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ENFN (Enfusion) Beneish M-Score : -3.08 (As of Dec. 13, 2024)


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What is Enfusion 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 -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ENFN' s Beneish M-Score Range Over the Past 10 Years
Min: -9.22   Med: -3.2   Max: -2.85
Current: -3.08

During the past 5 years, the highest Beneish M-Score of Enfusion was -2.85. The lowest was -9.22. And the median was -3.20.


Enfusion Beneish M-Score Historical Data

The historical data trend for Enfusion'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.

Enfusion Beneish M-Score Chart

Enfusion Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - - -3.10 -3.08

Enfusion Quarterly Data
Dec19 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.54 -3.08 -3.01 -2.85 -3.08

Competitive Comparison of Enfusion's Beneish M-Score

For the Software - Application subindustry, Enfusion'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.


Enfusion's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Enfusion's Beneish M-Score distribution charts can be found below:

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



Enfusion 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 Enfusion 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 * 1.118+0.528 * 1.0005+0.404 * 1.3028+0.892 * 1.1578+0.115 * 0.8312
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0225+4.679 * -0.200689-0.327 * 1.0268
=-3.08

* 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 (Sep23) TTM:
Total Receivables was $32.2 Mil.
Revenue was 51.166 + 49.455 + 48.052 + 46.486 = $195.2 Mil.
Gross Profit was 34.826 + 33.493 + 31.878 + 30.862 = $131.1 Mil.
Total Current Assets was $85.4 Mil.
Total Assets was $134.9 Mil.
Property, Plant and Equipment(Net PPE) was $39.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.0 Mil.
Selling, General, & Admin. Expense(SGA) was $98.8 Mil.
Total Current Liabilities was $23.6 Mil.
Long-Term Debt & Capital Lease Obligation was $15.2 Mil.
Net Income was 1.415 + 1.826 + -0.539 + 0.623 = $3.3 Mil.
Non Operating Income was -0.607 + -0.111 + -0.082 + -0.389 = $-1.2 Mil.
Cash Flow from Operations was 16.162 + 7.314 + 1.533 + 6.586 = $31.6 Mil.
Total Receivables was $24.9 Mil.
Revenue was 44.357 + 42.721 + 40.971 + 40.517 = $168.6 Mil.
Gross Profit was 29.85 + 28.513 + 27.669 + 27.221 = $113.3 Mil.
Total Current Assets was $62.0 Mil.
Total Assets was $101.7 Mil.
Property, Plant and Equipment(Net PPE) was $33.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.2 Mil.
Selling, General, & Admin. Expense(SGA) was $83.5 Mil.
Total Current Liabilities was $16.4 Mil.
Long-Term Debt & Capital Lease Obligation was $12.1 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)
=(32.173 / 195.159) / (24.855 / 168.566)
=0.164855 / 0.14745
=1.118

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)
=(113.253 / 168.566) / (131.059 / 195.159)
=0.671861 / 0.67155
=1.0005

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 - (85.436 + 39.439) / 134.94) / (1 - (62.045 + 33.87) / 101.74)
=0.074589 / 0.057254
=1.3028

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
=195.159 / 168.566
=1.1578

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))
=(8.162 / (8.162 + 33.87)) / (12.022 / (12.022 + 39.439))
=0.194185 / 0.233614
=0.8312

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)
=(98.804 / 195.159) / (83.46 / 168.566)
=0.506274 / 0.495118
=1.0225

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)
=((15.193 + 23.57) / 134.94) / ((12.09 + 16.373) / 101.74)
=0.287261 / 0.279762
=1.0268

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
=(3.325 - -1.189 - 31.595) / 134.94
=-0.200689

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.

Enfusion has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.


Enfusion Beneish M-Score Related Terms

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Enfusion Business Description

Traded in Other Exchanges
N/A
Address
125 South Clark Street, Suite 750, Chicago, IL, USA, 60603
Enfusion Inc is a software-as-a-service (SaaS) provider focused on transforming the investment management industry. Its solutions are designed to eliminate technology and information barriers, empowering investment managers to make and execute an informed investment decisions in real-time. It simplifies investment and operational workflows by unifying mission-critical systems and coalescing data into a single dataset resulting in a single source of truth. It generates maximum revenue from Americas, followed by Asia Pacific and Europe, Middle East, and Africa.
Executives
Bronwen Bastone officer: Chief People Officer C/O ENFUSION, INC., 125 SOUTH CLARK STREET SUITE 750, CHICAGO IL 60603
Deirdre Somers director C/O ENFUSION, INC., 125 SOUTH CLARK STREET, SUITE 750, CHICAGO IL 60603
Bradley Herring officer: Chief Financial Officer C/O SHIFT4 PAYMENTS, INC., 2202 N. IRVING STREET, ALLENTOWN PA 16109
Oleg Movchan director, 10 percent owner C/O ENFUSION INC., 125 SOUTH CLARK ST. STE 750, CHICAGO IL 60603
Stephen Malherbe 10 percent owner C/O ENFUSION, INC., 125 SOUTH CLARK STREET, SUITE 750, CHICAGO IL 60603
Dan Groman officer: Chief Technology Officer C/O ENFUSION INC., 125 SOUTH CLARK STREET STE. 750, CHICAGO IL 60603
Tarek Hammoud 10 percent owner C/O ENFUSION INC., 125 SOUTH CLARK ST. STE. 750, CHICAGO IL 60603
Ftv Investment Holdings, L.p. 10 percent owner 601 CALIFORNIA STREET, FLOOR 19, SAN FRANCISCO CA 94108
Michael Spellacy director 399 PARK AVENUE, NEW YORK NY 10022
Quiet Light Securities, Llc 10 percent owner 70 WEST MADISON, SUITE 1675, CHICAGO IL 60602
Steven M. Bachert officer: Chief Revenue Officer C/O ENFUSION INC., 125 SOUTH CLARK ST., STE 750, CHIGAGO IL 60603
Lra Ventures, Llc 10 percent owner C/O ENFUSION, INC., 125 SOUTH CLARK STREET, SUITE 750, CHICAGO IL 60603
Hillhouse Investment Management, Ltd. 10 percent owner OFFICE #122, WINDWARD 3 BUILDING, REGATTA OFFICE PARK, WEST BAY ROAD, GRAND CAYMAN E9 KY1-9006
Roy Luo director 394 PACIFIC AVENUE, 2ND FLOOR, SAN FRANCISCO CA 94111
Iconiq Strategic Partners V-b, L.p. 10 percent owner 394 PACIFIC AVENUE, SECOND FLOOR, SAN FRANCISCO CA 94111