AECOM Beneish M-Score Historical Data
The historical data trend for AECOM'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.
AECOM Beneish M-Score Chart
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AECOM Annual Data
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Trend |
Sep15 |
Sep16 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-2.73 |
-2.74 |
-2.73 |
-2.53 |
-2.52 |
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AECOM Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Sep22 |
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Mar24 |
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Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.59 |
-2.57 |
-2.52 |
-2.62 |
-2.64 |
Competitive Comparison of AECOM's Beneish M-Score
For the Engineering & Construction subindustry, AECOM'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.
AECOM's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, AECOM's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AECOM's Beneish M-Score falls into.
AECOM 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 AECOM 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 * 0.9686 | + | 0.528 * 0.9253 | + | 0.404 * 0.9482 | + | 0.892 * 1.0455 | + | 0.115 * 0.9967 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9331 | + | 4.679 * -0.025961 | - | 0.327 * 0.9971 |
| = | -2.64 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $4,538 Mil.
Revenue was 3771.613 + 4014.152 + 4110.494 + 4151.251 = $16,048 Mil.
Gross Profit was 290.761 + 268.404 + 294.153 + 285.044 = $1,138 Mil.
Total Current Assets was $6,931 Mil.
Total Assets was $11,782 Mil.
Property, Plant and Equipment(Net PPE) was $791 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General, & Admin. Expense(SGA) was $160 Mil.
Total Current Liabilities was $6,015 Mil.
Long-Term Debt & Capital Lease Obligation was $2,953 Mil.
Net Income was 143.394 + 167.042 + 172.548 + 134.273 = $617 Mil.
Non Operating Income was -1.884 + 16.477 + -2.873 + -20.415 = $-9 Mil.
Cash Flow from Operations was 190.658 + 151.089 + 298.776 + 291.296 = $932 Mil.
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Total Receivables was $4,481 Mil.
Revenue was 3943.833 + 3899.92 + 3842.385 + 3663.549 = $15,350 Mil.
Gross Profit was 261.174 + 243.97 + 252.305 + 250.078 = $1,008 Mil.
Total Current Assets was $6,498 Mil.
Total Assets was $11,457 Mil.
Property, Plant and Equipment(Net PPE) was $795 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General, & Admin. Expense(SGA) was $164 Mil.
Total Current Liabilities was $6,136 Mil.
Long-Term Debt & Capital Lease Obligation was $2,610 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) |
| = | (4537.862 / 16047.51) | / | (4481.02 / 15349.687) |
| = | 0.282777 | / | 0.291929 |
| | = | 0.9686 |
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) |
| = | (1007.527 / 15349.687) | / | (1138.362 / 16047.51) |
| = | 0.065638 | / | 0.070937 |
| | = | 0.9253 |
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 - (6930.794 + 790.582) / 11781.867) | / | (1 - (6497.786 + 795.234) / 11457.393) |
| = | 0.344639 | / | 0.363466 |
| | = | 0.9482 |
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 |
| = | 16047.51 | / | 15349.687 |
| | = | 1.0455 |
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)) |
| = | (175.447 / (175.447 + 795.234)) | / | (175.131 / (175.131 + 790.582)) |
| = | 0.180746 | / | 0.181349 |
| | = | 0.9967 |
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) |
| = | (160.208 / 16047.51) | / | (164.226 / 15349.687) |
| = | 0.009983 | / | 0.010699 |
| | = | 0.9331 |
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) |
| = | ((2952.506 + 6015.169) / 11781.867) | / | ((2609.876 + 6136.115) / 11457.393) |
| = | 0.761142 | / | 0.763349 |
| | = | 0.9971 |
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 |
| = | (617.257 - -8.695 | - | 931.819) | / | 11781.867 |
| | = | -0.025961 |
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.
AECOM has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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