Granite Construction Beneish M-Score Historical Data
The historical data trend for Granite Construction'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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Granite Construction Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-3.78 |
-2.81 |
-2.04 |
-2.48 |
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Granite Construction 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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-2.04 |
-1.98 |
-2.02 |
-2.54 |
-2.48 |
Competitive Comparison
For the Engineering & Construction subindustry, Granite Construction'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.
Granite Construction Beneish M-Score Distribution
For the Construction industry and Industrials sector, Granite Construction's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Granite Construction's Beneish M-Score falls into.
Granite Construction 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 Granite Construction 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 * 1.1484 | + | 0.528 * 0.9908 | + | 0.404 * 1.2601 | + | 0.892 * 1.063 | + | 0.115 * 1.1636 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0162 | + | 4.679 * -0.053019 | - | 0.327 * 1.1787 |
| = | -2.48 |
* 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 $862 Mil.
Revenue was 933.698 + 1116.82 + 898.552 + 560.068 = $3,509 Mil.
Gross Profit was 94.311 + 166.643 + 103.086 + 32.359 = $396 Mil.
Total Current Assets was $1,643 Mil.
Total Assets was $2,814 Mil.
Property, Plant and Equipment(Net PPE) was $741 Mil.
Depreciation, Depletion and Amortization(DDA) was $92 Mil.
Selling, General, & Admin. Expense(SGA) was $294 Mil.
Total Current Liabilities was $1,030 Mil.
Long-Term Debt & Capital Lease Obligation was $678 Mil.
Net Income was 25.998 + 57.624 + -17 + -23.023 = $44 Mil.
Non Operating Income was 30.23 + 8.497 + -38.839 + 9.174 = $9 Mil.
Cash Flow from Operations was 149.509 + 153.146 + -42.26 + -76.688 = $184 Mil.
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Total Receivables was $706 Mil.
Revenue was 789.213 + 1008.91 + 849.247 + 653.886 = $3,301 Mil.
Gross Profit was 96.781 + 115.055 + 97.566 + 60.092 = $369 Mil.
Total Current Assets was $1,347 Mil.
Total Assets was $2,168 Mil.
Property, Plant and Equipment(Net PPE) was $558 Mil.
Depreciation, Depletion and Amortization(DDA) was $83 Mil.
Selling, General, & Admin. Expense(SGA) was $273 Mil.
Total Current Liabilities was $798 Mil.
Long-Term Debt & Capital Lease Obligation was $319 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) |
| = | (861.692 / 3509.138) | / | (705.903 / 3301.256) |
| = | 0.245557 | / | 0.213829 |
| | = | 1.1484 |
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) |
| = | (369.494 / 3301.256) | / | (396.399 / 3509.138) |
| = | 0.111925 | / | 0.112962 |
| | = | 0.9908 |
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 - (1643.451 + 741.04) / 2813.54) | / | (1 - (1347.296 + 558.289) / 2167.933) |
| = | 0.152494 | / | 0.121013 |
| | = | 1.2601 |
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 |
| = | 3509.138 | / | 3301.256 |
| | = | 1.063 |
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)) |
| = | (82.569 / (82.569 + 558.289)) | / | (92.27 / (92.27 + 741.04)) |
| = | 0.128841 | / | 0.110727 |
| | = | 1.1636 |
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) |
| = | (294.466 / 3509.138) | / | (272.61 / 3301.256) |
| = | 0.083914 | / | 0.082578 |
| | = | 1.0162 |
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) |
| = | ((678.329 + 1029.883) / 2813.54) | / | ((319.104 + 797.594) / 2167.933) |
| = | 0.60714 | / | 0.515098 |
| | = | 1.1787 |
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 |
| = | (43.599 - 9.062 | - | 183.707) | / | 2813.54 |
| | = | -0.053019 |
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.
Granite Construction has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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