Ameresco Beneish M-Score Historical Data
The historical data trend for Ameresco'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.
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Ameresco Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-1.19 |
-1.76 |
-1.53 |
-1.34 |
-2.33 |
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Ameresco Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
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|
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-1.34 |
-2.46 |
-2.70 |
-2.63 |
-2.33 |
Competitive Comparison
For the Engineering & Construction subindustry, Ameresco'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.
Ameresco Beneish M-Score Distribution
For the Construction industry and Industrials sector, Ameresco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ameresco's Beneish M-Score falls into.
Ameresco 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 Ameresco 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 * 1.3821 | + | 0.528 * 0.8892 | + | 0.404 * 0.9924 | + | 0.892 * 0.7535 | + | 0.115 * 1.1693 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3493 | + | 4.679 * 0.037345 | - | 0.327 * 1.1593 |
| = | -2.33 |
* 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 $829 Mil.
Revenue was 441.368 + 335.149 + 327.074 + 271.042 = $1,375 Mil.
Gross Profit was 74.176 + 63.656 + 58.649 + 49.948 = $246 Mil.
Total Current Assets was $1,128 Mil.
Total Assets was $3,714 Mil.
Property, Plant and Equipment(Net PPE) was $1,765 Mil.
Depreciation, Depletion and Amortization(DDA) was $66 Mil.
Selling, General, & Admin. Expense(SGA) was $162 Mil.
Total Current Liabilities was $901 Mil.
Long-Term Debt & Capital Lease Obligation was $1,212 Mil.
Net Income was 33.735 + 21.265 + 6.368 + 1.102 = $62 Mil.
Non Operating Income was -6.2 + 0.125 + -0.598 + 0.444 = $-6 Mil.
Cash Flow from Operations was -29.57 + -6.572 + -92.621 + 58.772 = $-70 Mil.
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Total Receivables was $796 Mil.
Revenue was 331.727 + 441.296 + 577.397 + 474.002 = $1,824 Mil.
Gross Profit was 61.596 + 79.556 + 81.303 + 68.378 = $291 Mil.
Total Current Assets was $1,001 Mil.
Total Assets was $2,877 Mil.
Property, Plant and Equipment(Net PPE) was $1,235 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $159 Mil.
Total Current Liabilities was $812 Mil.
Long-Term Debt & Capital Lease Obligation was $600 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) |
| = | (829.126 / 1374.633) | / | (796.175 / 1824.422) |
| = | 0.603162 | / | 0.436398 |
| | = | 1.3821 |
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) |
| = | (290.833 / 1824.422) | / | (246.429 / 1374.633) |
| = | 0.159411 | / | 0.179269 |
| | = | 0.8892 |
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 - (1128.471 + 1765.405) / 3713.776) | / | (1 - (1001.351 + 1235.456) / 2876.821) |
| = | 0.220773 | / | 0.222473 |
| | = | 0.9924 |
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 |
| = | 1374.633 | / | 1824.422 |
| | = | 0.7535 |
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)) |
| = | (54.278 / (54.278 + 1235.456)) | / | (65.911 / (65.911 + 1765.405)) |
| = | 0.042085 | / | 0.035991 |
| | = | 1.1693 |
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) |
| = | (162.138 / 1374.633) | / | (159.488 / 1824.422) |
| = | 0.11795 | / | 0.087418 |
| | = | 1.3493 |
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) |
| = | ((1212.333 + 901.471) / 3713.776) | / | ((600.338 + 812.068) / 2876.821) |
| = | 0.569179 | / | 0.490961 |
| | = | 1.1593 |
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 |
| = | (62.47 - -6.229 | - | -69.991) | / | 3713.776 |
| | = | 0.037345 |
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.
Ameresco has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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