PENN Entertainment (BSP:P2EN34) Beneish M-Score: -2.84 (As of Jun. 26, 2026)


BSP:P2EN34 PENN Entertainment Inc BSP:P2EN34
59 GF Score
Price R$10.85
GF Value R$11.98
Valuation Fairly Valued
! 10 Warning Signs
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What is PENN Entertainment Beneish M-Score?

PENN Entertainment BSP:P2EN34 59 Beneish M-Score is -2.84 as of Jun. 26, 2026. GuruFocus rates BSP:P2EN34 with a GF Score™ of 59/100 and a GF Value™ of R$11.98 (Fairly Valued). The stock has 10 warning signs investors should review. Among 824 Travel & Leisure companies, PENN Entertainment ranks better than 69.3% on this metric.

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PENN Entertainment's Beneish M-Score or its related term are showing as below:

BSP:P2EN34' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.44   Max: -1.22
Current: -2.84

During the past 13 years, the highest Beneish M-Score of PENN Entertainment was -1.22. The lowest was -3.16. And the median was -2.44.

PENN Entertainment Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PENN Entertainment'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.

PENN Entertainment Beneish M-Score Chart

PENN Entertainment Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.58 -2.39 -2.31 -2.77 -2.73

PENN Entertainment Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.71 -2.65 -2.80 -2.73 -2.84

BSP:P2EN34 vs MCRI, VAC, RRR: Beneish M-Score Comparison

For the Resorts & Casinos subindustry, PENN Entertainment'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.

PENN Entertainment Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, PENN Entertainment's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PENN Entertainment's Beneish M-Score falls into.


BSP:P2EN34
59GF Score
PENN Entertainment Inc BSP:P2EN34
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PENN Entertainment 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 PENN Entertainment 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 * 0.8571+0.528 * 0.9763+0.404 * 0.8415+0.892 * 1.0082+0.115 * 0.8977
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9844+4.679 * -0.04634-0.327 * 1.0844
=-2.93

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was R$1,260 Mil.
Revenue was 9303.981 + 9854.085 + 9209.88 + 9788.337 = R$38,156 Mil.
Gross Profit was 3356.357 + 3298.516 + 3114.294 + 3401.239 = R$13,170 Mil.
Total Current Assets was R$6,071 Mil.
Total Assets was R$73,831 Mil.
Property, Plant and Equipment(Net PPE) was R$49,618 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,460 Mil.
Selling, General, & Admin. Expense(SGA) was R$8,950 Mil.
Total Current Liabilities was R$7,407 Mil.
Long-Term Debt & Capital Lease Obligation was R$55,809 Mil.
Net Income was -12.028 + -397.721 + -4636.85 + -96.497 = R$-5,143 Mil.
Non Operating Income was 41.314 + -524.838 + -4362.8 + -58.785 = R$-4,905 Mil.
Cash Flow from Operations was 640.103 + 584.851 + 970.167 + 988.262 = R$3,183 Mil.
 Total Receivables was R$1,459 Mil.
Revenue was 9630.422 + 10182.569 + 9077.562 + 8957.084 = R$37,848 Mil.
Gross Profit was 3188.836 + 3333.586 + 3149.347 + 3082.465 = R$12,754 Mil.
Total Current Assets was R$5,859 Mil.
Total Assets was R$86,890 Mil.
Property, Plant and Equipment(Net PPE) was R$55,658 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,465 Mil.
Selling, General, & Admin. Expense(SGA) was R$9,018 Mil.
Total Current Liabilities was R$7,911 Mil.
Long-Term Debt & Capital Lease Obligation was R$60,698 Mil.

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)
=(1260.334 / 38156.283) / (1458.527 / 37847.637)
=0.033031 / 0.038537
=0.8571

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)
=(12754.234 / 37847.637) / (13170.406 / 38156.283)
=0.336989 / 0.34517
=0.9763

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 - (6070.52 + 49618.445) / 73831.493) / (1 - (5858.867 + 55657.795) / 86889.729)
=0.245729 / 0.292015
=0.8415

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
=38156.283 / 37847.637
=1.0082

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))
=(2464.875 / (2464.875 + 55657.795)) / (2460.17 / (2460.17 + 49618.445))
=0.042408 / 0.04724
=0.8977

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)
=(8949.805 / 38156.283) / (9017.705 / 37847.637)
=0.234557 / 0.238263
=0.9844

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)
=((55808.722 + 7407.205) / 73831.493) / ((60697.86 + 7911.054) / 86889.729)
=0.856219 / 0.789609
=1.0844

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
=(-5143.096 - -4905.109 - 3183.383) / 73831.493
=-0.04634

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.

PENN Entertainment has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.84 mean?
PENN Entertainment (BSP:P2EN34) has a Beneish M-Score of -2.84 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PENN Entertainment and its competitors. According to the industry distribution chart, PENN Entertainment ranks #253 out of 824 companies in the Travel & Leisure industry, placing it in the top 30.7%.
Is PENN Entertainment's Beneish M-Score too high?
PENN Entertainment's current Beneish M-Score is -2.84. Based on the distribution chart, PENN Entertainment ranks #253 out of 824 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, PENN Entertainment has a GF Score™ of 59/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does PENN Entertainment's Beneish M-Score compare to MCRI and VAC?
According to the Travel & Leisure industry distribution chart, PENN Entertainment ranks #253 out of 824 companies for Beneish M-Score. This puts PENN Entertainment in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PENN Entertainment and its competitors. PENN Entertainment's current Beneish M-Score is -2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PENN Entertainment stock overvalued right now?
Based on GuruFocus' analysis, PENN Entertainment (BSP:P2EN34) is currently considered Fairly Valued. The stock's GF Value™ is R$11.98, compared to a current price of R$10.85 — trading 9.4% below its estimated fair value. The current Beneish M-Score is -2.84. PENN Entertainment's overall GF Score™ is 59/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For PENN Entertainment (BSP:P2EN34), the current Beneish M-Score is -2.84 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is PENN Entertainment (BSP:P2EN34) Overvalued in 2026?

Based on GuruFocus' analysis, PENN Entertainment stock appears to be undervalued. The current stock price of R$10.85 is trading 9.4% below its estimated GF Value™ of R$11.98. GuruFocus considers PENN Entertainment to be Fairly Valued.

Key valuation signals for BSP:P2EN34:

  • Beneish M-Score: -2.84
  • GF Value™: R$11.98 vs. price of R$10.85 (9.4% below fair value)
  • GF Score™: 59/100 with 10 warning signs

No single metric tells the full story. See the BSP:P2EN34 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

PENN Entertainment Business Description

Address 825 Berkshire Boulevard, Suite 200, Wyomissing, PA, USA, 19610
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 42 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 81% of total sales in 2025; 19% was from the interactive segment, which includes sports, i-gaming, and media revenue. The retail portfolio generates low-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media asset, theScore, provides access to sports betting/i-gaming technology and clientele, helping it form a leading digital position.
59GF Score

Get the complete analysis for BSP:P2EN34

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$10.85
Price
R$11.98
GF Value