Churchill Downs Beneish M-Score Historical Data
The historical data trend for Churchill Downs'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.
Churchill Downs Beneish M-Score Chart
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Churchill Downs Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-1.92 |
-2.69 |
-2.80 |
-2.55 |
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Churchill Downs 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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-2.99 |
-2.21 |
-2.02 |
-2.55 |
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Competitive Comparison of Churchill Downs's Beneish M-Score
For the Gambling subindustry, Churchill Downs'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.
Churchill Downs's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Churchill Downs's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Churchill Downs's Beneish M-Score falls into.
Churchill Downs 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 Churchill Downs 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 * 1.2499 | + | 0.528 * 0.9917 | + | 0.404 * 0.9302 | + | 0.892 * 1.2433 | + | 0.115 * 0.9261 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9121 | + | 4.679 * -0.060466 | - | 0.327 * 1.0023 |
| = | -2.34 |
* 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 $115 Mil.
Revenue was 590.9 + 561.2 + 572.5 + 768.5 = $2,493 Mil.
Gross Profit was 185.2 + 161 + 164 + 298.7 = $809 Mil.
Total Current Assets was $416 Mil.
Total Assets was $7,067 Mil.
Property, Plant and Equipment(Net PPE) was $2,669 Mil.
Depreciation, Depletion and Amortization(DDA) was $183 Mil.
Selling, General, & Admin. Expense(SGA) was $205 Mil.
Total Current Liabilities was $837 Mil.
Long-Term Debt & Capital Lease Obligation was $4,859 Mil.
Net Income was 80.4 + 57.6 + 61 + 143 = $342 Mil.
Non Operating Income was 41.8 + 33.2 + 35.9 + 13.8 = $125 Mil.
Cash Flow from Operations was 254.7 + 106.5 + 96.2 + 187.2 = $645 Mil.
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Total Receivables was $74 Mil.
Revenue was 559.5 + 480.1 + 383.1 + 582.5 = $2,005 Mil.
Gross Profit was 172 + 131.3 + 102.6 + 239.3 = $645 Mil.
Total Current Assets was $378 Mil.
Total Assets was $6,274 Mil.
Property, Plant and Equipment(Net PPE) was $2,095 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $181 Mil.
Total Current Liabilities was $694 Mil.
Long-Term Debt & Capital Lease Obligation was $4,351 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) |
| = | (115 / 2493.1) | / | (74 / 2005.2) |
| = | 0.046127 | / | 0.036904 |
| | = | 1.2499 |
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) |
| = | (645.2 / 2005.2) | / | (808.9 / 2493.1) |
| = | 0.321763 | / | 0.324455 |
| | = | 0.9917 |
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 - (416 + 2668.5) / 7066.8) | / | (1 - (377.5 + 2095.4) / 6273.5) |
| = | 0.563522 | / | 0.605818 |
| | = | 0.9302 |
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 |
| = | 2493.1 | / | 2005.2 |
| | = | 1.2433 |
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)) |
| = | (132.7 / (132.7 + 2095.4)) | / | (183.4 / (183.4 + 2668.5)) |
| = | 0.059557 | / | 0.064308 |
| | = | 0.9261 |
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) |
| = | (204.8 / 2493.1) | / | (180.6 / 2005.2) |
| = | 0.082147 | / | 0.090066 |
| | = | 0.9121 |
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) |
| = | ((4858.9 + 837.2) / 7066.8) | / | ((4350.7 + 694.4) / 6273.5) |
| = | 0.806037 | / | 0.804192 |
| | = | 1.0023 |
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 |
| = | (342 - 124.7 | - | 644.6) | / | 7066.8 |
| | = | -0.060466 |
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.
Churchill Downs has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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