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Willbros Group (Willbros Group) Beneish M-Score : 0.00 (As of Apr. 26, 2024)


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What is Willbros Group Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Willbros Group's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Willbros Group was 0.00. The lowest was 0.00. And the median was 0.00.


Willbros Group Beneish M-Score Historical Data

The historical data trend for Willbros 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.

* Premium members only.

Willbros Group Beneish M-Score Chart

Willbros Group Annual Data
Trend Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.62 -2.45 -1.30 -3.13 -4.78

Willbros Group Quarterly Data
Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.95 -2.88 -1.19 -4.78 -4.69

Competitive Comparison of Willbros Group's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, Willbros 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.


Willbros Group's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Willbros Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Willbros Group's Beneish M-Score falls into.



Willbros 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 Willbros 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 * 1.1029+0.528 * -2.3214+0.404 * 0.968+0.892 * 1.2735+0.115 * 0.8777
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8434+4.679 * -0.10712-0.327 * 1.4605
=-4.55

* 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 (Mar18) TTM:Last Year (Mar17) TTM:
Total Receivables was $156.2 Mil.
Revenue was 200.98 + 217.863 + 240.773 + 227.447 = $887.1 Mil.
Gross Profit was 7.686 + -31.327 + -12.188 + 17.079 = $-18.8 Mil.
Total Current Assets was $206.3 Mil.
Total Assets was $349.0 Mil.
Property, Plant and Equipment(Net PPE) was $24.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.4 Mil.
Selling, General, & Admin. Expense(SGA) was $62.8 Mil.
Total Current Liabilities was $298.7 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -16.965 + -55.021 + -34.205 + -1.102 = $-107.3 Mil.
Non Operating Income was 6.082 + -1.964 + 0.126 + -0.263 = $4.0 Mil.
Cash Flow from Operations was -26.343 + -28.854 + -23.149 + 4.461 = $-73.9 Mil.
Total Receivables was $111.2 Mil.
Revenue was 163.9 + 164.392 + 174.821 + 193.442 = $696.6 Mil.
Gross Profit was 1.681 + 5.325 + 12.015 + 15.157 = $34.2 Mil.
Total Current Assets was $202.9 Mil.
Total Assets was $366.3 Mil.
Property, Plant and Equipment(Net PPE) was $35.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.3 Mil.
Selling, General, & Admin. Expense(SGA) was $58.5 Mil.
Total Current Liabilities was $127.1 Mil.
Long-Term Debt & Capital Lease Obligation was $87.5 Mil.




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)
=(156.175 / 887.063) / (111.189 / 696.555)
=0.176059 / 0.159627
=1.1029

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)
=(34.178 / 696.555) / (-18.75 / 887.063)
=0.049067 / -0.021137
=-2.3214

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 - (206.316 + 24.776) / 349.039) / (1 - (202.895 + 35.52) / 366.285)
=0.337919 / 0.3491
=0.968

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
=887.063 / 696.555
=1.2735

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))
=(21.268 / (21.268 + 35.52)) / (18.44 / (18.44 + 24.776))
=0.374516 / 0.426694
=0.8777

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)
=(62.799 / 887.063) / (58.471 / 696.555)
=0.070794 / 0.083943
=0.8434

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)
=((0 + 298.68) / 349.039) / ((87.466 + 127.139) / 366.285)
=0.855721 / 0.585896
=1.4605

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
=(-107.293 - 3.981 - -73.885) / 349.039
=-0.10712

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.

Willbros Group has a M-score of -4.55 suggests that the company is unlikely to be a manipulator.


Willbros Group Beneish M-Score Related Terms

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Willbros Group (Willbros Group) Business Description

Traded in Other Exchanges
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Address
Willbros Group Inc is a specialty energy infrastructure contractor operating in the United States. It is engaged in serving the oil and gas and power industries with offerings including construction, maintenance, and facilities development services. The company operates through three segments namely Oil and Gas, Utility T&D and Canada. The Oil and Gas segment provides construction, maintenance, and lifecycle extension services to the midstream markets. The Utility T&D segment provides a range of services in electric and natural gas transmission and distribution (T&D). The Canada segment provides construction, maintenance, and fabrication services to Canadian energy and water industries. The majority of the company's revenue comes from the United States.