Jacobs Solutions Beneish M-Score Historical Data
The historical data trend for Jacobs Solutions'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.
Jacobs Solutions Beneish M-Score Chart
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Jacobs Solutions Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.78 |
-2.42 |
-2.67 |
-2.43 |
-2.47 |
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Jacobs Solutions 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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-2.30 |
-2.27 |
-2.43 |
-2.47 |
-2.50 |
Competitive Comparison of Jacobs Solutions's Beneish M-Score
For the Engineering & Construction subindustry, Jacobs Solutions'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.
Jacobs Solutions's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Jacobs Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jacobs Solutions's Beneish M-Score falls into.
Jacobs Solutions 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 Jacobs Solutions 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 * 0.981 | + | 0.528 * 1.0386 | + | 0.404 * 0.9903 | + | 0.892 * 1.0894 | + | 0.115 * 0.943 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9569 | + | 4.679 * -0.024925 | - | 0.327 * 0.9592 |
| = | -2.50 |
* 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 $3,677 Mil.
Revenue was 4159.225 + 4288.712 + 4186.702 + 4078.332 = $16,713 Mil.
Gross Profit was 850.538 + 911.566 + 856.743 + 890.294 = $3,509 Mil.
Total Current Assets was $4,975 Mil.
Total Assets was $14,952 Mil.
Property, Plant and Equipment(Net PPE) was $759 Mil.
Depreciation, Depletion and Amortization(DDA) was $306 Mil.
Selling, General, & Admin. Expense(SGA) was $2,468 Mil.
Total Current Liabilities was $3,645 Mil.
Long-Term Debt & Capital Lease Obligation was $3,358 Mil.
Net Income was 171.61 + 149.38 + 164.239 + 216.512 = $702 Mil.
Non Operating Income was -3.195 + -1.543 + -7.099 + -4.567 = $-16 Mil.
Cash Flow from Operations was 418.361 + 219.363 + 321.061 + 132.042 = $1,091 Mil.
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Total Receivables was $3,440 Mil.
Revenue was 3798.668 + 3881.048 + 3827.093 + 3834.059 = $15,341 Mil.
Gross Profit was 814.713 + 835.681 + 824.475 + 870.41 = $3,345 Mil.
Total Current Assets was $4,808 Mil.
Total Assets was $14,918 Mil.
Property, Plant and Equipment(Net PPE) was $823 Mil.
Depreciation, Depletion and Amortization(DDA) was $306 Mil.
Selling, General, & Admin. Expense(SGA) was $2,367 Mil.
Total Current Liabilities was $3,241 Mil.
Long-Term Debt & Capital Lease Obligation was $4,042 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) |
| = | (3676.508 / 16712.971) | / | (3439.94 / 15340.868) |
| = | 0.219979 | / | 0.224234 |
| | = | 0.981 |
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) |
| = | (3345.279 / 15340.868) | / | (3509.141 / 16712.971) |
| = | 0.218063 | / | 0.209965 |
| | = | 1.0386 |
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 - (4975.268 + 759.053) / 14952.204) | / | (1 - (4807.746 + 823.115) / 14918.173) |
| = | 0.61649 | / | 0.62255 |
| | = | 0.9903 |
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 |
| = | 16712.971 | / | 15340.868 |
| | = | 1.0894 |
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)) |
| = | (305.664 / (305.664 + 823.115)) | / | (305.788 / (305.788 + 759.053)) |
| = | 0.270792 | / | 0.287168 |
| | = | 0.943 |
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) |
| = | (2467.645 / 16712.971) | / | (2366.957 / 15340.868) |
| = | 0.147648 | / | 0.154291 |
| | = | 0.9569 |
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) |
| = | ((3357.55 + 3644.546) / 14952.204) | / | ((4041.992 + 3241.262) / 14918.173) |
| = | 0.468299 | / | 0.488214 |
| | = | 0.9592 |
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 |
| = | (701.741 - -16.404 | - | 1090.827) | / | 14952.204 |
| | = | -0.024925 |
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.
Jacobs Solutions has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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