RLJ Lodging Trust Beneish M-Score Historical Data
The historical data trend for RLJ Lodging Trust'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.
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RLJ Lodging Trust Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-7.68 |
-2.27 |
-2.46 |
-2.95 |
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RLJ Lodging Trust 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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-2.46 |
-2.59 |
-2.63 |
-2.55 |
-2.95 |
Competitive Comparison
For the REIT - Hotel & Motel subindustry, RLJ Lodging Trust'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.
RLJ Lodging Trust Beneish M-Score Distribution
For the REITs industry and Real Estate sector, RLJ Lodging Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RLJ Lodging Trust's Beneish M-Score falls into.
RLJ Lodging Trust 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 RLJ Lodging Trust 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 * 0.6115 | + | 0.528 * 1.0297 | + | 0.404 * 1.0014 | + | 0.892 * 1.1105 | + | 0.115 * 1.0069 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9431 | + | 4.679 * -0.049416 | - | 0.327 * 1.0162 |
| = | -2.95 |
* 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 $26 Mil.
Revenue was 319.708 + 334.406 + 356.96 + 314.503 = $1,326 Mil.
Gross Profit was 87.467 + 93.931 + 120.422 + 88.861 = $391 Mil.
Total Current Assets was $640 Mil.
Total Assets was $4,919 Mil.
Property, Plant and Equipment(Net PPE) was $136 Mil.
Depreciation, Depletion and Amortization(DDA) was $184 Mil.
Selling, General, & Admin. Expense(SGA) was $59 Mil.
Total Current Liabilities was $193 Mil.
Long-Term Debt & Capital Lease Obligation was $2,343 Mil.
Net Income was 7.935 + 16.43 + 41.395 + 10.645 = $76 Mil.
Non Operating Income was 0.759 + 1.749 + 0.739 + 1.11 = $4 Mil.
Cash Flow from Operations was 88.954 + 89.073 + 95.097 + 42.018 = $315 Mil.
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Total Receivables was $39 Mil.
Revenue was 302.191 + 318.071 + 330.501 + 242.899 = $1,194 Mil.
Gross Profit was 85.731 + 98.147 + 117.034 + 61.347 = $362 Mil.
Total Current Assets was $654 Mil.
Total Assets was $4,978 Mil.
Property, Plant and Equipment(Net PPE) was $137 Mil.
Depreciation, Depletion and Amortization(DDA) was $188 Mil.
Selling, General, & Admin. Expense(SGA) was $56 Mil.
Total Current Liabilities was $191 Mil.
Long-Term Debt & Capital Lease Obligation was $2,335 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) |
| = | (26.163 / 1325.577) | / | (38.528 / 1193.662) |
| = | 0.019737 | / | 0.032277 |
| | = | 0.6115 |
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) |
| = | (362.259 / 1193.662) | / | (390.681 / 1325.577) |
| = | 0.303485 | / | 0.294725 |
| | = | 1.0297 |
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 - (639.541 + 136.14) / 4919.295) | / | (1 - (654.003 + 136.915) / 4978.225) |
| = | 0.842319 | / | 0.841124 |
| | = | 1.0014 |
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 |
| = | 1325.577 | / | 1193.662 |
| | = | 1.1105 |
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)) |
| = | (188.14 / (188.14 + 136.915)) | / | (184.063 / (184.063 + 136.14)) |
| = | 0.578794 | / | 0.574832 |
| | = | 1.0069 |
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) |
| = | (58.998 / 1325.577) | / | (56.33 / 1193.662) |
| = | 0.044507 | / | 0.047191 |
| | = | 0.9431 |
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) |
| = | ((2343.366 + 192.858) / 4919.295) | / | ((2334.565 + 191.245) / 4978.225) |
| = | 0.515567 | / | 0.507372 |
| | = | 1.0162 |
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 |
| = | (76.405 - 4.357 | - | 315.142) | / | 4919.295 |
| | = | -0.049416 |
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.
RLJ Lodging Trust has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.
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