Meshulam Levinstein Contracting & Engineering (XTAE:LEVI) Beneish M-Score : -1.74 (As of Apr. 08, 2025)

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What is Meshulam Levinstein Contracting & Engineering 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.

Warning Sign:

Beneish M-Score -1.74 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Meshulam Levinstein Contracting & Engineering's Beneish M-Score or its related term are showing as below:

XTAE:LEVI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88 Med: -1.89 Max: -1.43
Current: -1.74

During the past 13 years, the highest Beneish M-Score of Meshulam Levinstein Contracting & Engineering was -1.43. The lowest was -2.88. And the median was -1.89.

Meshulam Levinstein Contracting & Engineering Beneish M-Score Historical Data

The historical data trend for Meshulam Levinstein Contracting & Engineering'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.

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Meshulam Levinstein Contracting & Engineering Beneish M-Score Chart

Meshulam Levinstein Contracting & Engineering Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.93

-2.88

-1.79

-2.66

-1.74

Meshulam Levinstein Contracting & Engineering Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.66	-2.08	-2.07	-1.56	-1.74

Competitive Comparison of Meshulam Levinstein Contracting & Engineering's Beneish M-Score

For the Engineering & Construction subindustry, Meshulam Levinstein Contracting & Engineering'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.

Meshulam Levinstein Contracting & Engineering's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Meshulam Levinstein Contracting & Engineering's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Meshulam Levinstein Contracting & Engineering's Beneish M-Score falls into.

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Meshulam Levinstein Contracting & Engineering 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 Meshulam Levinstein Contracting & Engineering for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.556

0.528 * 1.1259

0.404 * 1.0304

0.892 * 1.0253

0.115 * 0.9935

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9799

4.679 * 0.027707

0.327 * 1.0015

-1.74

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₪122.9 Mil.
Revenue was 153.685 + 175.024 + 136.768 + 165.435 = ₪630.9 Mil.
Gross Profit was 42.18 + 43.119 + 40.292 + 43.729 = ₪169.3 Mil.
Total Current Assets was ₪794.0 Mil.
Total Assets was ₪3,756.8 Mil.
Property, Plant and Equipment(Net PPE) was ₪21.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪6.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₪9.3 Mil.
Total Current Liabilities was ₪801.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₪984.3 Mil.
Net Income was -11.089 + 13.883 + 18.163 + 10.022 = ₪31.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was 9.882 + -28.386 + -35.677 + -18.93 = ₪-73.1 Mil.

Total Receivables was ₪77.0 Mil.
Revenue was 143.162 + 139.35 + 146.362 + 186.47 = ₪615.3 Mil.
Gross Profit was 41.781 + 40.476 + 45.089 + 58.59 = ₪185.9 Mil.
Total Current Assets was ₪863.9 Mil.
Total Assets was ₪3,709.5 Mil.
Property, Plant and Equipment(Net PPE) was ₪26.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪8.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₪9.3 Mil.
Total Current Liabilities was ₪1,047.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₪713.5 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)
	=	(122.905 / 630.912)	/	(77.038 / 615.344)
	=	0.194805	/	0.125195
	=	1.556

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)
	=	(185.936 / 615.344)	/	(169.32 / 630.912)
	=	0.302166	/	0.268373
	=	1.1259

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 - (794.031 + 20.987) / 3756.814)	/	(1 - (863.884 + 26.623) / 3709.543)
	=	0.783056	/	0.759942
	=	1.0304

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
	=	630.912	/	615.344
	=	1.0253

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))
	=	(8.489 / (8.489 + 26.623))	/	(6.75 / (6.75 + 20.987))
	=	0.241769	/	0.243357
	=	0.9935

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)
	=	(9.311 / 630.912)	/	(9.267 / 615.344)
	=	0.014758	/	0.01506
	=	0.9799

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)
	=	((984.26 + 801.281) / 3756.814)	/	((713.454 + 1047.055) / 3709.543)
	=	0.475281	/	0.474589
	=	1.0015

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
	=	(30.979 - 0	-	-73.111)	/	3756.814
	=	0.027707

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.

Meshulam Levinstein Contracting & Engineering has a M-score of -1.74 signals that the company is likely to be a manipulator.

Meshulam Levinstein Contracting & Engineering Beneish M-Score Related Terms

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Meshulam Levinstein Contracting & Engineering Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Meshulam Levinstein Contracting & Engineering Ltd (XTAE:LEVI) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

23 Menachem Begin Road, Tel Aviv, ISR

Website

http://www.levinstein.co.il

Meshulam Levinstein Contracting & Engineering Ltd is an Israel-based company. It is engaged in the engineering, construction, and real estate businesses. The company constructs and develops office buildings, public buildings, and buildings for the hi-tech industry, housing units, apartment buildings, and residential neighborhoods, and shopping centers and commercial buildings. It also focuses on infrastructure work, bridge building, and construction contracting activities.