Construction Partners Beneish M-Score Historical Data
The historical data trend for Construction Partners'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.
Construction Partners Beneish M-Score Chart
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Construction Partners Annual Data
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Trend |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.50 |
-3.18 |
-2.23 |
-1.72 |
-2.86 |
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Construction Partners 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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-2.11 |
-2.29 |
-2.80 |
-2.86 |
-3.05 |
Competitive Comparison of Construction Partners's Beneish M-Score
For the Engineering & Construction subindustry, Construction Partners'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.
Construction Partners's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Construction Partners's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Construction Partners's Beneish M-Score falls into.
Construction Partners 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 Construction Partners 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 * 0.9138 | + | 0.528 * 0.7485 | + | 0.404 * 0.9801 | + | 0.892 * 1.1912 | + | 0.115 * 0.9441 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9954 | + | 4.679 * -0.109884 | - | 0.327 * 0.9881 |
| = | -3.05 |
* 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 $286 Mil.
Revenue was 396.505 + 475.026 + 421.893 + 324.85 = $1,618 Mil.
Gross Profit was 51.88 + 75.537 + 64.072 + 26.28 = $218 Mil.
Total Current Assets was $461 Mil.
Total Assets was $1,276 Mil.
Property, Plant and Equipment(Net PPE) was $580 Mil.
Depreciation, Depletion and Amortization(DDA) was $82 Mil.
Selling, General, & Admin. Expense(SGA) was $133 Mil.
Total Current Liabilities was $263 Mil.
Long-Term Debt & Capital Lease Obligation was $443 Mil.
Net Income was 9.843 + 30.913 + 21.677 + -5.481 = $57 Mil.
Non Operating Income was 0.808 + 2.173 + 1.992 + 3.556 = $9 Mil.
Cash Flow from Operations was 60.378 + 62.615 + 48.846 + 16.812 = $189 Mil.
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Total Receivables was $263 Mil.
Revenue was 341.779 + 393.053 + 380.272 + 243.385 = $1,358 Mil.
Gross Profit was 30.496 + 49.591 + 44.25 + 12.497 = $137 Mil.
Total Current Assets was $401 Mil.
Total Assets was $1,129 Mil.
Property, Plant and Equipment(Net PPE) was $516 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $112 Mil.
Total Current Liabilities was $203 Mil.
Long-Term Debt & Capital Lease Obligation was $429 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) |
| = | (285.968 / 1618.274) | / | (262.705 / 1358.489) |
| = | 0.176712 | / | 0.19338 |
| | = | 0.9138 |
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) |
| = | (136.834 / 1358.489) | / | (217.769 / 1618.274) |
| = | 0.100725 | / | 0.134569 |
| | = | 0.7485 |
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 - (461.37 + 580.076) / 1276.15) | / | (1 - (401.115 + 516.028) / 1129.004) |
| = | 0.183916 | / | 0.187653 |
| | = | 0.9801 |
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 |
| = | 1618.274 | / | 1358.489 |
| | = | 1.1912 |
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)) |
| = | (68.202 / (68.202 + 516.028)) | / | (81.846 / (81.846 + 580.076)) |
| = | 0.116738 | / | 0.123649 |
| | = | 0.9441 |
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) |
| = | (133.203 / 1618.274) | / | (112.341 / 1358.489) |
| = | 0.082312 | / | 0.082696 |
| | = | 0.9954 |
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) |
| = | ((442.557 + 262.932) / 1276.15) | / | ((428.766 + 202.892) / 1129.004) |
| = | 0.552826 | / | 0.559483 |
| | = | 0.9881 |
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 |
| = | (56.952 - 8.529 | - | 188.651) | / | 1276.15 |
| | = | -0.109884 |
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.
Construction Partners has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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