MasTec Beneish M-Score Historical Data
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.
MasTec Beneish M-Score Chart
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MasTec Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.20 |
-2.44 |
-2.35 |
-2.86 |
-3.04 |
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MasTec Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.08 |
-3.24 |
-3.15 |
-3.04 |
-2.95 |
Competitive Comparison of MasTec's Beneish M-Score
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.
MasTec's Beneish M-Score Distribution in the Construction Industry
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 into.
MasTec 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 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 * 0.9592 | + | 0.528 * 0.9247 | + | 0.404 * 0.9999 | + | 0.892 * 1.0303 | + | 0.115 * 1.1829 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9493 | + | 4.679 * -0.100673 | - | 0.327 * 0.9395 |
| = | -2.95 |
* 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 $2,861 Mil.
Revenue was 2847.718 + 3403.102 + 3252.427 + 2961.086 = $12,464 Mil.
Gross Profit was 311.1 + 436.508 + 463.153 + 420.639 = $1,631 Mil.
Total Current Assets was $3,546 Mil.
Total Assets was $8,862 Mil.
Property, Plant and Equipment(Net PPE) was $1,970 Mil.
Depreciation, Depletion and Amortization(DDA) was $474 Mil.
Selling, General, & Admin. Expense(SGA) was $685 Mil.
Total Current Liabilities was $2,910 Mil.
Long-Term Debt & Capital Lease Obligation was $2,290 Mil.
Net Income was 9.903 + 74.74 + 95.24 + 33.988 = $214 Mil.
Non Operating Income was 11.917 + 1.708 + 4.288 + -4.123 = $14 Mil.
Cash Flow from Operations was 78.365 + 471.699 + 277.727 + 264.449 = $1,092 Mil.
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Total Receivables was $2,896 Mil.
Revenue was 2686.849 + 3280.083 + 3257.077 + 2874.115 = $12,098 Mil.
Gross Profit was 307.177 + 367.713 + 399.959 + 389.335 = $1,464 Mil.
Total Current Assets was $3,445 Mil.
Total Assets was $8,745 Mil.
Property, Plant and Equipment(Net PPE) was $1,997 Mil.
Depreciation, Depletion and Amortization(DDA) was $595 Mil.
Selling, General, & Admin. Expense(SGA) was $701 Mil.
Total Current Liabilities was $2,633 Mil.
Long-Term Debt & Capital Lease Obligation was $2,829 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) |
| = | (2861.433 / 12464.333) | / | (2895.523 / 12098.124) |
| = | 0.22957 | / | 0.239337 |
| | = | 0.9592 |
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) |
| = | (1464.184 / 12098.124) | / | (1631.4 / 12464.333) |
| = | 0.121026 | / | 0.130885 |
| | = | 0.9247 |
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 - (3545.559 + 1970.067) / 8861.938) | / | (1 - (3445.47 + 1997.375) / 8745.353) |
| = | 0.377605 | / | 0.37763 |
| | = | 0.9999 |
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 |
| = | 12464.333 | / | 12098.124 |
| | = | 1.0303 |
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)) |
| = | (595.097 / (595.097 + 1997.375)) | / | (474.353 / (474.353 + 1970.067)) |
| = | 0.229548 | / | 0.194055 |
| | = | 1.1829 |
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) |
| = | (685.143 / 12464.333) | / | (700.521 / 12098.124) |
| = | 0.054968 | / | 0.057903 |
| | = | 0.9493 |
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) |
| = | ((2290.397 + 2909.875) / 8861.938) | / | ((2828.798 + 2633.371) / 8745.353) |
| = | 0.58681 | / | 0.62458 |
| | = | 0.9395 |
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 |
| = | (213.871 - 13.79 | - | 1092.24) | / | 8861.938 |
| | = | -0.100673 |
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 -2.95 suggests that the company is unlikely to be a manipulator.
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