PENN Entertainment Beneish M-Score Historical Data
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.
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PENN Entertainment Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.51 |
-1.58 |
-2.39 |
-2.31 |
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PENN Entertainment 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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-2.39 |
-1.57 |
-1.91 |
-2.03 |
-2.31 |
Competitive 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 Distribution
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.
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 * 1.2953 | + | 0.528 * 1.1627 | + | 0.404 * 1.0259 | + | 0.892 * 0.9686 | + | 0.115 * 1.1949 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4178 | + | 4.679 * -0.031906 | - | 0.327 * 0.9982 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was €293 Mil.
Revenue was 1279.582 + 1517.378 + 1545.84 + 1562.862 = €5,906 Mil.
Gross Profit was 290.872 + 608.113 + 642.777 + 653.333 = €2,195 Mil.
Total Current Assets was €1,521 Mil.
Total Assets was €14,731 Mil.
Property, Plant and Equipment(Net PPE) was €9,005 Mil.
Depreciation, Depletion and Amortization(DDA) was €404 Mil.
Selling, General, & Admin. Expense(SGA) was €1,451 Mil.
Total Current Liabilities was €1,366 Mil.
Long-Term Debt & Capital Lease Obligation was €10,189 Mil.
Net Income was -328.378 + -679.138 + 72.363 + 480.45 = €-455 Mil.
Non Operating Income was -111.232 + -858.573 + 11.999 + 547.137 = €-411 Mil.
Cash Flow from Operations was -77.762 + 203.329 + 162.448 + 137.952 = €426 Mil.
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Total Receivables was €233 Mil.
Revenue was 1496.806 + 1641.25 + 1539.047 + 1420.294 = €6,097 Mil.
Gross Profit was 632.48 + 674.579 + 687.269 + 640.776 = €2,635 Mil.
Total Current Assets was €1,901 Mil.
Total Assets was €16,522 Mil.
Property, Plant and Equipment(Net PPE) was €10,024 Mil.
Depreciation, Depletion and Amortization(DDA) was €542 Mil.
Selling, General, & Admin. Expense(SGA) was €1,056 Mil.
Total Current Liabilities was €1,094 Mil.
Long-Term Debt & Capital Lease Obligation was €11,890 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) |
| = | (292.523 / 5905.662) | / | (233.168 / 6097.397) |
| = | 0.049533 | / | 0.038241 |
| | = | 1.2953 |
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) |
| = | (2635.104 / 6097.397) | / | (2195.095 / 5905.662) |
| = | 0.432169 | / | 0.371693 |
| | = | 1.1627 |
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 - (1521.303 + 9004.665) / 14730.871) | / | (1 - (1900.65 + 10024.147) / 16521.982) |
| = | 0.285448 | / | 0.278247 |
| | = | 1.0259 |
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 |
| = | 5905.662 | / | 6097.397 |
| | = | 0.9686 |
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)) |
| = | (541.58 / (541.58 + 10024.147)) | / | (403.594 / (403.594 + 9004.665)) |
| = | 0.051258 | / | 0.042898 |
| | = | 1.1949 |
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) |
| = | (1450.728 / 5905.662) | / | (1056.469 / 6097.397) |
| = | 0.24565 | / | 0.173266 |
| | = | 1.4178 |
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) |
| = | ((10188.512 + 1366.33) / 14730.871) | / | ((11889.68 + 1093.813) / 16521.982) |
| = | 0.784396 | / | 0.785831 |
| | = | 0.9982 |
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 |
| = | (-454.703 - -410.669 | - | 425.967) | / | 14730.871 |
| | = | -0.031906 |
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 -2.34 suggests that the company is unlikely to be a manipulator.
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