Wyndham Hotels & Resorts Beneish M-Score Historical Data
The historical data trend for Wyndham Hotels & Resorts'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.
Wyndham Hotels & Resorts Beneish M-Score Chart
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Wyndham Hotels & Resorts Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.20 |
-2.39 |
-2.81 |
-2.66 |
-2.59 |
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Wyndham Hotels & Resorts Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.53 |
-2.50 |
-2.43 |
-2.59 |
-2.52 |
Competitive Comparison of Wyndham Hotels & Resorts's Beneish M-Score
For the Lodging subindustry, Wyndham Hotels & Resorts'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.
Wyndham Hotels & Resorts's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Wyndham Hotels & Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wyndham Hotels & Resorts's Beneish M-Score falls into.
Wyndham Hotels & Resorts 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 Wyndham Hotels & Resorts 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 * 1.117 | + | 0.528 * 0.9605 | + | 0.404 * 1.0457 | + | 0.892 * 0.9653 | + | 0.115 * 0.8905 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0886 | + | 4.679 * -0.012795 | - | 0.327 * 1.1154 |
| = | -2.53 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $248 Mil.
Revenue was 305 + 321 + 402 + 362 = $1,390 Mil.
Gross Profit was 173 + 197 + 238 + 198 = $806 Mil.
Total Current Assets was $367 Mil.
Total Assets was $4,064 Mil.
Property, Plant and Equipment(Net PPE) was $83 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $703 Mil.
Total Current Liabilities was $522 Mil.
Long-Term Debt & Capital Lease Obligation was $2,204 Mil.
Net Income was 16 + 49 + 103 + 70 = $238 Mil.
Non Operating Income was -56 + -7 + -1 + -5 = $-69 Mil.
Cash Flow from Operations was 76 + 123 + 77 + 83 = $359 Mil.
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Total Receivables was $230 Mil.
Revenue was 313 + 334 + 407 + 386 = $1,440 Mil.
Gross Profit was 184 + 169 + 228 + 221 = $802 Mil.
Total Current Assets was $515 Mil.
Total Assets was $4,084 Mil.
Property, Plant and Equipment(Net PPE) was $96 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $669 Mil.
Total Current Liabilities was $405 Mil.
Long-Term Debt & Capital Lease Obligation was $2,051 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) |
| = | (248 / 1390) | / | (230 / 1440) |
| = | 0.178417 | / | 0.159722 |
| | = | 1.117 |
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) |
| = | (802 / 1440) | / | (806 / 1390) |
| = | 0.556944 | / | 0.579856 |
| | = | 0.9605 |
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 - (367 + 83) / 4064) | / | (1 - (515 + 96) / 4084) |
| = | 0.889272 | / | 0.850392 |
| | = | 1.0457 |
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 |
| = | 1390 | / | 1440 |
| | = | 0.9653 |
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)) |
| = | (72 / (72 + 96)) | / | (77 / (77 + 83)) |
| = | 0.428571 | / | 0.48125 |
| | = | 0.8905 |
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) |
| = | (703 / 1390) | / | (669 / 1440) |
| = | 0.505755 | / | 0.464583 |
| | = | 1.0886 |
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) |
| = | ((2204 + 522) / 4064) | / | ((2051 + 405) / 4084) |
| = | 0.670768 | / | 0.601371 |
| | = | 1.1154 |
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 |
| = | (238 - -69 | - | 359) | / | 4064 |
| | = | -0.012795 |
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.
Wyndham Hotels & Resorts has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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