URS Beneish M-Score Historical Data
The historical data trend for URS'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.
URS Beneish M-Score Chart
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URS Annual Data
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Trend |
Oct04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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-2.93 |
-1.39 |
-3.29 |
-2.30 |
-2.66 |
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URS Quarterly Data
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Sep09 |
Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
| Beneish M-Score |
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-2.46 |
-2.44 |
-2.66 |
-2.59 |
-2.75 |
Competitive Comparison of URS's Beneish M-Score
For the Engineering & Construction subindustry, URS'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.
URS's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, URS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where URS's Beneish M-Score falls into.
URS 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 URS 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 * 2.2596 | + | 0.528 * 1.1699 | + | 0.404 * 0.9688 | + | 0.892 * 0.8722 | + | 0.115 * 1.013 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9876 | + | 4.679 * -0.06496 | - | 0.327 * 0.9941 |
| = | -1.66 |
* 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 (Jun14) TTM: | Last Year (Jun13) TTM: |
Total Receivables was €2,099 Mil.
Revenue was 1880.48 + 1834.251 + 1942.311 + 2046.154 = €7,703 Mil.
Gross Profit was 108.928 + 65.07 + 70.518 + 132.022 = €377 Mil.
Total Current Assets was €2,477 Mil.
Total Assets was €6,370 Mil.
Property, Plant and Equipment(Net PPE) was €436 Mil.
Depreciation, Depletion and Amortization(DDA) was €184 Mil.
Selling, General, & Admin. Expense(SGA) was €59 Mil.
Total Current Liabilities was €1,336 Mil.
Long-Term Debt & Capital Lease Obligation was €1,309 Mil.
Net Income was 64.768 + 19.521 + 14.016 + 66.422 = €165 Mil.
Non Operating Income was 0.736 + -2.892 + -2.555 + 1.197 = €-4 Mil.
Cash Flow from Operations was 289.984 + -95.436 + 186.807 + 200.688 = €582 Mil.
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Total Receivables was €1,065 Mil.
Revenue was 2116.336 + 2163.53 + 2265.197 + 2287.338 = €8,832 Mil.
Gross Profit was 114.003 + 116.726 + 123.596 + 150.777 = €505 Mil.
Total Current Assets was €2,503 Mil.
Total Assets was €6,805 Mil.
Property, Plant and Equipment(Net PPE) was €491 Mil.
Depreciation, Depletion and Amortization(DDA) was €211 Mil.
Selling, General, & Admin. Expense(SGA) was €69 Mil.
Total Current Liabilities was €1,323 Mil.
Long-Term Debt & Capital Lease Obligation was €1,520 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) |
| = | (2099.072 / 7703.196) | / | (1065.142 / 8832.401) |
| = | 0.272494 | / | 0.120595 |
| | = | 2.2596 |
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) |
| = | (505.102 / 8832.401) | / | (376.538 / 7703.196) |
| = | 0.057187 | / | 0.048881 |
| | = | 1.1699 |
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 - (2477.376 + 435.712) / 6370.08) | / | (1 - (2502.689 + 490.502) / 6804.945) |
| = | 0.542692 | / | 0.560145 |
| | = | 0.9688 |
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 |
| = | 7703.196 | / | 8832.401 |
| | = | 0.8722 |
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)) |
| = | (210.669 / (210.669 + 490.502)) | / | (183.711 / (183.711 + 435.712)) |
| = | 0.300453 | / | 0.296584 |
| | = | 1.013 |
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) |
| = | (59.322 / 7703.196) | / | (68.879 / 8832.401) |
| = | 0.007701 | / | 0.007798 |
| | = | 0.9876 |
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) |
| = | ((1309.344 + 1335.84) / 6370.08) | / | ((1519.79 + 1322.71) / 6804.945) |
| = | 0.415251 | / | 0.417711 |
| | = | 0.9941 |
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 |
| = | (164.727 - -3.514 | - | 582.043) | / | 6370.08 |
| | = | -0.06496 |
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.
URS has a M-score of -1.66 signals that the company is likely to be a manipulator.
URS (FRA:URS) Business Description
Traded in Other Exchanges
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URS Corporation was originally incorporated in California on May 1, 1957 under the former name of Broadview Research Corporation. On May 18, 1976, it re-incorporated in Delaware under the name URS Corporation. After several additional name changes, it re-adopted the name 'URS Corporation' on February 21, 1990. The Company is an international provider of engineering, construction and technical services. It offers a range of program management, planning, design, engineering, construction and construction management, operations and maintenance, and decommissioning and closure services to public agencies and private sector clients around the world. It is also a U.S. federal government contractor in the areas of systems engineering and technical assistance, and operations and maintenance. The Company expertise is focused in four market sectors: power, infrastructure, federal, and industrial and commercial. Within these markets, it offers a broad range of services, including program management; planning, design and engineering; systems engineering and technical assistance; IT services; construction and construction management; operations and maintenance; and decommissioning and closure. In the power sector, the Company plans, designs, engineers, constructs, retrofits and maintains a wide range of power-generating facilities, as well as the systems that transmit and distribute electricity. Its services include planning, siting and licensing, permitting, engineering, procurement, construction and construction management, facility start-up, operations and maintenance, upgrades and modifications, and decommissioning and closure. It provides these services to utilities, industrial co-generators, independent power producers, original equipment manufacturers and government utilities. In the infrastructure sector, the Company plans, designs, engineers, constructs, retrofits and maintains a wide range of power-generating facilities, as well as the systems that transmit and distribute electricity. Its services include planning, siting and licensing, permitting, engineering, procurement, construction and construction management, facility start-up, operations and maintenance, upgrades and modifications, and decommissioning and closure. As a contractor to the U.S. federal government and national governments of other countries, it serves a wide variety of government departments and agencies, including the DOD, DHS, Department of Energy, as well as the General Services Administration, the Environmental Protection Agency, NASA and other federal agencies. The Company's services range from program management; planning, design and engineering; systems engineering and technical assistance; and IT services to construction and construction management; operations and maintenance; and decommissioning and closure. In industrial and commercial sector it provides a wide range of engineering, procurement and construction services for new industrial and commercial
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