Ideanomics Beneish M Score

IDEX
 Stock
  

USD 0.22  0.01  4.35%   

This module uses fundamental data of Ideanomics to approximate the value of its Beneish M Score. Ideanomics M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Please see Ideanomics Piotroski F Score and Ideanomics Altman Z Score analysis.
  
Ideanomics Total Debt is fairly stable at the moment as compared to the past year. Ideanomics reported Total Debt of 70.85 Million in 2021. Debt Current is likely to rise to about 66 M in 2022, whereas Debt Non Current is likely to drop slightly above 9.2 M in 2022. Ideanomics Current Ratio is fairly stable at the moment as compared to the past year. Ideanomics reported Current Ratio of 3.98 in 2021. Debt to Equity Ratio is likely to rise to 0.22 in 2022, whereas PPandE Turnover is likely to drop 17.38 in 2022.
At this time, it appears that Ideanomics is an unlikely manipulator. The earnings manipulation may begin if Ideanomics' top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by Ideanomics executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of Ideanomics' earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.
-4.27
Beneish M Score - Unlikely Manipulator
Elasticity of Receivables0.95Focus
Asset Quality1.0Focus
Expense Coverage1.0Focus
Gross Margin Strengs0.86Focus
Accruals Factor1.0Focus
Depreciation Resistance1.0Focus
Net Sales Growth1.08Focus
Financial Leverage Condition1.0Focus

Ideanomics Beneish M-Score Indicator Trends

The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if Ideanomics' auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.
Current ValueLast YearChange From Last Year 10 Year Trend
Selling General and Administrative Expense78.6 M72.8 M
Significantly Up
Increasing
Slightly volatile
Revenues123.1 M114.1 M
Significantly Up
Increasing
Slightly volatile
Trade and Non Trade Receivables3.7 M3.6 M
Fairly Up
Increasing
Stable
Property Plant and Equipment Net17 M15.7 M
Significantly Up
Increasing
Slightly volatile
Liabilities Non Current13.9 M15.7 M
Fairly Down
Increasing
Slightly volatile
Current Liabilities98.3 M91.1 M
Significantly Up
Increasing
Slightly volatile
Total Liabilities117.8 M109.1 M
Significantly Up
Increasing
Slightly volatile
Investments Non Current38.4 M35.6 M
Significantly Up
Increasing
Slightly volatile
Investments Current69 M63.9 M
Significantly Up
Increasing
Slightly volatile
Investments98.4 M91.2 M
Significantly Up
Increasing
Slightly volatile
Gross Margin17.5220.3611
Fairly Down
Increasing
Stable
Depreciation Amortization and Accretion8.3 M7.7 M
Significantly Up
Increasing
Slightly volatile
Debt Non Current9.2 M9.6 M
Sufficiently Down
Increasing
Slightly volatile
Debt Current66 M61.2 M
Significantly Up
Increasing
Slightly volatile
Total Debt76.4 M70.9 M
Significantly Up
Increasing
Slightly volatile
Assets Non Current119.7 M110.9 M
Significantly Up
Increasing
Slightly volatile
Current Assets391.1 M362.5 M
Significantly Up
Increasing
Slightly volatile
Total Assets510.8 M473.4 M
Significantly Up
Increasing
Slightly volatile

Ideanomics Beneish M-Score Driver Matrix

One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between Ideanomics' different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards Ideanomics in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find Ideanomics' degree of accounting gimmicks and manipulations.

About Ideanomics Beneish M Score

M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.

Depreciation Amortization and Accretion

8.28 Million

Ideanomics Depreciation Amortization and Accretion is fairly stable at the moment as compared to the past year. Ideanomics reported Depreciation Amortization and Accretion of 7.67 Million in 2021

Ideanomics Earnings Manipulation Drivers

Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as Ideanomics. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.
201720182019202020212022 (projected)
Revenues144.34 M377.74 M44.57 M26.76 M114.08 M123.09 M
Total Assets63.04 M94.24 M126.94 M234.41 M473.44 M510.81 M
Current Assets55.8 M45.07 M7.45 M179.76 M362.51 M391.13 M
Assets Non Current7.25 M49.16 M119.49 M54.11 M110.93 M119.69 M
Total Liabilities30.37 M48.73 M92.13 M46.57 M109.15 M117.76 M
Current Liabilities31.66 M29.93 M36.76 M13.06 M91.12 M98.31 M
Operating Income(9.78 M)(26.2 M)(68.57 M)(86.88 M)(259.56 M)(266.39 M)
Investments6.98 M26.41 M22.62 M8.49 M91.19 M98.39 M
Gross Margin4.950.8496.737.6920.3617.52

About Ideanomics Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Ideanomics's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Ideanomics using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Ideanomics based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.
Please read more on our fundamental analysis page.
Ideanomics, Inc., through its subsidiaries, develops zero emission mobility solutions for the off-highway and on-highway commercial vehicle markets in Asia and the United States. Ideanomics, Inc. was incorporated in 2004 and is headquartered in New York, New York. Ideanomics operates under Farm Heavy Construction Machinery classification in the United States and is traded on NASDAQ Exchange. It employs 559 people.

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Please see Ideanomics Piotroski F Score and Ideanomics Altman Z Score analysis. Note that the Ideanomics information on this page should be used as a complementary analysis to other Ideanomics' statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Analyst Recommendations module to analyst recommendations and target price estimates broken down by several categories.

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When running Ideanomics price analysis, check to measure Ideanomics' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Ideanomics is operating at the current time. Most of Ideanomics' value examination focuses on studying past and present price action to predict the probability of Ideanomics' future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Ideanomics' price. Additionally, you may evaluate how the addition of Ideanomics to your portfolios can decrease your overall portfolio volatility.
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Is Ideanomics' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Ideanomics. If investors know Ideanomics will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Ideanomics listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Market Capitalization
131.7 M
Quarterly Revenue Growth YOY
(0.09) 
Return On Assets
(0.19) 
Return On Equity
(0.73) 
The market value of Ideanomics is measured differently than its book value, which is the value of Ideanomics that is recorded on the company's balance sheet. Investors also form their own opinion of Ideanomics' value that differs from its market value or its book value, called intrinsic value, which is Ideanomics' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Ideanomics' market value can be influenced by many factors that don't directly affect Ideanomics' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Ideanomics' value and its price as these two are different measures arrived at by different means. Investors typically determine Ideanomics value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Ideanomics' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.