AECOM Beneish M-Score Historical Data
The historical data trend for AECOM'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.
AECOM Beneish M-Score Chart
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AECOM Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-3.17 |
-2.73 |
-2.74 |
-2.73 |
-2.54 |
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AECOM Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.57 |
-2.57 |
-2.54 |
-2.53 |
Competitive Comparison of AECOM's Beneish M-Score
For the Engineering & Construction subindustry, AECOM'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.
AECOM's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, AECOM's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AECOM's Beneish M-Score falls into.
AECOM 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 AECOM 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 * 0.9506 | + | 0.528 * 0.9943 | + | 0.404 * 0.9779 | + | 0.892 * 1.1231 | + | 0.115 * 0.847 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9346 | + | 4.679 * -0.016743 | - | 0.327 * 1.0395 |
| = | -2.53 |
* 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 $4,281 Mil.
Revenue was 3899.92 + 3842.385 + 3663.549 + 3490.172 = $14,896 Mil.
Gross Profit was 243.97 + 252.305 + 250.078 + 228.094 = $974 Mil.
Total Current Assets was $6,282 Mil.
Total Assets was $11,390 Mil.
Property, Plant and Equipment(Net PPE) was $828 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General, & Admin. Expense(SGA) was $154 Mil.
Total Current Liabilities was $6,002 Mil.
Long-Term Debt & Capital Lease Obligation was $2,633 Mil.
Net Income was 94.438 + 25.473 + -134.701 + 76.615 = $62 Mil.
Non Operating Income was -42.552 + -128.916 + -310.821 + 15.788 = $-467 Mil.
Cash Flow from Operations was 143.063 + 285.184 + 279.341 + 11.441 = $719 Mil.
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Total Receivables was $4,010 Mil.
Revenue was 3382.355 + 3426.113 + 3241.695 + 3213.658 = $13,264 Mil.
Gross Profit was 214.988 + 217.268 + 220.55 + 209.952 = $863 Mil.
Total Current Assets was $6,027 Mil.
Total Assets was $11,406 Mil.
Property, Plant and Equipment(Net PPE) was $995 Mil.
Depreciation, Depletion and Amortization(DDA) was $173 Mil.
Selling, General, & Admin. Expense(SGA) was $146 Mil.
Total Current Liabilities was $5,558 Mil.
Long-Term Debt & Capital Lease Obligation was $2,762 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) |
| = | (4280.735 / 14896.026) | / | (4009.713 / 13263.821) |
| = | 0.287374 | / | 0.302305 |
| | = | 0.9506 |
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) |
| = | (862.758 / 13263.821) | / | (974.447 / 14896.026) |
| = | 0.065046 | / | 0.065417 |
| | = | 0.9943 |
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 - (6282.032 + 827.55) / 11389.921) | / | (1 - (6027.467 + 995.246) / 11405.67) |
| = | 0.375801 | / | 0.384279 |
| | = | 0.9779 |
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 |
| = | 14896.026 | / | 13263.821 |
| | = | 1.1231 |
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)) |
| = | (173.11 / (173.11 + 995.246)) | / | (175.45 / (175.45 + 827.55)) |
| = | 0.148165 | / | 0.174925 |
| | = | 0.847 |
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) |
| = | (153.687 / 14896.026) | / | (146.42 / 13263.821) |
| = | 0.010317 | / | 0.011039 |
| | = | 0.9346 |
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) |
| = | ((2633.478 + 6002.486) / 11389.921) | / | ((2761.599 + 5557.718) / 11405.67) |
| = | 0.758211 | / | 0.729402 |
| | = | 1.0395 |
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 |
| = | (61.825 - -466.501 | - | 719.029) | / | 11389.921 |
| | = | -0.016743 |
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.
AECOM has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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