Aecon Group Beneish M-Score Historical Data
The historical data trend for Aecon 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.
Aecon Group Beneish M-Score Chart
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Aecon Group Annual Data
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Dec14 |
Dec15 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.72 |
-2.19 |
-2.01 |
-2.58 |
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Aecon Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar23 |
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Mar24 |
| Beneish M-Score |
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-2.44 |
-2.27 |
-2.29 |
-2.58 |
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Competitive Comparison of Aecon Group's Beneish M-Score
For the Engineering & Construction subindustry, Aecon 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.
Aecon Group's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Aecon Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aecon Group's Beneish M-Score falls into.
Aecon 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 Aecon 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 * 1.0959 | + | 0.528 * 1.3081 | + | 0.404 * 1.8415 | + | 0.892 * 0.9098 | + | 0.115 * 1.2723 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9773 | + | 4.679 * -0.026746 | - | 0.327 * 0.8659 |
| = | -2.02 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was C$1,735 Mil.
Revenue was 846.592 + 1130.185 + 1239.584 + 1166.918 = C$4,383 Mil.
Gross Profit was 62.786 + 97.95 + 45.7 + 45.143 = C$252 Mil.
Total Current Assets was C$2,283 Mil.
Total Assets was C$3,047 Mil.
Property, Plant and Equipment(Net PPE) was C$297 Mil.
Depreciation, Depletion and Amortization(DDA) was C$75 Mil.
Selling, General, & Admin. Expense(SGA) was C$176 Mil.
Total Current Liabilities was C$1,680 Mil.
Long-Term Debt & Capital Lease Obligation was C$183 Mil.
Net Income was -6.117 + 9.695 + 133.425 + 28.208 = C$165 Mil.
Non Operating Income was 3.471 + -5.855 + 143.368 + 74.843 = C$216 Mil.
Cash Flow from Operations was -149.921 + 176.527 + 110.631 + -106.367 = C$31 Mil.
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Total Receivables was C$1,740 Mil.
Revenue was 1107.155 + 1266.784 + 1320.514 + 1123.238 = C$4,818 Mil.
Gross Profit was 66.833 + 98.704 + 118.632 + 77.529 = C$362 Mil.
Total Current Assets was C$3,049 Mil.
Total Assets was C$3,623 Mil.
Property, Plant and Equipment(Net PPE) was C$273 Mil.
Depreciation, Depletion and Amortization(DDA) was C$94 Mil.
Selling, General, & Admin. Expense(SGA) was C$198 Mil.
Total Current Liabilities was C$2,392 Mil.
Long-Term Debt & Capital Lease Obligation was C$166 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) |
| = | (1735.458 / 4383.279) | / | (1740.467 / 4817.691) |
| = | 0.395927 | / | 0.361266 |
| | = | 1.0959 |
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) |
| = | (361.698 / 4817.691) | / | (251.579 / 4383.279) |
| = | 0.075077 | / | 0.057395 |
| | = | 1.3081 |
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 - (2283.196 + 296.584) / 3046.713) | / | (1 - (3048.898 + 272.597) / 3623.023) |
| = | 0.153258 | / | 0.083226 |
| | = | 1.8415 |
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 |
| = | 4383.279 | / | 4817.691 |
| | = | 0.9098 |
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)) |
| = | (94.203 / (94.203 + 272.597)) | / | (75.006 / (75.006 + 296.584)) |
| = | 0.256824 | / | 0.201852 |
| | = | 1.2723 |
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) |
| = | (175.676 / 4383.279) | / | (197.566 / 4817.691) |
| = | 0.040079 | / | 0.041008 |
| | = | 0.9773 |
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) |
| = | ((182.875 + 1679.518) / 3046.713) | / | ((165.74 + 2391.983) / 3623.023) |
| = | 0.611279 | / | 0.705964 |
| | = | 0.8659 |
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 |
| = | (165.211 - 215.827 | - | 30.87) | / | 3046.713 |
| | = | -0.026746 |
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.
Aecon Group has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.
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