EMCOR Group Beneish M-Score Historical Data
The historical data trend for EMCOR Group'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.
EMCOR Group Beneish M-Score Chart
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EMCOR Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.07 |
-2.26 |
-2.42 |
-2.60 |
-2.72 |
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EMCOR Group 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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-2.72 |
-2.58 |
-2.75 |
-2.72 |
-2.49 |
Competitive Comparison of EMCOR Group's Beneish M-Score
For the Engineering & Construction subindustry, EMCOR Group'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.
EMCOR Group's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, EMCOR Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EMCOR Group's Beneish M-Score falls into.
EMCOR Group 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 EMCOR Group 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 * 1.0421 | + | 0.528 * 0.8843 | + | 0.404 * 1.2779 | + | 0.892 * 1.143 | + | 0.115 * 0.9605 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.038 | + | 4.679 * -0.041334 | - | 0.327 * 1.0668 |
| = | -2.49 |
* 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 $4,138 Mil.
Revenue was 3867.372 + 3770.019 + 3696.924 + 3666.897 = $15,001 Mil.
Gross Profit was 722.718 + 757.015 + 734.726 + 684.001 = $2,898 Mil.
Total Current Assets was $4,911 Mil.
Total Assets was $8,079 Mil.
Property, Plant and Equipment(Net PPE) was $588 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General, & Admin. Expense(SGA) was $1,495 Mil.
Total Current Liabilities was $4,222 Mil.
Long-Term Debt & Capital Lease Obligation was $548 Mil.
Net Income was 240.677 + 292.161 + 270.263 + 247.572 = $1,051 Mil.
Non Operating Income was 0.054 + 0.224 + 0.227 + 0 = $1 Mil.
Cash Flow from Operations was 108.471 + 469.492 + 526.444 + 279.694 = $1,384 Mil.
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Total Receivables was $3,474 Mil.
Revenue was 3432.276 + 3439.221 + 3207.598 + 3045.622 = $13,125 Mil.
Gross Profit was 589.309 + 617.745 + 545.472 + 490.06 = $2,243 Mil.
Total Current Assets was $4,508 Mil.
Total Assets was $6,687 Mil.
Property, Plant and Equipment(Net PPE) was $508 Mil.
Depreciation, Depletion and Amortization(DDA) was $120 Mil.
Selling, General, & Admin. Expense(SGA) was $1,260 Mil.
Total Current Liabilities was $3,431 Mil.
Long-Term Debt & Capital Lease Obligation was $270 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) |
| = | (4137.559 / 15001.212) | / | (3473.742 / 13124.717) |
| = | 0.275815 | / | 0.264672 |
| | = | 1.0421 |
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) |
| = | (2242.586 / 13124.717) | / | (2898.46 / 15001.212) |
| = | 0.170867 | / | 0.193215 |
| | = | 0.8843 |
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 - (4910.984 + 587.685) / 8078.872) | / | (1 - (4508.129 + 507.915) / 6687.327) |
| = | 0.319377 | / | 0.249918 |
| | = | 1.2779 |
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 |
| = | 15001.212 | / | 13124.717 |
| | = | 1.143 |
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)) |
| = | (120.055 / (120.055 + 507.915)) | / | (146.037 / (146.037 + 587.685)) |
| = | 0.19118 | / | 0.199036 |
| | = | 0.9605 |
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) |
| = | (1494.573 / 15001.212) | / | (1259.719 / 13124.717) |
| = | 0.09963 | / | 0.095981 |
| | = | 1.038 |
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) |
| = | ((547.856 + 4222.262) / 8078.872) | / | ((269.799 + 3431.485) / 6687.327) |
| = | 0.590444 | / | 0.553477 |
| | = | 1.0668 |
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 |
| = | (1050.673 - 0.505 | - | 1384.101) | / | 8078.872 |
| | = | -0.041334 |
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.
EMCOR Group has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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