Market Cap : 15.81 B | Enterprise Value : 16.68 B | PE Ratio : 31.26 | PB Ratio : 5.69 |
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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 -2.33 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:
During the past 13 years, the highest Beneish M-Score of IDEX was -2.10. The lowest was -2.98. And the median was -2.56.
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.
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.
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.
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. |
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. |
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.
Thank you for viewing the detailed overview of IDEX's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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Gunter Lakecia N | director | 3100 SANDER ROAD SUITE 301 NORTHBROOK IL 60062 |
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Beck Mark A | director | 2200 PENNSYLVANIA AVENUE, NW SUITE 800W WASHINGTON DC 20037 |
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 |
Cook William M | director | 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045 |
Buthman Mark A | director | P O BOX 619100 DALLAS TX 752619100 |
Unnikrishnan Roopa | officer: SVP, Strategy&Corp Development | 3100 SANDERS ROAD SUITE 301 NORTHBROOK IL 60062 |
Anderson Lisa M | officer: SVP, General Counsel &Corp Sec | 3100 SANDERS ROAD SUITE 301 NORTHBROOK IL 60062 |
Lausas Allison S | officer: VP, Chief Accounting Officer | C/O SUNCOKE ENERGY, INC. 1011 WARRENVILLE ROAD, SUITE 600 LISLE IL 60532 |
Flores Melissa S | officer: SVP-Chief HR Officer | 3100 SANDER ROAD SUITE 301 NORTHBROOK IL 60062 |
Warner Cynthia J | director | 1925 WEST FIELD COURT SUITE 200 LAKE FOREST IL 60045 |
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