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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Tutor Perini Corp was 4.05. The lowest was -3.96. And the median was -2.32.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Tutor Perini Corp 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 * 1.1069||+||0.528 * 1.0335||+||0.404 * 1.0831||+||0.892 * 1.0012||+||0.115 * 0.7145|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9079||+||4.679 * -0.0059||-||0.327 * 0.9391|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $1,719 Mil.|
Revenue was 1332.978 + 1308.13 + 1085.369 + 1200.83 = $4,927 Mil.
Gross Profit was 124.668 + 109.77 + 105.092 + 66.673 = $406 Mil.
Total Current Assets was $2,850 Mil.
Total Assets was $4,221 Mil.
Property, Plant and Equipment(Net PPE) was $492 Mil.
Depreciation, Depletion and Amortization(DDA) was $60 Mil.
Selling, General & Admin. Expense(SGA) was $241 Mil.
Total Current Liabilities was $1,602 Mil.
Long-Term Debt was $684 Mil.
Net Income was 28.801 + 21.361 + 15.4 + 8.712 = $74 Mil.
Non Operating Income was 2.048 + 2.485 + 0.682 + 6.355 = $12 Mil.
Cash Flow from Operations was 89.59 + -11.368 + 15.944 + -6.602 = $88 Mil.
|Accounts Receivable was $1,551 Mil.
Revenue was 1340.739 + 1312.438 + 1066.465 + 1201.877 = $4,922 Mil.
Gross Profit was 100.201 + 98.62 + 90.759 + 129.723 = $419 Mil.
Total Current Assets was $2,676 Mil.
Total Assets was $3,970 Mil.
Property, Plant and Equipment(Net PPE) was $531 Mil.
Depreciation, Depletion and Amortization(DDA) was $45 Mil.
Selling, General & Admin. Expense(SGA) was $265 Mil.
Total Current Liabilities was $1,543 Mil.
Long-Term Debt was $746 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(1718.685 / 4927.307)||/||(1550.865 / 4921.519)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(419.303 / 4921.519)||/||(406.203 / 4927.307)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (2849.937 + 492.328) / 4220.966)||/||(1 - (2675.747 + 531.438) / 3970.255)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(44.766 / (44.766 + 531.438))||/||(60.065 / (60.065 + 492.328))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(240.859 / 4927.307)||/||(264.968 / 4921.519)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((684.202 + 1601.943) / 4220.966)||/||((746.283 + 1543.443) / 3970.255)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(74.274 - 11.57||-||87.564)||/||4220.966|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Tutor Perini Corp has a M-score of -2.35 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Tutor Perini Corp Annual Data
Tutor Perini Corp Quarterly Data