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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-2.51 |
-2.49 |
-2.60 |
-2.70 |
-2.38 |
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IDEX Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.27 |
-2.28 |
-2.38 |
-2.35 |
-2.33 |
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 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 * 1.0175 | + | 0.528 * 0.9914 | + | 0.404 * 0.9939 | + | 0.892 * 1.1737 | + | 0.115 * 0.8481 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0127 | + | 4.679 * 0.0012 | - | 0.327 * 1.0111 |
| = | -2.33 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $426 Mil.
Revenue was 796.1 + 751.1 + 714.798 + 712.019 = $2,974 Mil.
Gross Profit was 356.9 + 342.5 + 314.236 + 311.569 = $1,325 Mil.
Total Current Assets was $1,551 Mil.
Total Assets was $4,913 Mil.
Property, Plant and Equipment(Net PPE) was $323 Mil.
Depreciation, Depletion and Amortization(DDA) was $114 Mil.
Selling, General, & Admin. Expense(SGA) was $620 Mil.
Total Current Liabilities was $514 Mil.
Long-Term Debt & Capital Lease Obligation was $1,285 Mil.
Net Income was 138.2 + 140 + 118.755 + 115.742 = $513 Mil.
Non Operating Income was -2.8 + 1.7 + 0.025 + -3.834 = $-5 Mil.
Cash Flow from Operations was 112.3 + 79.7 + 163.071 + 156.629 = $512 Mil.
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Total Receivables was $356 Mil.
Revenue was 686 + 652 + 614.776 + 581.113 = $2,534 Mil.
Gross Profit was 306.1 + 292.6 + 269.144 + 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.
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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) |
| = | (425.7 / 2974.017) | / | (356.469 / 2533.889) |
| = | 0.14313973 | / | 0.14068059 |
| | = | 1.0175 |
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) |
| = | (1119.344 / 2533.889) | / | (1325.205 / 2974.017) |
| = | 0.44174942 | / | 0.44559429 |
| | = | 0.9914 |
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 - (1551.3 + 323.3) / 4912.8) | / | (1 - (1493.689 + 313.353) / 4782.997) |
| = | 0.61842534 | / | 0.62219462 |
| | = | 0.9939 |
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 |
| = | 2974.017 | / | 2533.889 |
| | = | 1.1737 |
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)) |
| = | (88.877 / (88.877 + 313.353)) | / | (113.9 / (113.9 + 323.3)) |
| = | 0.22096064 | / | 0.2605215 |
| | = | 0.8481 |
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) |
| = | (620.472 / 2974.017) | / | (522.02 / 2533.889) |
| = | 0.20863095 | / | 0.20601534 |
| | = | 1.0127 |
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) |
| = | ((1285.1 + 513.8) / 4912.8) | / | ((1281.778 + 450.359) / 4782.997) |
| = | 0.36616593 | / | 0.3621447 |
| | = | 1.0111 |
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 |
| = | (512.697 - -4.909 | - | 511.7) | / | 4912.8 |
| | = | 0.0012 |
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 -2.33 suggests that the company is unlikely to be a manipulator.
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