Market Cap : 7.59 B | Enterprise Value : 9.98 B | PE Ratio : 68.00 | PB Ratio : 2.87 |
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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for MasTec's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of MasTec was 1.40. The lowest was -4.56. And the median was -2.50.
The historical data trend for MasTec'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.
For the Engineering & Construction subindustry, MasTec'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.
For the Construction industry and Industrials sector, MasTec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MasTec's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
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 MasTec 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 * 1.1424 | + | 0.528 * 1.2471 | + | 0.404 * 0.9402 | + | 0.892 * 1.1028 | + | 0.115 * 1.2283 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.433 | + | 4.679 * -0.0478 | - | 0.327 * 1.0677 | |||||||
= | -2.45 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $2,675 Mil. Revenue was 2513.484 + 2301.792 + 1954.4 + 1809.367 = $8,579 Mil. Gross Profit was 325.649 + 273.681 + 221.084 + 250.059 = $1,070 Mil. Total Current Assets was $3,114 Mil. Total Assets was $7,476 Mil. Property, Plant and Equipment(Net PPE) was $1,832 Mil. Depreciation, Depletion and Amortization(DDA) was $451 Mil. Selling, General, & Admin. Expense(SGA) was $472 Mil. Total Current Liabilities was $1,986 Mil. Long-Term Debt & Capital Lease Obligation was $2,236 Mil. Net Income was 48.896 + 16.212 + -34.978 + 76.644 = $107 Mil. Non Operating Income was 5.885 + 12.412 + 3.023 + 29.907 = $51 Mil. Cash Flow from Operations was 117.13 + -129.977 + 131.518 + 293.977 = $413 Mil. |
Total Receivables was $2,123 Mil. Revenue was 2404.332 + 1962.658 + 1775.424 + 1636.795 = $7,779 Mil. Gross Profit was 346.996 + 287.426 + 261.565 + 314.56 = $1,211 Mil. Total Current Assets was $2,588 Mil. Total Assets was $6,013 Mil. Property, Plant and Equipment(Net PPE) was $1,261 Mil. Depreciation, Depletion and Amortization(DDA) was $404 Mil. Selling, General, & Admin. Expense(SGA) was $299 Mil. Total Current Liabilities was $1,704 Mil. Long-Term Debt & Capital Lease Obligation was $1,477 Mil. |
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) |
= | (2674.884 / 8579.043) | / | (2123.183 / 7779.209) | |
= | 0.31179282 | / | 0.27293045 | |
= | 1.1424 |
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) | |
= | (1210.547 / 7779.209) | / | (1070.473 / 8579.043) | |
= | 0.15561312 | / | 0.12477767 | |
= | 1.2471 |
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 - (3114.275 + 1832.187) / 7475.663) | / | (1 - (2588.419 + 1260.981) / 6013.248) | |
= | 0.33832464 | / | 0.35984679 | |
= | 0.9402 |
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 | |
= | 8579.043 | / | 7779.209 | |
= | 1.1028 |
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)) |
= | (403.848 / (403.848 + 1260.981)) | / | (450.901 / (450.901 + 1832.187)) | |
= | 0.24257626 | / | 0.19749611 | |
= | 1.2283 |
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) |
= | (472.218 / 8579.043) | / | (298.814 / 7779.209) | |
= | 0.0550432 | / | 0.03841187 | |
= | 1.433 |
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) |
= | ((2236.059 + 1986.483) / 7475.663) | / | ((1476.717 + 1704.308) / 6013.248) | |
= | 0.56483846 | / | 0.5290028 | |
= | 1.0677 |
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 | |
= | (106.774 - 51.227 | - | 412.648) | / | 7475.663 | |
= | -0.0478 |
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.
MasTec has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of MasTec's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Parker Ava L | director | 1469 HARRINGTON PARK DRIVE JACKSONVILLE FL 32225 |
Palomarez Javier Alberto | director | 3405 PINNEY POINT DRIVE FLOWER MOUND TX 75022 |
Pita George | officer: CFO | 3000 NW 107TH AVENUE MIAMI FL 33172 |
Restrepo Daniel A | director | C/O MASTEC, INC. 800 S. DOUGLAS RD., 12TH FLOOR CORAL GABLES FL 33134 |
Harris Ray | officer: President | 800 DOUGLAS ROAD 12TH FLOOR - MASTEC CORAL GABLES FL 33134 |
Apple Robert E | officer: Chief Operations Officer | 800 S DOUGLAS ROAD 12TH FLOOR CORAL GABLES FL 33134 |
De Cardenas Alberto I | officer: Executive Vice President | 800 S DOUGLAS ROAD 12TH FLOOR CORAL GABLES X1 33134 |
Csiszar Ernst N | director | 2600 S RIVER ROAD DES PLAINES IL 60018 |
Floerke Gregory Scott | officer: Chief Operations Officer | C/O MARKWEST ENERGY PARTNERS, L.P. 1515 ARAPAHOE STREET, TOWER 1, SUITE 160 DENVER CO 80202 |
Dwyer Robert J | director | 880 SOUTH OCEAN BOULEVARD PALM BEACH FL 33480 |
Campbell C Robert | officer: EVP & CFO | 800 DOUGLAS ROAD 12TH FLOOR CORAL GABLES FL 33134 |
De Cespedes Carlos M | director | 3075 NW 107TH AVE MIAMI FL 33172 |
Jaumot Frank E | director | 190 SE 19TH AVENUE POMPANO BEACH FL 33060 |
Nearing Michael | officer: General Counsel and EVP | 800 DOUGLAS ROAD 12TH FL CORAL GABLES FL 33134 |
Hudson Sherrill W | director | 201 SOUTH BISCAYNE BOULEVARD 34TH FLOOR, MIAMI CENTER MIAMI FL 33131 |
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