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.
|
IDEX Annual Data
|
|
Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
|
|
|
|
|
|
-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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-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.
My Portfolios
Create New Portfolio
Portfolio Contest
My Gurus
Personalize
My Gurus
0.64(0.3%) Volume: 123,215 3:34PM EDT
Email Alerts
Stock PDF
RSS
Website
Filings
Download
Manual of Stocks™ Web APP
NYSE:IEX has been successfully added to your 
