Furmanite Beneish M-Score Historical Data
The historical data trend for Furmanite'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.
Furmanite Beneish M-Score Chart
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Furmanite Annual Data
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Dec05 |
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Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.21 |
-1.86 |
-2.66 |
-2.29 |
-2.26 |
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Furmanite Quarterly Data
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Dec10 |
Mar11 |
Jun11 |
Sep11 |
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Mar12 |
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Mar14 |
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Sep15 |
| Beneish M-Score |
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-2.63 |
-2.26 |
-2.31 |
-2.39 |
-2.32 |
Competitive Comparison of Furmanite's Beneish M-Score
For the Engineering & Construction subindustry, Furmanite'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.
Furmanite's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Furmanite's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Furmanite's Beneish M-Score falls into.
Furmanite 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 Furmanite 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 * 0.81 | + | 0.528 * 1.1077 | + | 0.404 * 0.8903 | + | 0.892 * 1.1501 | + | 0.115 * 0.8577 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8977 | + | 4.679 * 0.03697 | - | 0.327 * 0.9523 |
| = | -2.32 |
* 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.
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) |
| = | (98.427 / 571.267) | / | (105.649 / 496.7) |
| = | 0.172296 | / | 0.212702 |
| | = | 0.81 |
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) |
| = | (124.941 / 496.7) | / | (129.726 / 571.267) |
| = | 0.251542 | / | 0.227085 |
| | = | 1.1077 |
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 - (208.311 + 49.748) / 284.444) | / | (1 - (207.288 + 52.802) / 290.339) |
| = | 0.09276 | / | 0.104185 |
| | = | 0.8903 |
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 |
| = | 571.267 | / | 496.7 |
| | = | 1.1501 |
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)) |
| = | (11.331 / (11.331 + 52.802)) | / | (12.907 / (12.907 + 49.748)) |
| = | 0.17668 | / | 0.206001 |
| | = | 0.8577 |
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) |
| = | (98.109 / 571.267) | / | (95.024 / 496.7) |
| = | 0.171739 | / | 0.191311 |
| | = | 0.8977 |
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) |
| = | ((68.891 + 48.434) / 284.444) | / | ((61.99 + 63.767) / 290.339) |
| = | 0.412471 | / | 0.433139 |
| | = | 0.9523 |
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 |
| = | (8.618 - 0 | - | -1.898) | / | 284.444 |
| | = | 0.03697 |
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.
Furmanite has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Furmanite (Furmanite) Business Description
Traded in Other Exchanges
N/A
Address
Furmanite Corp was incorporated in Delaware on January 23, 1953. It provides specialized technical services. The Company together with its subsidiaries conducts business under two operating segments; Technical Services and Engineering & Project Solutions. Technical Services provides specialized technical services, including on-line, off-line and other services. On-line services include leak sealing, hot tapping, line stopping, line isolation, composite repair, valve testing and certain non-destructive testing and inspection services, while off-line services include on-site machining, heat treatment, bolting, valve repair and other non-destructive testing and inspection services. Other services include smart shim services, concrete repair, engineering services, valves and other products and manufacturing. These services and products are provided mainly to electric power generating plants, the petroleum industry, which includes refineries and off-shore drilling rigs, chemical plants and other process industries in the Americas, EMEA and Asia-Pacific through a wholly owned subsidiary of the Parent Company, Furmanite Worldwide, Inc. and its domestic and international subsidiaries and affiliates. The Engineering & Project Solutions operating segment, which includes Furmanite Technical Solutions, provides project planning, professional engineering, downstream non-destructive testing and inspection, construction management, mechanical integrity, field support, quality assurance and plant asset management services, as well as certain other inspection and project management services. Customers include refining and petrochemical operators as well as maintenance, and engineering and construction contractors servicing the downstream and midstream oil and gas markets, all of which are in the Americas. The Company currently operates over 30 offices in the United States. The Company competes against large and well established national and international companies as well as regional and local companies. It also competes with the in-house maintenance departments of customers or potential customers. Many aspects of the Company's operations are subject to governmental regulation.
Executives
| William Fry |
officer: General Counsel and Secretary |
10370 RICHMOND AVE, SUITE 600, HOUSTON TX 77042 |
| Kevin R Jost |
director |
10370 RICHMOND AVENUE, SUITE 600, HOUSTON TX 77042 |
| Jeffery Gerald Davis |
director, officer: Interim President & CEO |
PO BOX 336, BURTON TX 77835 |
| Sangwoo Ahn |
director |
10370 RICHMOND AVENUE SUITE 600, HOUSTON TX 77042 |
| John J Mannion |
officer: Treasurer |
1900 WEST LOOP SOUTH-SUITE 1500, HOUSTON TX 77027 |
| Miguel A. Desdin |
officer: Senior Vice President |
C/O FURMANITE CORPORATION, 2435 N CENTRAL EXPRESSWAY #700, RICHARDSON TX 75080 |
| Frank M Burke |
director |
2435 N CENTRAL EXPRESSWAY, STE 700, RICHARDSON TX 75080 |
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