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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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for WEX's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of WEX was -2.17. The lowest was -4.11. And the median was -2.66.
The historical data trend for WEX'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.
WEX Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.72 | -3.06 | -2.17 | -2.46 | -2.72 |
WEX Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.46 | -2.73 | -2.89 | -2.62 | -2.72 |
For the Software - Infrastructure subindustry, WEX'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 Software industry and Technology sector, WEX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where WEX'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 WEX 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 * 0.9655 | + | 0.528 * 0.9776 | + | 0.404 * 0.8663 | + | 0.892 * 1.084 | + | 0.115 * 1.0639 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0635 | + | 4.679 * -0.040887 | - | 0.327 * 1.0689 | |||||||
= | -2.72 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $3,429 Mil. Revenue was 663.3 + 651.4 + 621.3 + 612 = $2,548 Mil. Gross Profit was 407.4 + 416.3 + 386.3 + 364.7 = $1,575 Mil. Total Current Assets was $8,935 Mil. Total Assets was $13,882 Mil. Property, Plant and Equipment(Net PPE) was $243 Mil. Depreciation, Depletion and Amortization(DDA) was $276 Mil. Selling, General, & Admin. Expense(SGA) was $756 Mil. Total Current Liabilities was $8,519 Mil. Long-Term Debt & Capital Lease Obligation was $2,828 Mil. Net Income was 84.9 + 18.4 + 95.3 + 68 = $267 Mil. Non Operating Income was 32.1 + -88.9 + 0.8 + -17.7 = $-74 Mil. Cash Flow from Operations was 761.9 + 46.5 + 72.4 + 27.1 = $908 Mil. |
Total Receivables was $3,276 Mil. Revenue was 618.7 + 616.1 + 598.2 + 517.5 = $2,351 Mil. Gross Profit was 366.9 + 364 + 373.9 + 315.3 = $1,420 Mil. Total Current Assets was $6,817 Mil. Total Assets was $11,529 Mil. Property, Plant and Equipment(Net PPE) was $202 Mil. Depreciation, Depletion and Amortization(DDA) was $264 Mil. Selling, General, & Admin. Expense(SGA) was $656 Mil. Total Current Liabilities was $6,294 Mil. Long-Term Debt & Capital Lease Obligation was $2,522 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) |
= | (3428.5 / 2548) | / | (3275.7 / 2350.5) | |
= | 1.345565 | / | 1.393618 | |
= | 0.9655 |
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) | |
= | (1420.1 / 2350.5) | / | (1574.7 / 2548) | |
= | 0.604169 | / | 0.618014 | |
= | 0.9776 |
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 - (8935.3 + 242.9) / 13882.1) | / | (1 - (6817.1 + 202.3) / 11529.2) | |
= | 0.338846 | / | 0.391163 | |
= | 0.8663 |
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 | |
= | 2548 | / | 2350.5 | |
= | 1.084 |
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)) |
= | (263.9 / (263.9 + 202.3)) | / | (276.2 / (276.2 + 242.9)) | |
= | 0.566066 | / | 0.532075 | |
= | 1.0639 |
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) |
= | (755.8 / 2548) | / | (655.6 / 2350.5) | |
= | 0.296625 | / | 0.278919 | |
= | 1.0635 |
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) |
= | ((2827.5 + 8519.2) / 13882.1) | / | ((2522.2 + 6294.1) / 11529.2) | |
= | 0.817362 | / | 0.764693 | |
= | 1.0689 |
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 | |
= | (266.6 - -73.7 | - | 907.9) | / | 13882.1 | |
= | -0.040887 |
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.
WEX has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of WEX's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jack Vanwoerkom | director | |
Jennifer Kimball | officer: Interim CFO | C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
Stephen Montgomery Smith | director | C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
Robert Joseph Deshaies | officer: President, WEX Health | C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
Melanie J Tinto | officer: Chief Human Resources Officer | C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
James R Groch | director | 50 SOUTH 16TH STREET, SUITE 3000, PHILADELPHIA PA 19102 |
Carlos Carriedo | officer: COO, International | C/0 WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
Melissa D Goodwin | officer: SVP, Finance and CFO | C/O WRIGHT EXPRESS CORPORATION, 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
Regina O Sommer | director | 201 JONES RD, WALTHAM MA 02451 |
David G Cooper | officer: Chief Technology Officer | C/O WEX INC., 9, SOUTH PORTLAND ME 04106 |
Hilary A Rapkin | officer: SVP, Gen. Counsel & Corp. Sec. | C/O WRIGHT EXPRESS CORPORATION, 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
Derrick A. Roman | director | C/O COMMSCOPE HOLDING COMPANY, INC., 1100 COMMSCOPE PLACE, SE, HICKORY NC 28602 |
Jagtar Narula | officer: Chief Financial Officer | 333 THREE D SYSTEMS CIRCLE, ROCK HILL SC 29730 |
Karen B. Stroup | officer: Chief Digital Officer | 440 S. CHURCH STREET, SUITE 700, CHARLOTTE NC 28202 |
Bhavana Bartholf | director | C/O WEX INC., 97 DARLING AVENUE, SOUTH PORTLAND ME 04106 |
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