Chicago Bridge & Iron Co NV Beneish M-Score Historical Data
The historical data trend for Chicago Bridge & Iron Co NV'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.
Chicago Bridge & Iron Co NV Beneish M-Score Chart
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Chicago Bridge & Iron Co NV Annual Data
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Dec08 |
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Dec14 |
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Dec17 |
| Beneish M-Score |
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-0.93 |
-2.35 |
-1.99 |
-3.58 |
0.87 |
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Chicago Bridge & Iron Co NV Quarterly Data
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Jun13 |
Sep13 |
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Mar14 |
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Mar18 |
| Beneish M-Score |
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-3.21 |
-1.97 |
0.12 |
0.87 |
-0.44 |
Competitive Comparison of Chicago Bridge & Iron Co NV's Beneish M-Score
For the Engineering & Construction subindustry, Chicago Bridge & Iron Co NV'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.
Chicago Bridge & Iron Co NV's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Chicago Bridge & Iron Co NV's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chicago Bridge & Iron Co NV's Beneish M-Score falls into.
Chicago Bridge & Iron Co NV 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 Chicago Bridge & Iron Co NV 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 * 1.2437 | + | 0.528 * 5.2431 | + | 0.404 * 1.1702 | + | 0.892 * 0.7943 | + | 0.115 * 1.1195 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1462 | + | 4.679 * -0.086263 | - | 0.327 * 1.1735 |
| = | -0.60 |
* 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 $1,159 Mil.
Revenue was 1745.619 + 2004.64 + 1737.764 + 1283.477 = $6,772 Mil.
Gross Profit was 173.099 + 257.628 + 82.762 + -378.057 = $135 Mil.
Total Current Assets was $1,820 Mil.
Total Assets was $6,021 Mil.
Property, Plant and Equipment(Net PPE) was $416 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General, & Admin. Expense(SGA) was $285 Mil.
Total Current Liabilities was $5,258 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 43.894 + -1067.468 + 10.039 + -425.419 = $-1,439 Mil.
Non Operating Income was 4.334 + -56.456 + -17.155 + 8.655 = $-61 Mil.
Cash Flow from Operations was -240.311 + -221.355 + -221.888 + -175.428 = $-859 Mil.
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Total Receivables was $1,173 Mil.
Revenue was 1827.352 + 2398.936 + 2137.877 + 2161.164 = $8,525 Mil.
Gross Profit was 150.951 + 268.09 + 216.983 + 257.955 = $894 Mil.
Total Current Assets was $3,232 Mil.
Total Assets was $8,064 Mil.
Property, Plant and Equipment(Net PPE) was $500 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $313 Mil.
Total Current Liabilities was $4,735 Mil.
Long-Term Debt & Capital Lease Obligation was $1,266 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) |
| = | (1158.712 / 6771.5) | / | (1172.975 / 8525.329) |
| = | 0.171116 | / | 0.137587 |
| | = | 1.2437 |
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) |
| = | (893.979 / 8525.329) | / | (135.432 / 6771.5) |
| = | 0.104862 | / | 0.02 |
| | = | 5.2431 |
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 - (1820.052 + 415.665) / 6020.573) | / | (1 - (3231.783 + 500.187) / 8063.971) |
| = | 0.628654 | / | 0.537204 |
| | = | 1.1702 |
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 |
| = | 6771.5 | / | 8525.329 |
| | = | 0.7943 |
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)) |
| = | (116.985 / (116.985 + 500.187)) | / | (84.722 / (84.722 + 415.665)) |
| = | 0.18955 | / | 0.169313 |
| | = | 1.1195 |
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) |
| = | (284.95 / 6771.5) | / | (312.999 / 8525.329) |
| = | 0.042081 | / | 0.036714 |
| | = | 1.1462 |
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 + 5257.574) / 6020.573) | / | ((1266.027 + 4734.616) / 8063.971) |
| = | 0.873268 | / | 0.74413 |
| | = | 1.1735 |
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 |
| = | (-1438.954 - -60.622 | - | -858.982) | / | 6020.573 |
| | = | -0.086263 |
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.
Chicago Bridge & Iron Co NV has a M-score of -0.60 signals that the company is likely to be a manipulator.
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