Enova International Beneish M-Score Historical Data
The historical data trend for Enova International'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.
Enova International Beneish M-Score Chart
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Enova International Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.62 |
-3.58 |
-2.77 |
-2.84 |
-3.31 |
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Enova International Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.07 |
-3.23 |
-3.26 |
-3.31 |
-3.34 |
Competitive Comparison of Enova International's Beneish M-Score
For the Credit Services subindustry, Enova International'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.
Enova International's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Enova International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enova International's Beneish M-Score falls into.
Enova International 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 Enova International 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 * 1.0412 | + | 0.528 * 1.1386 | + | 0.404 * 0.7866 | + | 0.892 * 1.224 | + | 0.115 * 1.1205 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9701 | + | 4.679 * -0.228717 | - | 0.327 * 1.1067 |
| = | -3.34 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $3,947 Mil.
Revenue was 609.889 + 583.592 + 551.36 + 499.431 = $2,244 Mil.
Gross Profit was 280.269 + 267.828 + 270.945 + 253.801 = $1,073 Mil.
Total Current Assets was $4,176 Mil.
Total Assets was $4,637 Mil.
Property, Plant and Equipment(Net PPE) was $125 Mil.
Depreciation, Depletion and Amortization(DDA) was $38 Mil.
Selling, General, & Admin. Expense(SGA) was $608 Mil.
Total Current Liabilities was $291 Mil.
Long-Term Debt & Capital Lease Obligation was $3,068 Mil.
Net Income was 48.428 + 34.768 + 41.285 + 48.145 = $173 Mil.
Non Operating Income was -0.54 + 1.297 + 0.144 + -1.24 = $-0 Mil.
Cash Flow from Operations was 348.563 + 314.288 + 271.242 + 299.323 = $1,233 Mil.
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Total Receivables was $3,097 Mil.
Revenue was 483.256 + 486.164 + 456.2 + 407.99 = $1,834 Mil.
Gross Profit was 242.569 + 252.578 + 263.271 + 239.622 = $998 Mil.
Total Current Assets was $3,385 Mil.
Total Assets was $3,847 Mil.
Property, Plant and Equipment(Net PPE) was $108 Mil.
Depreciation, Depletion and Amortization(DDA) was $38 Mil.
Selling, General, & Admin. Expense(SGA) was $512 Mil.
Total Current Liabilities was $178 Mil.
Long-Term Debt & Capital Lease Obligation was $2,340 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) |
| = | (3946.597 / 2244.272) | / | (3096.728 / 1833.61) |
| = | 1.75852 | / | 1.688869 |
| | = | 1.0412 |
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) |
| = | (998.04 / 1833.61) | / | (1072.843 / 2244.272) |
| = | 0.544303 | / | 0.478036 |
| | = | 1.1386 |
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 - (4175.524 + 125.329) / 4636.527) | / | (1 - (3385.121 + 107.811) / 3846.992) |
| = | 0.072398 | / | 0.092036 |
| | = | 0.7866 |
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 |
| = | 2244.272 | / | 1833.61 |
| | = | 1.224 |
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)) |
| = | (37.893 / (37.893 + 107.811)) | / | (37.88 / (37.88 + 125.329)) |
| = | 0.260068 | / | 0.232095 |
| | = | 1.1205 |
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) |
| = | (608.244 / 2244.272) | / | (512.251 / 1833.61) |
| = | 0.271021 | / | 0.279367 |
| | = | 0.9701 |
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) |
| = | ((3067.826 + 290.603) / 4636.527) | / | ((2340.076 + 177.869) / 3846.992) |
| = | 0.724342 | / | 0.654523 |
| | = | 1.1067 |
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 |
| = | (172.626 - -0.339 | - | 1233.416) | / | 4636.527 |
| | = | -0.228717 |
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.
Enova International has a M-score of -3.34 suggests that the company is unlikely to be a manipulator.
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