Tutor Perini Beneish M-Score Historical Data
The historical data trend for Tutor Perini'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.
Tutor Perini Beneish M-Score Chart
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Tutor Perini Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.33 |
-2.70 |
-2.29 |
3.34 |
-3.45 |
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Tutor Perini 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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3.34 |
-7.23 |
-1.04 |
-1.69 |
-3.45 |
Competitive Comparison of Tutor Perini's Beneish M-Score
For the Engineering & Construction subindustry, Tutor Perini'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.
Tutor Perini's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Tutor Perini's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tutor Perini's Beneish M-Score falls into.
Tutor Perini 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 Tutor Perini 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 * 0.8662 | + | 0.528 * 0.2156 | + | 0.404 * 1.117 | + | 0.892 * 1.0236 | + | 0.115 * 1.3862 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0638 | + | 4.679 * -0.112154 | - | 0.327 * 1.044 |
| = | -3.45 |
* 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 $2,779 Mil.
Revenue was 1021.471 + 1060.705 + 1021.751 + 776.3 = $3,880 Mil.
Gross Profit was 48.919 + 50.913 + 64.961 + -24.169 = $141 Mil.
Total Current Assets was $3,521 Mil.
Total Assets was $4,430 Mil.
Property, Plant and Equipment(Net PPE) was $441 Mil.
Depreciation, Depletion and Amortization(DDA) was $45 Mil.
Selling, General, & Admin. Expense(SGA) was $255 Mil.
Total Current Liabilities was $2,125 Mil.
Long-Term Debt & Capital Lease Obligation was $782 Mil.
Net Income was -47.529 + -36.896 + -37.534 + -49.196 = $-171 Mil.
Non Operating Income was 4.758 + 2.967 + 3.058 + 6.417 = $17 Mil.
Cash Flow from Operations was 127.66 + 103.161 + 56.322 + 21.328 = $308 Mil.
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Total Receivables was $3,134 Mil.
Revenue was 906.648 + 1070.926 + 861.027 + 952.154 = $3,791 Mil.
Gross Profit was -36.85 + 50.34 + -34.223 + 50.345 = $30 Mil.
Total Current Assets was $3,679 Mil.
Total Assets was $4,543 Mil.
Property, Plant and Equipment(Net PPE) was $435 Mil.
Depreciation, Depletion and Amortization(DDA) was $64 Mil.
Selling, General, & Admin. Expense(SGA) was $234 Mil.
Total Current Liabilities was $1,968 Mil.
Long-Term Debt & Capital Lease Obligation was $888 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) |
| = | (2778.786 / 3880.227) | / | (3134.169 / 3790.755) |
| = | 0.71614 | / | 0.826793 |
| | = | 0.8662 |
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) |
| = | (29.612 / 3790.755) | / | (140.624 / 3880.227) |
| = | 0.007812 | / | 0.036241 |
| | = | 0.2156 |
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 - (3521.354 + 441.291) / 4429.856) | / | (1 - (3678.771 + 435.088) / 4542.8) |
| = | 0.105469 | / | 0.094422 |
| | = | 1.117 |
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 |
| = | 3880.227 | / | 3790.755 |
| | = | 1.0236 |
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)) |
| = | (64.364 / (64.364 + 435.088)) | / | (45.229 / (45.229 + 441.291)) |
| = | 0.128869 | / | 0.092964 |
| | = | 1.3862 |
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) |
| = | (255.221 / 3880.227) | / | (234.376 / 3790.755) |
| = | 0.065775 | / | 0.061828 |
| | = | 1.0638 |
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) |
| = | ((782.314 + 2124.953) / 4429.856) | / | ((888.154 + 1967.527) / 4542.8) |
| = | 0.656289 | / | 0.628617 |
| | = | 1.044 |
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 |
| = | (-171.155 - 17.2 | - | 308.471) | / | 4429.856 |
| | = | -0.112154 |
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.
Tutor Perini has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.
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