FlexShopper Inc.
FPAYQ Industrials Rental & Leasing Services
FlexShopper Inc.’s revenue for fiscal 2023 (year ended December 2023) was $117.0 million, up 3.47% from fiscal 2022. Revenue growth for three consecutive years, operating cash flow growth for three.
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FlexShopper Inc. (FPAYQ) Beneish M-score
FlexShopper Inc.'s Beneish M-score for fiscal 2023 is −2.29; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −2.29 | (5.13) |
| FY2022 | 2.83 | (7.11) |
| FY2021 | 9.94 | 12.11 |
| FY2020 | −2.16 | (0.09) |
| FY2019 | −2.07 | (1.08) |
| FY2018 | −0.98 | 1.19 |
| FY2017 | −2.18 | (1.81) |
| FY2016 | −0.37 | (1.60) |
| FY2015 | 1.23 | — |
How fiscal 2023’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.14 | — | 1.05 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | 0.02 | — | 0.07 | |
| Leverage index | 1.12 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.29 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ZCAR Zoomcar Holdings, Inc. compare | −22.6× |
| VAI Valor Energy Inc. compare | −6.7× |
| HTZ Hertz Global Holdings, Inc. compare | −3.0× |
| ALTG Alta Equipment Group Inc. compare | −2.9× |
| PRG Aaron's Holdings Company, Inc. compare | −2.9× |
| VSTS Vestis Corporation compare | −2.7× |
| WLFC Willis Lease Finance Corporation compare | −2.7× |
| MWG Multi Ways Holdings Limited compare | −2.5× |
| FPAYQ FlexShopper Inc. | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI