Wynn Resorts Beneish M-Score Historical Data
The historical data trend for Wynn 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.
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Wynn Resorts Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.52 |
-2.45 |
-2.58 |
-1.69 |
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Wynn Resorts 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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-2.58 |
-2.37 |
-2.39 |
-2.55 |
-1.69 |
Competitive Comparison
For the Resorts & Casinos subindustry, Wynn 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.
Wynn Resorts Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Wynn Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wynn Resorts's Beneish M-Score falls into.
Wynn 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 Wynn 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 * 0.9097 | + | 0.528 * 0.8416 | + | 0.404 * 1.8577 | + | 0.892 * 1.7387 | + | 0.115 * 0.9825 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7376 | + | 4.679 * -0.022485 | - | 0.327 * 0.9499 |
| = | -1.69 |
* 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 $342 Mil.
Revenue was 1840.46 + 1671.936 + 1595.822 + 1423.679 = $6,532 Mil.
Gross Profit was 817.344 + 713.024 + 688.475 + 604.491 = $2,823 Mil.
Total Current Assets was $4,242 Mil.
Total Assets was $13,996 Mil.
Property, Plant and Equipment(Net PPE) was $8,521 Mil.
Depreciation, Depletion and Amortization(DDA) was $687 Mil.
Selling, General, & Admin. Expense(SGA) was $1,065 Mil.
Total Current Liabilities was $2,200 Mil.
Long-Term Debt & Capital Lease Obligation was $12,660 Mil.
Net Income was 729.156 + -116.678 + 105.184 + 12.332 = $730 Mil.
Non Operating Income was -76.855 + -141.633 + 29.818 + -14.504 = $-203 Mil.
Cash Flow from Operations was 441.329 + 275.811 + 361.248 + 169.491 = $1,248 Mil.
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Total Receivables was $216 Mil.
Revenue was 1004.937 + 889.722 + 908.832 + 953.334 = $3,757 Mil.
Gross Profit was 368.601 + 323.78 + 339.242 + 334.98 = $1,367 Mil.
Total Current Assets was $4,030 Mil.
Total Assets was $13,415 Mil.
Property, Plant and Equipment(Net PPE) was $8,749 Mil.
Depreciation, Depletion and Amortization(DDA) was $692 Mil.
Selling, General, & Admin. Expense(SGA) was $830 Mil.
Total Current Liabilities was $1,811 Mil.
Long-Term Debt & Capital Lease Obligation was $13,184 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) |
| = | (341.712 / 6531.897) | / | (216.033 / 3756.825) |
| = | 0.052314 | / | 0.057504 |
| | = | 0.9097 |
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) |
| = | (1366.603 / 3756.825) | / | (2823.334 / 6531.897) |
| = | 0.363765 | / | 0.432238 |
| | = | 0.8416 |
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 - (4241.621 + 8521.375) / 13996.223) | / | (1 - (4029.587 + 8749.224) / 13415.1) |
| = | 0.088111 | / | 0.047431 |
| | = | 1.8577 |
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 |
| = | 6531.897 | / | 3756.825 |
| | = | 1.7387 |
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)) |
| = | (692.318 / (692.318 + 8749.224)) | / | (687.27 / (687.27 + 8521.375)) |
| = | 0.073327 | / | 0.074633 |
| | = | 0.9825 |
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) |
| = | (1065.022 / 6531.897) | / | (830.45 / 3756.825) |
| = | 0.163049 | / | 0.221051 |
| | = | 0.7376 |
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) |
| = | ((12660.493 + 2200.454) / 13996.223) | / | ((13184.473 + 1811.423) / 13415.1) |
| = | 1.061783 | / | 1.117837 |
| | = | 0.9499 |
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 |
| = | (729.994 - -203.174 | - | 1247.879) | / | 13996.223 |
| | = | -0.022485 |
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.
Wynn Resorts has a M-score of -1.69 signals that the company is likely to be a manipulator.
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