MGM Resorts International Beneish M-Score Historical Data
The historical data trend for MGM Resorts International'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.
MGM Resorts International Beneish M-Score Chart
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MGM Resorts International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.93 |
-3.27 |
-2.18 |
-2.98 |
-2.12 |
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MGM Resorts International Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.98 |
-3.15 |
-2.98 |
-2.70 |
-2.12 |
Competitive Comparison of MGM Resorts International's Beneish M-Score
For the Resorts & Casinos subindustry, MGM Resorts International'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.
MGM Resorts International's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, MGM Resorts International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MGM Resorts International's Beneish M-Score falls into.
MGM Resorts International 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 MGM Resorts International 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 * 0.9398 | + | 0.528 * 1.0475 | + | 0.404 * 1.1059 | + | 0.892 * 1.2313 | + | 0.115 * 3.8979 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9032 | + | 4.679 * -0.044804 | - | 0.327 * 1.0058 |
| = | -2.12 |
* 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 $1,071 Mil.
Revenue was 4375.563 + 3973.183 + 3942.207 + 3873.296 = $16,164 Mil.
Gross Profit was 2000.188 + 1875.687 + 1858.311 + 1876.501 = $7,611 Mil.
Total Current Assets was $4,911 Mil.
Total Assets was $42,369 Mil.
Property, Plant and Equipment(Net PPE) was $29,477 Mil.
Depreciation, Depletion and Amortization(DDA) was $814 Mil.
Selling, General, & Admin. Expense(SGA) was $4,701 Mil.
Total Current Liabilities was $3,126 Mil.
Long-Term Debt & Capital Lease Obligation was $31,471 Mil.
Net Income was 313.46 + 161.117 + 200.796 + 466.807 = $1,142 Mil.
Non Operating Income was 6.421 + -24.229 + 1.3 + 366.2 = $350 Mil.
Cash Flow from Operations was 715.938 + 694.08 + 576.706 + 704.053 = $2,691 Mil.
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Total Receivables was $925 Mil.
Revenue was 3592.216 + 3416.072 + 3264.888 + 2854.309 = $13,127 Mil.
Gross Profit was 1739.413 + 1695.511 + 1655.064 + 1384.514 = $6,475 Mil.
Total Current Assets was $8,155 Mil.
Total Assets was $45,692 Mil.
Property, Plant and Equipment(Net PPE) was $29,755 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,482 Mil.
Selling, General, & Admin. Expense(SGA) was $4,227 Mil.
Total Current Liabilities was $4,516 Mil.
Long-Term Debt & Capital Lease Obligation was $32,582 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) |
| = | (1070.579 / 16164.249) | / | (925.165 / 13127.485) |
| = | 0.066231 | / | 0.070475 |
| | = | 0.9398 |
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) |
| = | (6474.502 / 13127.485) | / | (7610.687 / 16164.249) |
| = | 0.493202 | / | 0.470835 |
| | = | 1.0475 |
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 - (4910.593 + 29477.009) / 42368.548) | / | (1 - (8154.692 + 29754.857) / 45692.206) |
| = | 0.18837 | / | 0.170328 |
| | = | 1.1059 |
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 |
| = | 16164.249 | / | 13127.485 |
| | = | 1.2313 |
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)) |
| = | (3482.05 / (3482.05 + 29754.857)) | / | (814.128 / (814.128 + 29477.009)) |
| = | 0.104765 | / | 0.026877 |
| | = | 3.8979 |
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) |
| = | (4700.657 / 16164.249) | / | (4226.617 / 13127.485) |
| = | 0.290806 | / | 0.321967 |
| | = | 0.9032 |
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) |
| = | ((31471.274 + 3126.068) / 42368.548) | / | ((32582.116 + 4515.892) / 45692.206) |
| = | 0.816581 | / | 0.811911 |
| | = | 1.0058 |
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 |
| = | (1142.18 - 349.692 | - | 2690.777) | / | 42368.548 |
| | = | -0.044804 |
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.
MGM Resorts International has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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