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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 4.06. The lowest was -5.75. And the median was -2.40.
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 * 1.0794||+||0.528 * 0.9219||+||0.404 * 0.8296||+||0.892 * 1.0475||+||0.115 * 1.0089|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9868||+||4.679 * 0.055||-||0.327 * 1.0255|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $1,581 Mil.|
Revenue was 1250.689 + 1084.51 + 955.233 + 1099.291 = $4,390 Mil.
Gross Profit was 140.841 + 129.531 + 105.347 + 139.735 = $515 Mil.
Total Current Assets was $2,562 Mil.
Total Assets was $3,836 Mil.
Property, Plant and Equipment(Net PPE) was $527 Mil.
Depreciation, Depletion and Amortization(DDA) was $60 Mil.
Selling, General & Admin. Expense(SGA) was $268 Mil.
Total Current Liabilities was $1,402 Mil.
Long-Term Debt was $880 Mil.
Net Income was 35.73 + 28.545 + 15.939 + 33.259 = $113 Mil.
Non Operating Income was -0.441 + -6.974 + -3.373 + -5.026 = $-16 Mil.
Cash Flow from Operations was -81.99 + -20.305 + -41.13 + 61.786 = $-82 Mil.
|Accounts Receivable was $1,398 Mil.
Revenue was 1030.388 + 1053.065 + 992.928 + 1114.198 = $4,191 Mil.
Gross Profit was 120.857 + 105.955 + 100.357 + 126.449 = $454 Mil.
Total Current Assets was $2,170 Mil.
Total Assets was $3,479 Mil.
Property, Plant and Equipment(Net PPE) was $493 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General & Admin. Expense(SGA) was $259 Mil.
Total Current Liabilities was $1,349 Mil.
Long-Term Debt was $670 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)|
|=||(1580.594 / 4389.723)||/||(1397.857 / 4190.579)|
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)|
|=||(129.531 / 4190.579)||/||(140.841 / 4389.723)|
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 - (2562.256 + 526.981) / 3835.52)||/||(1 - (2169.637 + 493.326) / 3478.947)|
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))|
|=||(56.547 / (56.547 + 493.326))||/||(59.809 / (59.809 + 526.981))|
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)|
|=||(267.985 / 4389.723)||/||(259.247 / 4190.579)|
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)|
|=||((880.121 + 1402.032) / 3835.52)||/||((669.71 + 1348.86) / 3478.947)|
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|
|=||(113.473 - -15.814||-||-81.639)||/||3835.52|
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 -2.22 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