Enaex (XSGO:ENAEX) Beneish M-Score : -2.74 (As of Jul. 06, 2025)

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What is Enaex Beneish M-Score?

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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XSGO:ENAEX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.42 Med: -2.56 Max: -1.63
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Enaex was -1.63. The lowest was -3.42. And the median was -2.56.

Enaex Beneish M-Score Historical Data

The historical data trend for Enaex'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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Enaex Beneish M-Score Chart

Enaex Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.86

-1.79

-1.84

-2.72

-2.78

Enaex Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.79	-2.47	-2.54	-2.78	-2.74

Competitive Comparison of Enaex's Beneish M-Score

For the Specialty Chemicals subindustry, Enaex'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.

Enaex's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Enaex's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Enaex's Beneish M-Score falls into.

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Enaex 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 Enaex for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8756

0.528 * 1.0729

0.404 * 0.9165

0.892 * 1.1621

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9281

4.679 * -0.063155

0.327 * 1.0308

-2.74

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was CLP364,963 Mil.
Revenue was 457261.961 + 495255.81 + 464907.267 + 432407.886 = CLP1,849,833 Mil.
Gross Profit was 107639.092 + 118745.292 + 112704.54 + 100615.259 = CLP439,704 Mil.
Total Current Assets was CLP938,005 Mil.
Total Assets was CLP1,847,465 Mil.
Property, Plant and Equipment(Net PPE) was CLP636,056 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP173,697 Mil.
Total Current Liabilities was CLP682,129 Mil.
Long-Term Debt & Capital Lease Obligation was CLP215,452 Mil.
Net Income was 39297.61 + 42108.874 + 38528.626 + 34189.183 = CLP154,124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CLP0 Mil.
Cash Flow from Operations was 49006.871 + 109013.621 + 72846.351 + 39933.774 = CLP270,801 Mil.

Total Receivables was CLP358,709 Mil.
Revenue was 431393.209 + 399107.36 + 405386.727 + 355981.911 = CLP1,591,869 Mil.
Gross Profit was 106738.493 + 110472.228 + 108058.501 + 80702.558 = CLP405,972 Mil.
Total Current Assets was CLP850,772 Mil.
Total Assets was CLP1,787,834 Mil.
Property, Plant and Equipment(Net PPE) was CLP648,365 Mil.
Depreciation, Depletion and Amortization(DDA) was CLP0 Mil.
Selling, General, & Admin. Expense(SGA) was CLP161,048 Mil.
Total Current Liabilities was CLP529,646 Mil.
Long-Term Debt & Capital Lease Obligation was CLP313,049 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)
	=	(364963.388 / 1849832.924)	/	(358709.216 / 1591869.207)
	=	0.197295	/	0.225338
	=	0.8756

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)
	=	(405971.78 / 1591869.207)	/	(439704.183 / 1849832.924)
	=	0.255028	/	0.237699
	=	1.0729

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 - (938004.593 + 636056.299) / 1847465.043)	/	(1 - (850771.974 + 648364.954) / 1787833.644)
	=	0.147989	/	0.161479
	=	0.9165

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
	=	1849832.924	/	1591869.207
	=	1.1621

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))
	=	(0 / (0 + 648364.954))	/	(0 / (0 + 636056.299))
	=	0	/	0
	=	1

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)
	=	(173697.359 / 1849832.924)	/	(161048.059 / 1591869.207)
	=	0.093899	/	0.101169
	=	0.9281

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)
	=	((215451.597 + 682129.134) / 1847465.043)	/	((313049.48 + 529645.956) / 1787833.644)
	=	0.485845	/	0.47135
	=	1.0308

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
	=	(154124.293 - 0	-	270800.617)	/	1847465.043
	=	-0.063155

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.

Enaex has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

Enaex Beneish M-Score Related Terms

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Enaex Business Description

Industry

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Traded in Other Exchanges

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Address

El Trovador No. 4253, Las Condes, Santiago, CHL

Website

https://www.enaex.cl

Enaex SA is a producer of low-density ammonium nitrate. In addition, the company also provides integral rock fragmentation services for the mining in Chile and Latin America. The company's product families are broken down into five categories: raw materials for explosives, blasting agent, high explosives, initiation systems, and accessories. It also offers comprehensive blasting service for mining and civil works and an integral service of administration of powder magazines and plants. It also provides services to the main open-pit and underground mining companies that operate in Chile, Argentina, Mexico, Japan, Australia, Brazil, Colombia, and Peru.

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