Royal Caribbean Group Beneish M-Score Historical Data
The historical data trend for Royal Caribbean Group'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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Royal Caribbean Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.88 |
-2.06 |
-2.78 |
-1.34 |
-2.99 |
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Royal Caribbean Group 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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-1.34 |
-1.96 |
-2.68 |
-2.95 |
-2.99 |
Competitive Comparison
For the Travel Services subindustry, Royal Caribbean Group'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.
Royal Caribbean Group Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Royal Caribbean Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Royal Caribbean Group's Beneish M-Score falls into.
Royal Caribbean Group 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 Royal Caribbean Group 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 * 0.4851 | + | 0.528 * 0.5709 | + | 0.404 * 1.0105 | + | 0.892 * 1.5724 | + | 0.115 * 1.0552 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7199 | + | 4.679 * -0.084597 | - | 0.327 * 0.9408 |
| = | -2.99 |
* 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 $405 Mil.
Revenue was 3331.419 + 4160.453 + 3522.982 + 2885.146 = $13,900 Mil.
Gross Profit was 1441.06 + 2023.593 + 1568.106 + 1092.241 = $6,125 Mil.
Total Current Assets was $1,792 Mil.
Total Assets was $35,131 Mil.
Property, Plant and Equipment(Net PPE) was $30,725 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,455 Mil.
Selling, General, & Admin. Expense(SGA) was $1,792 Mil.
Total Current Liabilities was $9,401 Mil.
Long-Term Debt & Capital Lease Obligation was $20,345 Mil.
Net Income was 277.073 + 1009.076 + 458.761 + -47.91 = $1,697 Mil.
Non Operating Income was 51.564 + 78.722 + 36.628 + 25.056 = $192 Mil.
Cash Flow from Operations was 1115.995 + 659.74 + 1391.347 + 1309.918 = $4,477 Mil.
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Total Receivables was $531 Mil.
Revenue was 2603.452 + 2993.075 + 2184.242 + 1059.231 = $8,840 Mil.
Gross Profit was 818.762 + 1026.626 + 504.323 + -125.711 = $2,224 Mil.
Total Current Assets was $3,205 Mil.
Total Assets was $33,776 Mil.
Property, Plant and Equipment(Net PPE) was $28,084 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,407 Mil.
Selling, General, & Admin. Expense(SGA) was $1,583 Mil.
Total Current Liabilities was $8,573 Mil.
Long-Term Debt & Capital Lease Obligation was $21,826 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) |
| = | (405 / 13900) | / | (531 / 8840) |
| = | 0.029137 | / | 0.060068 |
| | = | 0.4851 |
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) |
| = | (2224 / 8840) | / | (6125 / 13900) |
| = | 0.251584 | / | 0.440647 |
| | = | 0.5709 |
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 - (1792 + 30725) / 35131) | / | (1 - (3205 + 28084) / 33776) |
| = | 0.074407 | / | 0.073632 |
| | = | 1.0105 |
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 |
| = | 13900 | / | 8840 |
| | = | 1.5724 |
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)) |
| = | (1407 / (1407 + 28084)) | / | (1455 / (1455 + 30725)) |
| = | 0.047709 | / | 0.045214 |
| | = | 1.0552 |
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) |
| = | (1792 / 13900) | / | (1583 / 8840) |
| = | 0.128921 | / | 0.179072 |
| | = | 0.7199 |
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) |
| = | ((20345 + 9401) / 35131) | / | ((21826 + 8573) / 33776) |
| = | 0.846717 | / | 0.900018 |
| | = | 0.9408 |
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 |
| = | (1697 - 191.97 | - | 4477) | / | 35131 |
| | = | -0.084597 |
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.
Royal Caribbean Group has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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