Fluor Beneish M-Score Historical Data
The historical data trend for Fluor'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.
Fluor Beneish M-Score Chart
|
Fluor Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-5.37 |
-3.77 |
-2.63 |
-2.30 |
-2.47 |
|
Fluor Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.30 |
-1.57 |
-1.76 |
-2.16 |
-2.47 |
Competitive Comparison of Fluor's Beneish M-Score
For the Engineering & Construction subindustry, Fluor'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.
Fluor's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Fluor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fluor's Beneish M-Score falls into.
Fluor 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 Fluor 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 * 0.9338 | + | 0.528 * 0.8403 | + | 0.404 * 1.0641 | + | 0.892 * 1.126 | + | 0.115 * 1.0093 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9992 | + | 4.679 * 0.004589 | - | 0.327 * 1.0087 |
| = | -2.47 |
* 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 $2,128 Mil.
Revenue was 3820 + 3963 + 3939 + 3752 = $15,474 Mil.
Gross Profit was 66 + 251 + 198 + -38 = $477 Mil.
Total Current Assets was $5,063 Mil.
Total Assets was $6,973 Mil.
Property, Plant and Equipment(Net PPE) was $458 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $225 Mil.
Total Current Liabilities was $3,163 Mil.
Long-Term Debt & Capital Lease Obligation was $1,158 Mil.
Net Income was -22 + 206 + 61 + -107 = $138 Mil.
Non Operating Income was -41 + 23 + -47 + -41 = $-106 Mil.
Cash Flow from Operations was 308 + 3 + 62 + -161 = $212 Mil.
|
Total Receivables was $2,024 Mil.
Revenue was 3710 + 3612 + 3299 + 3122 = $13,743 Mil.
Gross Profit was 133 + -15 + 115 + 123 = $356 Mil.
Total Current Assets was $5,044 Mil.
Total Assets was $6,827 Mil.
Property, Plant and Equipment(Net PPE) was $447 Mil.
Depreciation, Depletion and Amortization(DDA) was $73 Mil.
Selling, General, & Admin. Expense(SGA) was $200 Mil.
Total Current Liabilities was $3,216 Mil.
Long-Term Debt & Capital Lease Obligation was $978 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) |
| = | (2128 / 15474) | / | (2024 / 13743) |
| = | 0.137521 | / | 0.147275 |
| | = | 0.9338 |
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) |
| = | (356 / 13743) | / | (477 / 15474) |
| = | 0.025904 | / | 0.030826 |
| | = | 0.8403 |
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 - (5063 + 458) / 6973) | / | (1 - (5044 + 447) / 6827) |
| = | 0.208232 | / | 0.195694 |
| | = | 1.0641 |
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 |
| = | 15474 | / | 13743 |
| | = | 1.126 |
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)) |
| = | (73 / (73 + 447)) | / | (74 / (74 + 458)) |
| = | 0.140385 | / | 0.139098 |
| | = | 1.0093 |
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) |
| = | (225 / 15474) | / | (200 / 13743) |
| = | 0.014541 | / | 0.014553 |
| | = | 0.9992 |
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) |
| = | ((1158 + 3163) / 6973) | / | ((978 + 3216) / 6827) |
| = | 0.619676 | / | 0.614325 |
| | = | 1.0087 |
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 |
| = | (138 - -106 | - | 212) | / | 6973 |
| | = | 0.004589 |
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.
Fluor has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
FLR has been successfully added to your