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EnerSys (EnerSys) Beneish M-Score : -2.89 (As of Jul. 23, 2024)


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What is EnerSys 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ENS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89   Med: -2.62   Max: -2.04
Current: -2.89

During the past 13 years, the highest Beneish M-Score of EnerSys was -2.04. The lowest was -2.89. And the median was -2.62.


EnerSys Beneish M-Score Historical Data

The historical data trend for EnerSys'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.

EnerSys Beneish M-Score Chart

EnerSys Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.61 -2.67 -2.04 -2.65 -2.89

EnerSys Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
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 Premium Member Only -2.65 - - - -2.89

Competitive Comparison of EnerSys's Beneish M-Score

For the Electrical Equipment & Parts subindustry, EnerSys'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.


EnerSys's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, EnerSys's Beneish M-Score distribution charts can be found below:

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



EnerSys 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 EnerSys 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 * 0.8723+0.528 * 0.8256+0.404 * 0.9945+0.892 * 0.9658+0.115 * 1.0234
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.039463-0.327 * 0.9413
=-2.89

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was $584 Mil.
Revenue was $3,582 Mil.
Gross Profit was $983 Mil.
Total Current Assets was $1,783 Mil.
Total Assets was $3,466 Mil.
Property, Plant and Equipment(Net PPE) was $532 Mil.
Depreciation, Depletion and Amortization(DDA) was $92 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $724 Mil.
Long-Term Debt & Capital Lease Obligation was $864 Mil.
Net Income was $269 Mil.
Gross Profit was $-51 Mil.
Cash Flow from Operations was $457 Mil.
Total Receivables was $693 Mil.
Revenue was $3,709 Mil.
Gross Profit was $840 Mil.
Total Current Assets was $1,896 Mil.
Total Assets was $3,617 Mil.
Property, Plant and Equipment(Net PPE) was $513 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $718 Mil.
Long-Term Debt & Capital Lease Obligation was $1,042 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)
=(584.212 / 3581.871) / (693.411 / 3708.579)
=0.163102 / 0.186975
=0.8723

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)
=(840.138 / 3708.579) / (982.891 / 3581.871)
=0.226539 / 0.274407
=0.8256

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 - (1782.696 + 532.45) / 3466.006) / (1 - (1895.881 + 513.283) / 3616.674)
=0.332042 / 0.333873
=0.9945

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
=3581.871 / 3708.579
=0.9658

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))
=(91.153 / (91.153 + 513.283)) / (92.021 / (92.021 + 532.45))
=0.150807 / 0.147358
=1.0234

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)
=(0 / 3581.871) / (0 / 3708.579)
=0 / 0
=1

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)
=((864.299 + 723.857) / 3466.006) / ((1042.243 + 718.32) / 3616.674)
=0.458209 / 0.486791
=0.9413

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
=(269.096 - -51.153 - 457.029) / 3466.006
=-0.039463

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.

EnerSys has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.


EnerSys Beneish M-Score Related Terms

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EnerSys (EnerSys) Business Description

Traded in Other Exchanges
Address
2366 Bernville Road, Reading, PA, USA, 19605
EnerSys provides stored energy solutions for industrial applications. It also manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems which combine enclosures, power conversion, power distribution and energy storage are used in the telecommunication and broadband, utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Its segments include Energy Systems, Motive Power, and Specialty.
Executives
Andrew M. Zogby officer: Pres, Energy Systems-Americas 2366 BERNVILLE ROAD, READING PA 19605
Tamara Morytko director 1250 NE LOOP 410, SUITE 1000, SAN ANTONIO TX 78209
Rudolph W. Wynter director C/O ENERSYS, 2366 BERNVILLE ROAD, READING PA 19605
Andrea J. Funk officer: EVP & Chief Financial Officer C/O CROWN HOLDINGS, INC., 770 TOWNSHIP LINE ROAD, YARDLEY PA 19067
Joern Tinnemeyer officer: Sr. VP & CTO C/O ENERSYS, 2366 BERNVILLE ROAD, READING PA 19605
Shawn M. O'connell officer: Pres, Motive Power Americas 2366 BERNVILLE ROAD, READING PA 19605
David M Shaffer officer: President, EMEA C/O ENERSYS, 2366 BERNVILLE ROAD, READING PA 19605
Caroline Chan director 2366 BERNVILLE ROAD, READING PA 19605
Steven M Fludder director 264 NANTASKET ROAD, HULL MA 02045
Holger P Aschke officer: President - EMEA C/O ENERSYS, 2366 BERNVILLE ROAD, READING PA 19605
Todd M. Sechrist officer: SVP - Americas C/O ENERSYS, 2366 BERNVILLE ROAD, READING PA 19605
Myles Jones officer: President - Asia C/O ENERSYS, 2366 BERNVILLE ROAD, READING PA 19605
Jeffrey W. Long officer: President, Americas C/O ENERSYS, 2366 BERNVILLE ROAD, READING PA 19605
Nelda J Connors director BOSTON SCIENTIFIC CORPORATION, 300 BOSTON SCIENTIFIC WAY, MARLBOROUGH MA 01752-1234
Ronald P Vargo director 41 UNIVERSITY DRIVE, SUITE 202, NEWTOWN PA 18940