Primoris Services Beneish M-Score Historical Data
The historical data trend for Primoris 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.
Primoris Services Beneish M-Score Chart
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Primoris Services Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.97 |
-1.88 |
-2.00 |
-2.38 |
-2.85 |
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Primoris Services Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.55 |
-2.52 |
-2.70 |
-2.85 |
-2.93 |
Competitive Comparison of Primoris Services's Beneish M-Score
For the Engineering & Construction subindustry, Primoris 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.
Primoris Services's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Primoris Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Primoris Services's Beneish M-Score falls into.
Primoris 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 Primoris 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 * 0.8954 | + | 0.528 * 0.9432 | + | 0.404 * 0.924 | + | 0.892 * 1.1245 | + | 0.115 * 1.2341 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0333 | + | 4.679 * -0.093933 | - | 0.327 * 0.9557 |
| = | -2.93 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $1,696 Mil.
Revenue was 1648.112 + 1741.33 + 1649.086 + 1563.715 = $6,602 Mil.
Gross Profit was 170.657 + 184.598 + 198.561 + 186.71 = $741 Mil.
Total Current Assets was $2,174 Mil.
Total Assets was $4,217 Mil.
Property, Plant and Equipment(Net PPE) was $961 Mil.
Depreciation, Depletion and Amortization(DDA) was $92 Mil.
Selling, General, & Admin. Expense(SGA) was $394 Mil.
Total Current Liabilities was $1,783 Mil.
Long-Term Debt & Capital Lease Obligation was $864 Mil.
Net Income was 44.24 + 53.966 + 58.436 + 49.543 = $206 Mil.
Non Operating Income was -1.058 + 0.425 + -0.291 + 0.32 = $-1 Mil.
Cash Flow from Operations was 66.172 + 298.259 + 222.451 + 16.067 = $603 Mil.
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Total Receivables was $1,684 Mil.
Revenue was 1412.707 + 1515.549 + 1529.486 + 1413.377 = $5,871 Mil.
Gross Profit was 133.376 + 156.6 + 173.895 + 157.264 = $621 Mil.
Total Current Assets was $1,999 Mil.
Total Assets was $3,954 Mil.
Property, Plant and Equipment(Net PPE) was $857 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $339 Mil.
Total Current Liabilities was $1,448 Mil.
Long-Term Debt & Capital Lease Obligation was $1,149 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) |
| = | (1695.518 / 6602.243) | / | (1683.856 / 5871.119) |
| = | 0.256809 | / | 0.286803 |
| | = | 0.8954 |
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) |
| = | (621.135 / 5871.119) | / | (740.526 / 6602.243) |
| = | 0.105795 | / | 0.112163 |
| | = | 0.9432 |
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 - (2173.894 + 961.491) / 4217.488) | / | (1 - (1999.483 + 856.871) / 3954.447) |
| = | 0.256575 | / | 0.277686 |
| | = | 0.924 |
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 |
| = | 6602.243 | / | 5871.119 |
| | = | 1.1245 |
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)) |
| = | (103.889 / (103.889 + 856.871)) | / | (92.338 / (92.338 + 961.491)) |
| = | 0.108132 | / | 0.087621 |
| | = | 1.2341 |
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) |
| = | (394.264 / 6602.243) | / | (339.312 / 5871.119) |
| = | 0.059717 | / | 0.057793 |
| | = | 1.0333 |
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) |
| = | ((864.329 + 1783.252) / 4217.488) | / | ((1149.24 + 1448.39) / 3954.447) |
| = | 0.627763 | / | 0.656888 |
| | = | 0.9557 |
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 |
| = | (206.185 - -0.604 | - | 602.949) | / | 4217.488 |
| | = | -0.093933 |
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.
Primoris Services has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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