Primoris Services Beneish M-Score Historical Data
The historical data trend for Primoris Services'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.
Primoris Services Beneish M-Score Chart
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Primoris Services Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.54 |
-2.97 |
-1.88 |
-2.00 |
-2.38 |
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Primoris Services Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.00 |
-1.72 |
-2.04 |
-2.38 |
-2.38 |
Competitive Comparison of Primoris Services's Beneish M-Score
For the Engineering & Construction subindustry, Primoris Services'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.
Primoris Services's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Primoris Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Primoris Services's Beneish M-Score falls into.
Primoris Services 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 Primoris Services 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 * 0.926 | + | 0.528 * 1.0055 | + | 0.404 * 0.8958 | + | 0.892 * 1.2929 | + | 0.115 * 1.0982 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.903 | + | 4.679 * -0.018148 | - | 0.327 * 0.9853 |
| = | -2.38 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,532 Mil.
Revenue was 1515.549 + 1529.486 + 1413.377 + 1256.896 = $5,715 Mil.
Gross Profit was 156.6 + 173.895 + 157.264 + 99.732 = $587 Mil.
Total Current Assets was $1,885 Mil.
Total Assets was $3,827 Mil.
Property, Plant and Equipment(Net PPE) was $836 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General, & Admin. Expense(SGA) was $329 Mil.
Total Current Liabilities was $1,335 Mil.
Long-Term Debt & Capital Lease Obligation was $1,149 Mil.
Net Income was 37.659 + 48.144 + 39.032 + 1.31 = $126 Mil.
Non Operating Income was -1.082 + -0.618 + 0.191 + -1.438 = $-3 Mil.
Cash Flow from Operations was 205.699 + 73.685 + 34.505 + -115.337 = $199 Mil.
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Total Receivables was $1,279 Mil.
Revenue was 1329.138 + 1284.128 + 1022.948 + 784.384 = $4,421 Mil.
Gross Profit was 153.384 + 154.907 + 92.109 + 56.486 = $457 Mil.
Total Current Assets was $1,704 Mil.
Total Assets was $3,544 Mil.
Property, Plant and Equipment(Net PPE) was $697 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $282 Mil.
Total Current Liabilities was $1,138 Mil.
Long-Term Debt & Capital Lease Obligation was $1,196 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) |
| = | (1531.615 / 5715.308) | / | (1279.343 / 4420.598) |
| = | 0.267985 | / | 0.289405 |
| | = | 0.926 |
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) |
| = | (456.886 / 4420.598) | / | (587.491 / 5715.308) |
| = | 0.103354 | / | 0.102793 |
| | = | 1.0055 |
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 - (1885.233 + 836.436) / 3827.427) | / | (1 - (1704.385 + 696.66) / 3544.02) |
| = | 0.288904 | / | 0.322508 |
| | = | 0.8958 |
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 |
| = | 5715.308 | / | 4420.598 |
| | = | 1.2929 |
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)) |
| = | (99.157 / (99.157 + 696.66)) | / | (107.041 / (107.041 + 836.436)) |
| = | 0.124598 | / | 0.113454 |
| | = | 1.0982 |
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) |
| = | (328.733 / 5715.308) | / | (281.578 / 4420.598) |
| = | 0.057518 | / | 0.063697 |
| | = | 0.903 |
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) |
| = | ((1148.823 + 1335.035) / 3827.427) | / | ((1196.102 + 1138.064) / 3544.02) |
| = | 0.648963 | / | 0.658621 |
| | = | 0.9853 |
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 |
| = | (126.145 - -2.947 | - | 198.552) | / | 3827.427 |
| | = | -0.018148 |
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.
Primoris Services has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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