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IDEX Beneish M-Score

: -2.27 (As of Today)
View and export this data going back to 1989. Start your Free Trial

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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NYSE:IEX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.61   Med: -2.57   Max: -2.24
Current: -2.27

-3.61
-2.24

During the past 13 years, the highest Beneish M-Score of IDEX was -2.24. The lowest was -3.61. And the median was -2.57.


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.

* Premium members only.

IDEX Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.56 -2.51 -2.50 -2.61 -2.72

IDEX Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-Score 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 Premium Member Only Premium Member Only Premium Member Only -2.84 -2.80 -2.72 -2.62 -2.27

Competitive Comparison

For the Specialty Industrial Machinery industry, 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 Specialty Industrial Machinery 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 into.



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 * 1.242+0.528 * 1.0015+0.404 * 1.0585+0.892 * 1.062+0.115 * 0.9975
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9708+4.679 * -0.0238-0.327 * 0.9578
=-2.27

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $356 Mil.
Revenue was 685.947 + 652.036 + 614.822 + 581.113 = $2,534 Mil.
Gross Profit was 306.072 + 292.623 + 269.168 + 251.5 = $1,119 Mil.
Total Current Assets was $1,494 Mil.
Total Assets was $4,783 Mil.
Property, Plant and Equipment(Net PPE) was $313 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $522 Mil.
Total Current Liabilities was $450 Mil.
Long-Term Debt & Capital Lease Obligation was $1,282 Mil.
Net Income was 102.195 + 112.708 + 101.068 + 103.848 = $420 Mil.
Non Operating Income was -20.311 + -1.38 + -3.324 + -2.213 = $-27 Mil.
Cash Flow from Operations was 136.272 + 109.324 + 161.374 + 153.686 = $561 Mil.
Accounts Receivable was $270 Mil.
Revenue was 561.249 + 594.462 + 605.997 + 624.246 = $2,386 Mil.
Gross Profit was 234.8 + 271.956 + 266.885 + 281.978 = $1,056 Mil.
Total Current Assets was $1,397 Mil.
Total Assets was $4,074 Mil.
Property, Plant and Equipment(Net PPE) was $282 Mil.
Depreciation, Depletion and Amortization(DDA) was $80 Mil.
Selling, General, & Admin. Expense(SGA) was $506 Mil.
Total Current Liabilities was $401 Mil.
Long-Term Debt & Capital Lease Obligation was $1,139 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(356.469 / 2533.918) / (270.255 / 2385.954)
=0.14067898 / 0.11326916
=1.242

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)
=(1055.619 / 2385.954) / (1119.363 / 2533.918)
=0.44243057 / 0.44175186
=1.0015

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 - (1493.689 + 313.353) / 4782.997) / (1 - (1397.25 + 281.852) / 4073.592)
=0.62219462 / 0.58780801
=1.0585

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
=2533.918 / 2385.954
=1.062

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))
=(79.676 / (79.676 + 281.852)) / (88.865 / (88.865 + 313.353))
=0.2203868 / 0.2209374
=0.9975

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)
=(522.083 / 2533.918) / (506.387 / 2385.954)
=0.20603784 / 0.2122367
=0.9708

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)
=((1281.778 + 450.359) / 4782.997) / ((1138.948 + 401.307) / 4073.592)
=0.3621447 / 0.37810733
=0.9578

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
=(419.819 - -27.228 - 560.656) / 4782.997
=-0.0238

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 -2.27 suggests that the company is unlikely to be a manipulator.


IDEX Business Description

IDEX logo
Industry
Industrials » Industrial Products NAICS : 333249 SIC : 3561
Traded in Other Exchanges
Address
3100 Sanders Road, Suite 301, Northbrook, Chicago, IL, USA, 60062
Idex manufactures pumps, flow meters, valves, and fluidic systems for customers in a variety of end markets, including industrial, fire & safety, life science, and water. The firm's business is organized into three segments: fluid & metering technologies, health & science technologies, and fire & safety and diversified products. Based in Lake Forest, Illinois, Idex has manufacturing operations in over 20 countries and has over 7,000 employees. The company generated $2.4 billion in revenue and $537 million in adjusted operating income in 2020.
Executives
Yates Michael J officer: VP-Chief Accounting Officer 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Silvernail Andrew K director, officer: Chairman and CEO 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Bucklew Jeffrey D officer: SVP-Chief HR Officer 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Ashleman Eric D officer: President and COO 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Cade Denise R officer: SVP-General Counsel & Corp Sec 1011 WARRENVILLE ROAD SUITE 600 LISLE IL 60532
Salliotte Daniel J officer: SVP - MERGERS & ACQUISITIONS 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Mrozek Ernest J director SERVICE MASTER 2300 WARRENVILLE ROAD DOWNERS GROVE IL 60515
Cook William M director 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Satterthwaite Livingston director 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Christenson Carl R director C/O ALTRA INDUSTRIAL MOTION INC. 300 GRANITE STREET BRAINTREE MA 02184
Helmkamp Katrina L director 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Parry David C director 155 HARLEM AVE. GLENVIEW IL 60025
Beck Mark A director 2200 PENNSYLVANIA AVENUE, NW SUITE 800W WASHINGTON DC 20037
Warner Cynthia J director 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045
Buthman Mark A director P O BOX 619100 DALLAS TX 752619100

IDEX Headlines

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