C

MYR Group, Inc. — Earnings Quality Grade C

MYRG · Industrials

Some red flags

Revenue
$3.7B
2025
Net Income
$118M
2025
Gross Margin
11.6%
Free Cash Flow
$232M
01

Screening Summary

14
Passed
2
Watch
1
Failed
-3.32
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 60 days, change -11 days YoY

A2AR vs Revenue Growth

AR growth -8.0% vs revenue growth 8.8%

A3Revenue vs CFFO

Revenue 8.8%, CFFO 274.9%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 24.3% is >2x revenue growth 8.8%

B3SG&A Ratio

SG&A/Gross Profit = 60.5%. Normal

B4Gross Margin

Gross margin 11.6%, change +3.0pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.76. Profits backed by cash

C2Free Cash Flow

FCF < 50% of Net Income for 2 years

C3Accruals Ratio

Accruals ratio = -12.7%. Low accruals

C4Cash vs Debt

Cash $0.2B covers debt $0.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.2B = 28% of equity. Manageable

D2Leverage

Debt/EBITDA = 0.4x. Healthy

!
D3Soft Asset Growth

Other assets grew 61.8% vs revenue 8.8%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.32 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-3.32
-4.0 Clean-2.22 Grey-1.78 Danger0
0.846
DSRI
AR growing faster than revenue?
0.745
GMI
Gross margin declining?
0.89
AQI
Asset quality deteriorating?
1.088
SGI
Revenue growth rate
1.054
DEPI
Depreciation slowing?
0.989
SGAI
SG&A ratio changing?
-0.1266
TATA
Accruals level
1.049
LVGI
Leverage increasing?
05

Altman Z-Score

3.44
Safe Zone
0 Distress1.102.605.0+ Safe
0.1615
Liquidity
0.3061
Cumulative profit
0.1015
Operating efficiency
0.6714
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25