Royal Caribbean Group Beneish M-Score Historical Data
The historical data trend for Royal Caribbean Group'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.
|
Royal Caribbean Group Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.88 |
-2.06 |
-2.78 |
-1.34 |
-2.99 |
|
Royal Caribbean Group Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.34 |
-1.96 |
-2.68 |
-2.95 |
-2.99 |
Competitive Comparison
For the Travel Services subindustry, Royal Caribbean Group'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.
Royal Caribbean Group Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Royal Caribbean Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Royal Caribbean Group's Beneish M-Score falls into.
Royal Caribbean Group 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 Royal Caribbean Group 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 * 0.4887 | + | 0.528 * 0.5794 | + | 0.404 * 1.0105 | + | 0.892 * 1.5161 | + | 0.115 * 1.0525 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.728 | + | 4.679 * -0.085339 | - | 0.327 * 0.9408 |
| = | -3.03 |
* 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 €371 Mil.
Revenue was 3054.911 + 3898.344 + 3251.712 + 2694.726 = €12,900 Mil.
Gross Profit was 1321.452 + 1896.107 + 1447.362 + 1020.153 = €5,685 Mil.
Total Current Assets was €1,643 Mil.
Total Assets was €32,215 Mil.
Property, Plant and Equipment(Net PPE) was €28,175 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,350 Mil.
Selling, General, & Admin. Expense(SGA) was €1,662 Mil.
Total Current Liabilities was €8,621 Mil.
Long-Term Debt & Capital Lease Obligation was €18,656 Mil.
Net Income was 254.076 + 945.504 + 423.436 + -44.748 = €1,578 Mil.
Non Operating Income was 47.284 + 73.763 + 33.808 + 23.402 = €178 Mil.
Cash Flow from Operations was 1023.367 + 618.176 + 1284.213 + 1223.463 = €4,149 Mil.
|
Total Receivables was €501 Mil.
Revenue was 2457.659 + 3023.006 + 2066.293 + 961.782 = €8,509 Mil.
Gross Profit was 772.911 + 1036.892 + 477.09 + -114.146 = €2,173 Mil.
Total Current Assets was €3,026 Mil.
Total Assets was €31,885 Mil.
Property, Plant and Equipment(Net PPE) was €26,511 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,340 Mil.
Selling, General, & Admin. Expense(SGA) was €1,506 Mil.
Total Current Liabilities was €8,093 Mil.
Long-Term Debt & Capital Lease Obligation was €20,604 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) |
| = | (371.385 / 12899.693) | / | (501.264 / 8508.74) |
| = | 0.02879 | / | 0.058912 |
| | = | 0.4887 |
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) |
| = | (2172.747 / 8508.74) | / | (5685.074 / 12899.693) |
| = | 0.255355 | / | 0.440714 |
| | = | 0.5794 |
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 - (1643.264 + 28174.825) / 32215.127) | / | (1 - (3025.52 + 26511.296) / 31884.544) |
| = | 0.074407 | / | 0.073632 |
| | = | 1.0105 |
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 |
| = | 12899.693 | / | 8508.74 |
| | = | 1.5161 |
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)) |
| = | (1340.126 / (1340.126 + 26511.296)) | / | (1349.831 / (1349.831 + 28174.825)) |
| = | 0.048117 | / | 0.045719 |
| | = | 1.0525 |
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) |
| = | (1661.569 / 12899.693) | / | (1505.535 / 8508.74) |
| = | 0.128807 | / | 0.17694 |
| | = | 0.728 |
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) |
| = | ((18656.365 + 8620.717) / 32215.127) | / | ((20603.744 + 8092.912) / 31884.544) |
| = | 0.846717 | / | 0.900018 |
| | = | 0.9408 |
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 |
| = | (1578.268 - 178.257 | - | 4149.219) | / | 32215.127 |
| | = | -0.085339 |
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.
Royal Caribbean Group has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
FRA:RC8 has been successfully added to your