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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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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-2.20 |
-2.49 |
-2.88 |
-3.29 |
-2.84 |
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 * 0.8008 | + | 0.528 * 1.0611 | + | 0.404 * 0.9697 | + | 0.892 * 1.0551 | + | 0.115 * 0.9896 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9575 | + | 4.679 * -0.051355 | - | 0.327 * 1.0261 |
| = | -2.84 |
* 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 $4.4 Mil.
Revenue was 72.277 + 86.741 + 84.476 + 67.614 = $311.1 Mil.
Gross Profit was 22.763 + 32.784 + 34.719 + 20.666 = $110.9 Mil.
Total Current Assets was $90.1 Mil.
Total Assets was $1,343.9 Mil.
Property, Plant and Equipment(Net PPE) was $18.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $58.0 Mil.
Selling, General, & Admin. Expense(SGA) was $17.5 Mil.
Total Current Liabilities was $34.7 Mil.
Long-Term Debt & Capital Lease Obligation was $504.9 Mil.
Net Income was -8.98 + 7.329 + 9.144 + -4.849 = $2.6 Mil.
Non Operating Income was -4.304 + -0.004 + 0.219 + -0.691 = $-4.8 Mil.
Cash Flow from Operations was 10.12 + 33.581 + 27.99 + 4.751 = $76.4 Mil.
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Total Receivables was $5.2 Mil.
Revenue was 70.32 + 87.885 + 81.761 + 54.885 = $294.9 Mil.
Gross Profit was 23.294 + 38.217 + 34.126 + 15.918 = $111.6 Mil.
Total Current Assets was $50.3 Mil.
Total Assets was $1,343.7 Mil.
Property, Plant and Equipment(Net PPE) was $19.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $59.1 Mil.
Selling, General, & Admin. Expense(SGA) was $17.3 Mil.
Total Current Liabilities was $33.7 Mil.
Long-Term Debt & Capital Lease Obligation was $492.0 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) |
| = | (4.375 / 311.108) | / | (5.178 / 294.851) |
| = | 0.014063 | / | 0.017561 |
| | = | 0.8008 |
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) |
| = | (111.555 / 294.851) | / | (110.932 / 311.108) |
| = | 0.378344 | / | 0.356571 |
| | = | 1.0611 |
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 - (90.124 + 18.141) / 1343.93) | / | (1 - (50.331 + 19.297) / 1343.738) |
| = | 0.919441 | / | 0.948183 |
| | = | 0.9697 |
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 |
| = | 311.108 | / | 294.851 |
| | = | 1.0551 |
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)) |
| = | (59.123 / (59.123 + 19.297)) | / | (58.04 / (58.04 + 18.141)) |
| = | 0.753928 | / | 0.76187 |
| | = | 0.9896 |
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) |
| = | (17.516 / 311.108) | / | (17.337 / 294.851) |
| = | 0.056302 | / | 0.058799 |
| | = | 0.9575 |
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) |
| = | ((504.885 + 34.669) / 1343.93) | / | ((491.992 + 33.749) / 1343.738) |
| = | 0.401475 | / | 0.391253 |
| | = | 1.0261 |
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 |
| = | (2.644 - -4.78 | - | 76.442) | / | 1343.93 |
| | = | -0.051355 |
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 -2.84 suggests that the company is unlikely to be a manipulator.
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