Sterling Infrastructure Beneish M-Score Historical Data
The historical data trend for Sterling Infrastructure'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.
Sterling Infrastructure Beneish M-Score Chart
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Sterling Infrastructure Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.68 |
-3.10 |
-2.73 |
-2.66 |
-3.50 |
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Sterling Infrastructure Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.33 |
-3.50 |
-3.40 |
-3.24 |
-3.31 |
Competitive Comparison of Sterling Infrastructure's Beneish M-Score
For the Engineering & Construction subindustry, Sterling Infrastructure'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.
Sterling Infrastructure's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Sterling Infrastructure's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sterling Infrastructure's Beneish M-Score falls into.
Sterling Infrastructure 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 Sterling Infrastructure 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 * 0.8568 | + | 0.528 * 0.8322 | + | 0.404 * 0.9379 | + | 0.892 * 1.0869 | + | 0.115 * 0.9685 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0762 | + | 4.679 * -0.140865 | - | 0.327 * 0.9519 |
| = | -3.31 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $417 Mil.
Revenue was 593.741 + 582.822 + 440.36 + 485.978 = $2,103 Mil.
Gross Profit was 129.799 + 112.743 + 76.904 + 91.755 = $411 Mil.
Total Current Assets was $1,084 Mil.
Total Assets was $2,024 Mil.
Property, Plant and Equipment(Net PPE) was $325 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $112 Mil.
Total Current Liabilities was $839 Mil.
Long-Term Debt & Capital Lease Obligation was $332 Mil.
Net Income was 61.321 + 51.879 + 31.048 + 40.173 = $184 Mil.
Non Operating Income was -0.072 + -0.101 + -0.036 + -0.521 = $-1 Mil.
Cash Flow from Operations was 152.274 + 120.97 + 49.591 + 147.369 = $470 Mil.
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Total Receivables was $448 Mil.
Revenue was 560.347 + 522.325 + 403.579 + 448.607 = $1,935 Mil.
Gross Profit was 91.867 + 92.274 + 61.742 + 68.966 = $315 Mil.
Total Current Assets was $876 Mil.
Total Assets was $1,724 Mil.
Property, Plant and Equipment(Net PPE) was $290 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $96 Mil.
Total Current Liabilities was $686 Mil.
Long-Term Debt & Capital Lease Obligation was $362 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) |
| = | (417.432 / 2102.901) | / | (448.251 / 1934.858) |
| = | 0.198503 | / | 0.231671 |
| | = | 0.8568 |
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) |
| = | (314.849 / 1934.858) | / | (411.201 / 2102.901) |
| = | 0.162725 | / | 0.19554 |
| | = | 0.8322 |
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 - (1083.645 + 325.28) / 2023.585) | / | (1 - (875.964 + 289.55) / 1723.805) |
| = | 0.303748 | / | 0.323871 |
| | = | 0.9379 |
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 |
| = | 2102.901 | / | 1934.858 |
| | = | 1.0869 |
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)) |
| = | (56.045 / (56.045 + 289.55)) | / | (65.42 / (65.42 + 325.28)) |
| = | 0.16217 | / | 0.167443 |
| | = | 0.9685 |
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) |
| = | (111.937 / 2102.901) | / | (95.696 / 1934.858) |
| = | 0.05323 | / | 0.049459 |
| | = | 1.0762 |
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) |
| = | ((331.63 + 839.036) / 2023.585) | / | ((361.793 + 685.837) / 1723.805) |
| = | 0.578511 | / | 0.607743 |
| | = | 0.9519 |
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 |
| = | (184.421 - -0.73 | - | 470.204) | / | 2023.585 |
| | = | -0.140865 |
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.
Sterling Infrastructure has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.
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