Dycom Industries Beneish M-Score Historical Data
The historical data trend for Dycom Industries'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.
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Dycom Industries Annual Data
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Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.27 |
-3.28 |
-3.22 |
-2.41 |
-2.47 |
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Dycom Industries Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.41 |
-2.33 |
-2.53 |
-2.34 |
-2.47 |
Competitive Comparison
For the Engineering & Construction subindustry, Dycom Industries'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.
Dycom Industries Beneish M-Score Distribution
For the Construction industry and Industrials sector, Dycom Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dycom Industries's Beneish M-Score falls into.
Dycom Industries 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 Dycom Industries 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 * 1.0622 | + | 0.528 * 0.8733 | + | 0.404 * 1.0624 | + | 0.892 * 1.0964 | + | 0.115 * 1.0444 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0184 | + | 4.679 * -0.024499 | - | 0.327 * 0.9367 |
| = | -2.47 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $1,299 Mil.
Revenue was 952.455 + 1136.11 + 1041.535 + 1045.474 = $4,176 Mil.
Gross Profit was 161.077 + 249.448 + 211.126 + 192.108 = $814 Mil.
Total Current Assets was $1,550 Mil.
Total Assets was $2,517 Mil.
Property, Plant and Equipment(Net PPE) was $521 Mil.
Depreciation, Depletion and Amortization(DDA) was $163 Mil.
Selling, General, & Admin. Expense(SGA) was $328 Mil.
Total Current Liabilities was $506 Mil.
Long-Term Debt & Capital Lease Obligation was $836 Mil.
Net Income was 23.418 + 83.736 + 60.246 + 51.523 = $219 Mil.
Non Operating Income was -3.803 + 9.137 + 8.084 + 8.191 = $22 Mil.
Cash Flow from Operations was 325.087 + -37.264 + 56.27 + -85.117 = $259 Mil.
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Total Receivables was $1,115 Mil.
Revenue was 917.466 + 1042.423 + 972.273 + 876.3 = $3,808 Mil.
Gross Profit was 151.808 + 191.526 + 174.293 + 130.57 = $648 Mil.
Total Current Assets was $1,493 Mil.
Total Assets was $2,313 Mil.
Property, Plant and Equipment(Net PPE) was $435 Mil.
Depreciation, Depletion and Amortization(DDA) was $144 Mil.
Selling, General, & Admin. Expense(SGA) was $293 Mil.
Total Current Liabilities was $470 Mil.
Long-Term Debt & Capital Lease Obligation was $847 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) |
| = | (1298.7 / 4175.574) | / | (1115.151 / 3808.462) |
| = | 0.311023 | / | 0.292809 |
| | = | 1.0622 |
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) |
| = | (648.197 / 3808.462) | / | (813.759 / 4175.574) |
| = | 0.170199 | / | 0.194886 |
| | = | 0.8733 |
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 - (1550.036 + 521.257) / 2516.885) | / | (1 - (1492.68 + 435.092) / 2313.254) |
| = | 0.177041 | / | 0.166641 |
| | = | 1.0624 |
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 |
| = | 4175.574 | / | 3808.462 |
| | = | 1.0964 |
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)) |
| = | (144.181 / (144.181 + 435.092)) | / | (163.092 / (163.092 + 521.257)) |
| = | 0.2489 | / | 0.238317 |
| | = | 1.0444 |
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) |
| = | (327.675 / 4175.574) | / | (293.478 / 3808.462) |
| = | 0.078474 | / | 0.077059 |
| | = | 1.0184 |
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) |
| = | ((835.525 + 506.304) / 2516.885) | / | ((846.995 + 469.551) / 2313.254) |
| = | 0.533131 | / | 0.569132 |
| | = | 0.9367 |
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 |
| = | (218.923 - 21.609 | - | 258.976) | / | 2516.885 |
| | = | -0.024499 |
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.
Dycom Industries has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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