Primoris Services Corporation
PRIM Industrials Engineering & Construction
Primoris Services Corporation’s revenue for fiscal 2025 (year ended December 2025) was $7.6 billion, up 19.0% from fiscal 2024. In the quarter to June 2026, revenue fell 10.7%, EPS fell 128.9%, free cash flow fell 149.1% and total debt rose 32.2%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten; insiders bought in the last twelve months.
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Primoris Services Corporation (PRIM) Beneish M-score
Primoris Services Corporation's Beneish M-score for fiscal 2025 is −2.71; 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 | −2.71 | (0.02) |
| FY2024 | −2.69 | (0.23) |
| FY2023 | −2.46 | (0.45) |
| FY2022 | −2.01 | 0.23 |
| FY2021 | −2.24 | 0.72 |
| FY2020 | −2.96 | (0.76) |
| FY2019 | −2.20 | 0.08 |
| FY2018 | −2.28 | 0.76 |
| FY2017 | −3.04 | (0.67) |
| FY2016 | −2.36 | 0.26 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.73 | — | 0.67 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 1.11 | — | 0.13 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | (0.04) | — | −0.21 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.71 | ||
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 | −2.7× |
| KBR KBR, Inc. compare | −2.6× |
| GVA Granite Construction Incorporated compare | −2.5× |
| EXPO Exponent, Inc. compare | −2.5× |
| 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