Wynn Resorts (BSP:W1YN34) Beneish M-Score : -1.73 (As of Dec. 12, 2024)

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What is Wynn Resorts Beneish M-Score?

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.

Warning Sign:

Beneish M-Score -1.73 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BSP:W1YN34' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.47 Max: -1.68
Current: -1.73

During the past 13 years, the highest Beneish M-Score of Wynn Resorts was -1.68. The lowest was -3.30. And the median was -2.47.

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 Beneish M-Score Chart

Wynn Resorts Annual Data

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

-1.68

Wynn Resorts Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.54	-1.68	-1.95	-1.81	-1.73

Competitive Comparison of Wynn Resorts's Beneish M-Score

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's Beneish M-Score Distribution in the Travel & Leisure Industry

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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3556

0.528 * 0.9537

0.404 * 2.021

0.892 * 1.2899

0.115 * 1.0568

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8519

4.679 * -0.027524

0.327 * 0.9517

-1.59

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was R$2,153 Mil.
Revenue was 9377.284 + 9333.745 + 9276.914 + 9017.886 = R$37,006 Mil.
Gross Profit was 3965.657 + 4058.922 + 4126.063 + 4004.822 = R$16,155 Mil.
Total Current Assets was R$23,207 Mil.
Total Assets was R$78,146 Mil.
Property, Plant and Equipment(Net PPE) was R$46,082 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,552 Mil.
Selling, General, & Admin. Expense(SGA) was R$5,653 Mil.
Total Current Liabilities was R$15,192 Mil.
Long-Term Debt & Capital Lease Obligation was R$67,384 Mil.
Net Income was -177.503 + 602.936 + 718.167 + 3572.719 = R$4,716 Mil.
Non Operating Income was 73.763 + 122.286 + -130.63 + -376.574 = R$-311 Mil.
Cash Flow from Operations was 1546.824 + 1900.001 + 1569.105 + 2162.424 = R$7,178 Mil.

Total Receivables was R$1,232 Mil.
Revenue was 8257.19 + 7745.641 + 7415.374 + 5271.297 = R$28,690 Mil.
Gross Profit was 3521.412 + 3341.651 + 3148.552 + 1933.46 = R$11,945 Mil.
Total Current Assets was R$19,909 Mil.
Total Assets was R$65,864 Mil.
Property, Plant and Equipment(Net PPE) was R$42,261 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,457 Mil.
Selling, General, & Admin. Expense(SGA) was R$5,145 Mil.
Total Current Liabilities was R$7,477 Mil.
Long-Term Debt & Capital Lease Obligation was R$65,654 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)
	=	(2153.418 / 37005.829)	/	(1231.549 / 28689.502)
	=	0.058191	/	0.042927
	=	1.3556

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)
	=	(11945.075 / 28689.502)	/	(16155.464 / 37005.829)
	=	0.416357	/	0.436565
	=	0.9537

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 - (23207.109 + 46081.535) / 78146.105)	/	(1 - (19908.769 + 42261.207) / 65863.792)
	=	0.113345	/	0.056083
	=	2.021

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
	=	37005.829	/	28689.502
	=	1.2899

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))
	=	(3457.262 / (3457.262 + 42261.207))	/	(3551.622 / (3551.622 + 46081.535))
	=	0.075621	/	0.071557
	=	1.0568

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)
	=	(5653.19 / 37005.829)	/	(5144.798 / 28689.502)
	=	0.152765	/	0.179327
	=	0.8519

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)
	=	((67383.524 + 15191.874) / 78146.105)	/	((65653.522 + 7477.36) / 65863.792)
	=	1.05668	/	1.110335
	=	0.9517

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
	=	(4716.319 - -311.155	-	7178.354)	/	78146.105
	=	-0.027524

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 -1.59 signals that the company is likely to be a manipulator.

Wynn Resorts Beneish M-Score Related Terms

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Wynn Resorts Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Wynn Resorts Ltd (BSP:W1YN34) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

WYNN:USA WYNN:Mexico 0QYK:UK WYR:Germany WYR:Germany

Address

3131 Las Vegas Boulevard South, Las Vegas, NV, USA, 89109

Website

https://www.wynnresorts.com

Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to continue to build nongaming attractions in Macao over the next few years. We model Wynn's managed integrated resort in the United Arab Emirates to open in 2027. The company also operates Wynn Interactive, a digital sports betting and iGaming platform. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively.

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