Comfort Systems USA Beneish M-Score Historical Data
The historical data trend for Comfort Systems USA'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.
Comfort Systems USA Beneish M-Score Chart
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Comfort Systems USA Annual Data
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Trend |
Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.24 |
-2.76 |
-2.33 |
-2.33 |
-2.67 |
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Comfort Systems USA Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
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Mar21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.38 |
-2.55 |
-2.70 |
-2.67 |
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Competitive Comparison of Comfort Systems USA's Beneish M-Score
For the Engineering & Construction subindustry, Comfort Systems USA'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.
Comfort Systems USA's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Comfort Systems USA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Comfort Systems USA's Beneish M-Score falls into.
Comfort Systems USA 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 Comfort Systems USA 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 * 1.0878 | + | 0.528 * 0.922 | + | 0.404 * 0.9347 | + | 0.892 * 1.2572 | + | 0.115 * 1.2256 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9454 | + | 4.679 * -0.068137 | - | 0.327 * 1.0267 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,814 Mil.
Revenue was 1537.016 + 1357.566 + 1378.124 + 1296.43 = $5,569 Mil.
Gross Profit was 297.363 + 279.685 + 277.499 + 227.92 = $1,082 Mil.
Total Current Assets was $2,048 Mil.
Total Assets was $3,903 Mil.
Property, Plant and Equipment(Net PPE) was $453 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $602 Mil.
Total Current Liabilities was $2,140 Mil.
Long-Term Debt & Capital Lease Obligation was $287 Mil.
Net Income was 96.319 + 91.581 + 105.125 + 69.476 = $363 Mil.
Non Operating Income was -11.554 + -8.58 + -8.192 + -2.462 = $-31 Mil.
Cash Flow from Operations was 146.557 + 173.008 + 214.241 + 125.41 = $659 Mil.
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Total Receivables was $1,326 Mil.
Revenue was 1174.64 + 1117.188 + 1120.012 + 1017.948 = $4,430 Mil.
Gross Profit was 205.405 + 211.248 + 202.224 + 174.992 = $794 Mil.
Total Current Assets was $1,459 Mil.
Total Assets was $2,839 Mil.
Property, Plant and Equipment(Net PPE) was $290 Mil.
Depreciation, Depletion and Amortization(DDA) was $80 Mil.
Selling, General, & Admin. Expense(SGA) was $507 Mil.
Total Current Liabilities was $1,407 Mil.
Long-Term Debt & Capital Lease Obligation was $313 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) |
| = | (1813.836 / 5569.136) | / | (1326.261 / 4429.788) |
| = | 0.325694 | / | 0.299396 |
| | = | 1.0878 |
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) |
| = | (793.869 / 4429.788) | / | (1082.467 / 5569.136) |
| = | 0.179212 | / | 0.194369 |
| | = | 0.922 |
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 - (2048.189 + 453.354) / 3902.829) | / | (1 - (1459.024 + 289.776) / 2839.471) |
| = | 0.359044 | / | 0.384111 |
| | = | 0.9347 |
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 |
| = | 5569.136 | / | 4429.788 |
| | = | 1.2572 |
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)) |
| = | (80.028 / (80.028 + 289.776)) | / | (97.215 / (97.215 + 453.354)) |
| = | 0.216407 | / | 0.176572 |
| | = | 1.2256 |
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) |
| = | (602.114 / 5569.136) | / | (506.6 / 4429.788) |
| = | 0.108116 | / | 0.114362 |
| | = | 0.9454 |
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) |
| = | ((286.721 + 2139.659) / 3902.829) | / | ((312.779 + 1406.659) / 2839.471) |
| = | 0.621698 | / | 0.605549 |
| | = | 1.0267 |
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 |
| = | (362.501 - -30.788 | - | 659.216) | / | 3902.829 |
| | = | -0.068137 |
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.
Comfort Systems USA has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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