Quanta Services Beneish M-Score Historical Data
The historical data trend for Quanta Services'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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Quanta Services Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.93 |
-2.27 |
-2.58 |
-2.54 |
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Quanta Services 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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-2.58 |
-2.53 |
-2.47 |
-2.41 |
-2.54 |
Competitive Comparison
For the Engineering & Construction subindustry, Quanta Services'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.
Quanta Services Beneish M-Score Distribution
For the Construction industry and Industrials sector, Quanta Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Quanta Services's Beneish M-Score falls into.
Quanta Services 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 Quanta Services 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 * 1.0015 | + | 0.528 * 1.0532 | + | 0.404 * 0.874 | + | 0.892 * 1.223 | + | 0.115 * 1.157 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9512 | + | 4.679 * -0.054465 | - | 0.327 * 1.0338 |
| = | -2.54 |
* 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 $5,824 Mil.
Revenue was 5783.948 + 5620.822 + 5048.61 + 4428.826 = $20,882 Mil.
Gross Profit was 792.468 + 847.324 + 724.099 + 573.195 = $2,937 Mil.
Total Current Assets was $7,677 Mil.
Total Assets was $16,237 Mil.
Property, Plant and Equipment(Net PPE) was $2,586 Mil.
Depreciation, Depletion and Amortization(DDA) was $614 Mil.
Selling, General, & Admin. Expense(SGA) was $1,555 Mil.
Total Current Liabilities was $5,213 Mil.
Long-Term Debt & Capital Lease Obligation was $3,851 Mil.
Net Income was 210.908 + 272.836 + 165.899 + 95.046 = $745 Mil.
Non Operating Income was 15.669 + 7.16 + 12.789 + 17.486 = $53 Mil.
Cash Flow from Operations was 1003.538 + 406.592 + 127.413 + 38.409 = $1,576 Mil.
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Total Receivables was $4,755 Mil.
Revenue was 4416.618 + 4459.757 + 4232.003 + 3965.525 = $17,074 Mil.
Gross Profit was 667.564 + 688.83 + 624.59 + 548.171 = $2,529 Mil.
Total Current Assets was $5,536 Mil.
Total Assets was $13,464 Mil.
Property, Plant and Equipment(Net PPE) was $2,260 Mil.
Depreciation, Depletion and Amortization(DDA) was $645 Mil.
Selling, General, & Admin. Expense(SGA) was $1,337 Mil.
Total Current Liabilities was $3,406 Mil.
Long-Term Debt & Capital Lease Obligation was $3,864 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) |
| = | (5823.886 / 20882.206) | / | (4754.731 / 17073.903) |
| = | 0.278892 | / | 0.278479 |
| | = | 1.0015 |
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) |
| = | (2529.155 / 17073.903) | / | (2937.086 / 20882.206) |
| = | 0.14813 | / | 0.14065 |
| | = | 1.0532 |
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 - (7676.897 + 2586.386) / 16237.225) | / | (1 - (5536.07 + 2260.155) / 13464.337) |
| = | 0.367916 | / | 0.420972 |
| | = | 0.874 |
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 |
| = | 20882.206 | / | 17073.903 |
| | = | 1.223 |
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)) |
| = | (644.62 / (644.62 + 2260.155)) | / | (613.8 / (613.8 + 2586.386)) |
| = | 0.221917 | / | 0.191801 |
| | = | 1.157 |
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) |
| = | (1555.137 / 20882.206) | / | (1336.711 / 17073.903) |
| = | 0.074472 | / | 0.07829 |
| | = | 0.9512 |
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) |
| = | ((3850.5 + 5213.116) / 16237.225) | / | ((3863.944 + 3406.194) / 13464.337) |
| = | 0.5582 | / | 0.539955 |
| | = | 1.0338 |
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 |
| = | (744.689 - 53.104 | - | 1575.952) | / | 16237.225 |
| | = | -0.054465 |
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.
Quanta Services has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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