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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.
Good Sign:
Beneish M-Score -3.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for MasTec's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of MasTec was -1.68. The lowest was -3.34. And the median was -2.64.
The historical data trend for MasTec'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.
MasTec Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.63 | -3.20 | -2.44 | -2.35 | -2.86 |
MasTec Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.35 | -2.47 | -2.86 | -3.08 | -3.24 |
For the Engineering & Construction subindustry, MasTec'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.
For the Construction industry and Industrials sector, MasTec's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MasTec's Beneish M-Score falls into.
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 MasTec 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 * 0.7768 | + | 0.528 * 0.9731 | + | 0.404 * 1.0416 | + | 0.892 * 1.1097 | + | 0.115 * 0.9254 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0045 | + | 4.679 * -0.137879 | - | 0.327 * 0.9893 | |||||||
= | -3.24 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $2,876 Mil. Revenue was 2961.086 + 2686.849 + 3280.083 + 3257.077 = $12,185 Mil. Gross Profit was 420.639 + 307.177 + 367.713 + 399.959 = $1,495 Mil. Total Current Assets was $3,477 Mil. Total Assets was $8,679 Mil. Property, Plant and Equipment(Net PPE) was $1,934 Mil. Depreciation, Depletion and Amortization(DDA) was $586 Mil. Selling, General, & Admin. Expense(SGA) was $691 Mil. Total Current Liabilities was $2,748 Mil. Long-Term Debt & Capital Lease Obligation was $2,643 Mil. Net Income was 33.988 + -41.18 + 0.753 + 14.296 = $8 Mil. Non Operating Income was -4.123 + 6.006 + 21.824 + 23.41 = $47 Mil. Cash Flow from Operations was 264.449 + 107.75 + 490.705 + 294.482 = $1,157 Mil. |
Total Receivables was $3,336 Mil. Revenue was 2874.115 + 2584.659 + 3008.361 + 2513.484 = $10,981 Mil. Gross Profit was 389.335 + 225.165 + 371.29 + 325.649 = $1,311 Mil. Total Current Assets was $3,829 Mil. Total Assets was $9,288 Mil. Property, Plant and Equipment(Net PPE) was $2,101 Mil. Depreciation, Depletion and Amortization(DDA) was $576 Mil. Selling, General, & Admin. Expense(SGA) was $620 Mil. Total Current Liabilities was $2,441 Mil. Long-Term Debt & Capital Lease Obligation was $3,391 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) |
= | (2875.543 / 12185.095) | / | (3335.948 / 10980.619) | |
= | 0.235989 | / | 0.303803 | |
= | 0.7768 |
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) | |
= | (1311.439 / 10980.619) | / | (1495.488 / 12185.095) | |
= | 0.119432 | / | 0.122731 | |
= | 0.9731 |
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 - (3477.064 + 1933.553) / 8678.986) | / | (1 - (3829.004 + 2100.76) / 9287.82) | |
= | 0.376584 | / | 0.361555 | |
= | 1.0416 |
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 | |
= | 12185.095 | / | 10980.619 | |
= | 1.1097 |
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)) |
= | (575.962 / (575.962 + 2100.76)) | / | (585.767 / (585.767 + 1933.553)) | |
= | 0.215174 | / | 0.23251 | |
= | 0.9254 |
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) |
= | (691.447 / 12185.095) | / | (620.331 / 10980.619) | |
= | 0.056745 | / | 0.056493 | |
= | 1.0045 |
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) |
= | ((2642.754 + 2747.909) / 8678.986) | / | ((3390.553 + 2440.835) / 9287.82) | |
= | 0.621117 | / | 0.627853 | |
= | 0.9893 |
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 | |
= | (7.857 - 47.117 | - | 1157.386) | / | 8678.986 | |
= | -0.137879 |
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.
MasTec has a M-score of -3.24 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of MasTec's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Robert E Apple | officer: Chief Operations Officer | 800 S DOUGLAS ROAD, 12TH FLOOR, CORAL GABLES FL 33134 |
C Robert Campbell | officer: EVP & CFO | 800 DOUGLAS ROAD, 12TH FLOOR, CORAL GABLES FL 33134 |
Ernst N Csiszar | director | 2600 S RIVER ROAD, DES PLAINES IL 60018 |
Javier Alberto Palomarez | director | 3405 PINNEY POINT DRIVE, FLOWER MOUND TX 75022 |
Paul Dimarco | officer: CFO | 800 S. DOUGLAS ROAD, SUITE 1200, CORAL GABLES FL 33134 |
Timothy Michael Love | officer: CAO | 8915 GEORGE WILLIAMS RD., KNOXVILLE TN 37923 |
Ava L Parker | director | 1469 HARRINGTON PARK DRIVE, JACKSONVILLE FL 32225 |
De Cardenas Alberto I | officer: Executive Vice President | 800 S DOUGLAS ROAD, 12TH FLOOR, CORAL GABLES X1 33134 |
George Pita | officer: CFO | 3000 NW 107TH AVENUE, MIAMI FL 33172 |
Robert J Dwyer | director | 880 SOUTH OCEAN BOULEVARD, PALM BEACH FL 33480 |
Jose S Sorzano | director | AUSTIN GROUP INC, 5305 LEE HIGHWAY NORTH, ARLINGTON VA 22207 |
Julia L Johnson | director | NETCOMMUNICATIONS LLC, 614 GRAND HIGHWAY, CLAREMONT FL 34711 |
Jorge Mas | director, 10 percent owner | 800 DOUGLAS ROAD, 12TH FLOOR, CORAL GABLES FL 33134 |
Jose Ramon Mas | director, officer: EVP | 800 DOUGLAS ROAD, 12TH FLOOR, CORAL GABLES FL 33134 |
Daniel A Restrepo | director | C/O MASTEC, INC., 800 S. DOUGLAS RD., 12TH FLOOR, CORAL GABLES FL 33134 |
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