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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 2.78. The lowest was -3.39. And the median was -2.35.
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 * 1.1705||+||0.528 * 0.7876||+||0.404 * 0.9488||+||0.892 * 1.0107||+||0.115 * 0.5965|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0069||+||4.679 * -0.0061||-||0.327 * 0.9627|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $1,743 Mil.|
Revenue was 1246.599 + 1332.978 + 1308.13 + 1085.369 = $4,973 Mil.
Gross Profit was 117.66 + 124.668 + 109.77 + 105.092 = $457 Mil.
Total Current Assets was $2,838 Mil.
Total Assets was $4,039 Mil.
Property, Plant and Equipment(Net PPE) was $478 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General & Admin. Expense(SGA) was $255 Mil.
Total Current Liabilities was $1,519 Mil.
Long-Term Debt was $674 Mil.
Net Income was 30.261 + 28.801 + 21.361 + 15.4 = $96 Mil.
Non Operating Income was 1.763 + 2.048 + 2.485 + 0.682 = $7 Mil.
Cash Flow from Operations was 19.17 + 89.59 + -11.368 + 15.944 = $113 Mil.
|Accounts Receivable was $1,474 Mil.
Revenue was 1200.83 + 1340.739 + 1312.438 + 1066.465 = $4,920 Mil.
Gross Profit was 66.673 + 100.201 + 98.62 + 90.759 = $356 Mil.
Total Current Assets was $2,609 Mil.
Total Assets was $3,861 Mil.
Property, Plant and Equipment(Net PPE) was $524 Mil.
Depreciation, Depletion and Amortization(DDA) was $42 Mil.
Selling, General & Admin. Expense(SGA) was $251 Mil.
Total Current Liabilities was $1,449 Mil.
Long-Term Debt was $729 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)|
|=||(1743.3 / 4973.076)||/||(1473.615 / 4920.472)|
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)|
|=||(356.253 / 4920.472)||/||(457.19 / 4973.076)|
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 - (2837.756 + 477.626) / 4038.62)||/||(1 - (2608.939 + 523.525) / 3861.3)|
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))|
|=||(41.634 / (41.634 + 523.525))||/||(67.302 / (67.302 + 477.626))|
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)|
|=||(255.27 / 4973.076)||/||(250.84 / 4920.472)|
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)|
|=||((673.629 + 1518.943) / 4038.62)||/||((728.767 + 1448.819) / 3861.3)|
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|
|=||(95.823 - 6.978||-||113.336)||/||4038.62|
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 -2.51 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