EMCOR Group Beneish M-Score Historical Data
The historical data trend for EMCOR 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.
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EMCOR Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-2.29 |
-3.07 |
-2.26 |
-2.42 |
-2.60 |
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EMCOR Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.43 |
-2.61 |
-2.52 |
-2.60 |
Competitive Comparison
For the Engineering & Construction subindustry, EMCOR 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.
EMCOR Group Beneish M-Score Distribution
For the Construction industry and Industrials sector, EMCOR Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EMCOR Group's Beneish M-Score falls into.
EMCOR 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 EMCOR 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 * 1.0764 | + | 0.528 * 0.8719 | + | 0.404 * 0.8543 | + | 0.892 * 1.136 | + | 0.115 * 1.04 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0264 | + | 4.679 * -0.039819 | - | 0.327 * 0.9857 |
| = | -2.60 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $3,473 Mil.
Revenue was 3439.221 + 3207.598 + 3045.622 + 2890.432 = $12,583 Mil.
Gross Profit was 617.745 + 545.472 + 490.06 + 436.062 = $2,089 Mil.
Total Current Assets was $4,447 Mil.
Total Assets was $6,610 Mil.
Property, Plant and Equipment(Net PPE) was $490 Mil.
Depreciation, Depletion and Amortization(DDA) was $119 Mil.
Selling, General, & Admin. Expense(SGA) was $1,211 Mil.
Total Current Liabilities was $3,518 Mil.
Long-Term Debt & Capital Lease Obligation was $262 Mil.
Net Income was 211.517 + 169.409 + 140.595 + 111.473 = $633 Mil.
Non Operating Income was -0.279 + -2.634 + -0.282 + -0.274 = $-3 Mil.
Cash Flow from Operations was 423.758 + 260.965 + 299.515 + -84.583 = $900 Mil.
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Total Receivables was $2,841 Mil.
Revenue was 2949.822 + 2826.361 + 2707.388 + 2592.549 = $11,076 Mil.
Gross Profit was 454.8 + 413.231 + 383.008 + 352.555 = $1,604 Mil.
Total Current Assets was $3,462 Mil.
Total Assets was $5,525 Mil.
Property, Plant and Equipment(Net PPE) was $426 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General, & Admin. Expense(SGA) was $1,039 Mil.
Total Current Liabilities was $2,754 Mil.
Long-Term Debt & Capital Lease Obligation was $452 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) |
| = | (3473.375 / 12582.873) | / | (2840.547 / 11076.12) |
| = | 0.27604 | / | 0.256457 |
| | = | 1.0764 |
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) |
| = | (1603.594 / 11076.12) | / | (2089.339 / 12582.873) |
| = | 0.144779 | / | 0.166046 |
| | = | 0.8719 |
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 - (4446.971 + 489.876) / 6609.721) | / | (1 - (3461.973 + 425.882) / 5524.607) |
| = | 0.253093 | / | 0.296266 |
| | = | 0.8543 |
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 |
| = | 12582.873 | / | 11076.12 |
| | = | 1.136 |
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)) |
| = | (108.611 / (108.611 + 425.882)) | / | (118.965 / (118.965 + 489.876)) |
| = | 0.203204 | / | 0.195396 |
| | = | 1.04 |
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) |
| = | (1211.233 / 12582.873) | / | (1038.717 / 11076.12) |
| = | 0.09626 | / | 0.09378 |
| | = | 1.0264 |
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) |
| = | ((262.268 + 3518.355) / 6609.721) | / | ((452.389 + 2753.522) / 5524.607) |
| = | 0.571979 | / | 0.580297 |
| | = | 0.9857 |
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 |
| = | (632.994 - -3.469 | - | 899.655) | / | 6609.721 |
| | = | -0.039819 |
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.
EMCOR Group has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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