahendra R Gupta director WASHINGTON UNIVERSITY CAMPUS BOX 1133, ONE BROOKINGS DRIVE, ST. LOUIS MO 63130-4899
Alea Ann Kleinhammer officer: Chief Financial Officer 1706 CARTER STREET, RICHMOND VA 23220
David K. Sherman director, 10 percent owner, officer: Chief Executive Officer 1806 SUMMIT AVE, STE 300, RICHMOND VA 23230
Jessica L. Greer officer: Secretary 1806 SUMMIT AVE, STE 300, RICHMOND VA 23230
Steven L Kiel director, 10 percent owner 15 EAST 67TH STREET, 6TH FLOOR, NEW YORK NY 10065
Robert A Davidow 10 percent owner 2020 S. CENTRAL AVENUE, COMPTON CA 90220
Cohanzick Management, Llc 10 percent owner 427 BEDFORD ROAD, SUITE 230, PLEASANTVILLE NY 10570
Abigail Posner director C/O ENDI CORP. 2400 OLD BRICK ROAD, STE 115, GLEN ALLEN VA 23060
David K. Sherman 1997 Family Trust 10 percent owner 1806 SUMMIT AVE, STE 300, RICHMOND VA 23230