IDEX Beneish M-Score Historical Data
The historical data trend for IDEX'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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IDEX Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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|
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|
|
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-2.51 |
-2.49 |
-2.60 |
-2.70 |
-2.38 |
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IDEX Quarterly Data
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Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
| Beneish M-Score |
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-2.28 |
-2.38 |
-2.35 |
-2.33 |
-2.41 |
Competitive Comparison
For the Specialty Industrial Machinery subindustry, IDEX'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.
IDEX Beneish M-Score Distribution
For the Industrial Products industry and Industrials sector, IDEX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IDEX's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
IDEX 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 IDEX 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 * 0.9561 | + | 0.528 * 0.9788 | + | 0.404 * 0.9914 | + | 0.892 * 1.1581 | + | 0.115 * 0.8344 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9939 | + | 4.679 * 0.0011 | - | 0.327 * 1.0099 |
| = | -2.41 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $406 Mil.
Revenue was 824 + 796.1 + 751.1 + 714.8 = $3,086 Mil.
Gross Profit was 381.8 + 356.9 + 342.5 + 314.2 = $1,395 Mil.
Total Current Assets was $1,635 Mil.
Total Assets was $4,893 Mil.
Property, Plant and Equipment(Net PPE) was $304 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $635 Mil.
Total Current Liabilities was $507 Mil.
Long-Term Debt & Capital Lease Obligation was $1,281 Mil.
Net Income was 178.7 + 138.2 + 140 + 118.8 = $576 Mil.
Non Operating Income was 18.1 + -2.8 + 1.7 + 0.1 = $17 Mil.
Cash Flow from Operations was 198.1 + 112.3 + 79.7 + 163.1 = $553 Mil.
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Total Receivables was $367 Mil.
Revenue was 712 + 686 + 652 + 614.776 = $2,665 Mil.
Gross Profit was 311.6 + 306.1 + 292.6 + 269.144 = $1,179 Mil.
Total Current Assets was $1,583 Mil.
Total Assets was $4,855 Mil.
Property, Plant and Equipment(Net PPE) was $315 Mil.
Depreciation, Depletion and Amortization(DDA) was $95 Mil.
Selling, General, & Admin. Expense(SGA) was $552 Mil.
Total Current Liabilities was $469 Mil.
Long-Term Debt & Capital Lease Obligation was $1,287 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) |
| = | (406.1 / 3086) | / | (366.779 / 2664.776) |
| = | 0.1315943 | / | 0.13763971 |
| | = | 0.9561 |
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) |
| = | (1179.444 / 2664.776) | / | (1395.4 / 3086) |
| = | 0.44260531 | / | 0.4521711 |
| | = | 0.9788 |
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 - (1635 + 303.5) / 4892.6) | / | (1 - (1583.361 + 314.631) / 4854.579) |
| = | 0.6037894 | / | 0.60903057 |
| | = | 0.9914 |
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 |
| = | 3086 | / | 2664.776 |
| | = | 1.1581 |
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)) |
| = | (94.526 / (94.526 + 314.631)) | / | (116.2 / (116.2 + 303.5)) |
| = | 0.23102623 | / | 0.27686443 |
| | = | 0.8344 |
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) |
| = | (635.2 / 3086) | / | (551.85 / 2664.776) |
| = | 0.20583279 | / | 0.20709058 |
| | = | 0.9939 |
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) |
| = | ((1280.9 + 506.5) / 4892.6) | / | ((1287.005 + 469.108) / 4854.579) |
| = | 0.36532723 | / | 0.36174362 |
| | = | 1.0099 |
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 |
| = | (575.7 - 17.1 | - | 553.2) | / | 4892.6 |
| | = | 0.0011 |
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.
IDEX has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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