Chatham Lodging Trust Beneish M-Score Historical Data
The historical data trend for Chatham Lodging Trust'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.
Chatham Lodging Trust Beneish M-Score Chart
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Chatham Lodging Trust Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.72 |
-2.28 |
-2.20 |
-2.84 |
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Chatham Lodging Trust Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.29 |
-2.84 |
-2.89 |
-2.93 |
-2.83 |
Competitive Comparison of Chatham Lodging Trust's Beneish M-Score
For the REIT - Hotel & Motel subindustry, Chatham Lodging Trust'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.
Chatham Lodging Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Chatham Lodging Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chatham Lodging Trust's Beneish M-Score falls into.
Chatham Lodging Trust 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 Chatham Lodging Trust 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 * 0.8243 | + | 0.528 * 1.0338 | + | 0.404 * 1.0477 | + | 0.892 * 1.0169 | + | 0.115 * 0.9842 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0089 | + | 4.679 * -0.053775 | - | 0.327 * 0.9562 |
| = | -2.83 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $4.4 Mil.
Revenue was 87.177 + 86.479 + 68.443 + 72.277 = $314.4 Mil.
Gross Profit was 32.2 + 33.652 + 21.028 + 22.763 = $109.6 Mil.
Total Current Assets was $33.2 Mil.
Total Assets was $1,295.0 Mil.
Property, Plant and Equipment(Net PPE) was $17.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $59.9 Mil.
Selling, General, & Admin. Expense(SGA) was $18.0 Mil.
Total Current Liabilities was $40.1 Mil.
Long-Term Debt & Capital Lease Obligation was $456.7 Mil.
Net Income was 4.251 + 6.848 + -5.225 + -8.98 = $-3.1 Mil.
Non Operating Income was -0.014 + -0.005 + -0.152 + -4.304 = $-4.5 Mil.
Cash Flow from Operations was 28.817 + 25.178 + 6.891 + 10.12 = $71.0 Mil.
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Total Receivables was $5.2 Mil.
Revenue was 86.741 + 84.476 + 67.614 + 70.32 = $309.2 Mil.
Gross Profit was 32.784 + 34.719 + 20.666 + 23.294 = $111.5 Mil.
Total Current Assets was $95.2 Mil.
Total Assets was $1,366.0 Mil.
Property, Plant and Equipment(Net PPE) was $18.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.8 Mil.
Selling, General, & Admin. Expense(SGA) was $17.5 Mil.
Total Current Liabilities was $41.2 Mil.
Long-Term Debt & Capital Lease Obligation was $507.0 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) |
| = | (4.357 / 314.376) | / | (5.198 / 309.151) |
| = | 0.013859 | / | 0.016814 |
| | = | 0.8243 |
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) |
| = | (111.463 / 309.151) | / | (109.643 / 314.376) |
| = | 0.360545 | / | 0.348764 |
| | = | 1.0338 |
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 - (33.202 + 17.699) / 1294.981) | / | (1 - (95.179 + 18.283) / 1365.988) |
| = | 0.960694 | / | 0.916938 |
| | = | 1.0477 |
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 |
| = | 314.376 | / | 309.151 |
| | = | 1.0169 |
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)) |
| = | (57.78 / (57.78 + 18.283)) | / | (59.876 / (59.876 + 17.699)) |
| = | 0.759633 | / | 0.771847 |
| | = | 0.9842 |
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) |
| = | (17.967 / 314.376) | / | (17.512 / 309.151) |
| = | 0.057151 | / | 0.056645 |
| | = | 1.0089 |
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) |
| = | ((456.74 + 40.125) / 1294.981) | / | ((506.987 + 41.155) / 1365.988) |
| = | 0.383685 | / | 0.401279 |
| | = | 0.9562 |
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 |
| = | (-3.106 - -4.475 | - | 71.006) | / | 1294.981 |
| | = | -0.053775 |
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.
Chatham Lodging Trust has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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