Granite Construction Incorporated
GVA Industrials Engineering & Construction
Granite Construction Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $4.4 billion, up 10.4% from fiscal 2024. In the quarter to June 2026, revenue grew 29.3%, EPS fell 487.8%, free cash flow grew 755.7% and total debt rose 110.5%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for three, operating cash flow growth for three; insiders bought in the last twelve months.
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Granite Construction Incorporated (GVA) Beneish M-score
Granite Construction Incorporated's Beneish M-score for fiscal 2025 is −2.54; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.54 | 0.63 |
| FY2024 | −3.17 | (0.74) |
| FY2023 | −2.43 | (0.28) |
| FY2022 | −2.15 | 0.57 |
| FY2021 | −2.72 | 1.01 |
| FY2020 | −3.74 | (1.43) |
| FY2019 | −2.31 | 0.06 |
| FY2018 | −2.37 | 0.12 |
| FY2017 | −2.49 | (0.17) |
| FY2016 | −2.32 | 0.18 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.12 | — | 1.03 | |
| Gross margin index | 0.89 | — | 0.47 | |
| Asset quality index | 1.21 | — | 0.49 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 1.32 | — | 0.15 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | (0.06) | — | −0.29 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.54 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AGX Argan, Inc. compare | −4.0× |
| MYRG MYR Group, Inc. compare | −3.3× |
| TPC Tutor Perini Corporation compare | −3.2× |
| LGN Legence Corp. compare | −2.8× |
| PRIM Primoris Services Corporation compare | −2.7× |
| KBR KBR, Inc. compare | −2.6× |
| GVA Granite Construction Incorporated | −2.5× |
| ECG Everus Construction Group, Inc. compare | −2.1× |
| ROAD Construction Partners, Inc. compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI