Wynn Macau Beneish M-Score Historical Data
The historical data trend for Wynn Macau'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.
Wynn Macau Beneish M-Score Chart
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Wynn Macau Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-6.89 |
-3.59 |
-4.32 |
-1.02 |
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Wynn Macau Semi-Annual Data
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Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
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Dec17 |
Jun18 |
Dec18 |
Jun19 |
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Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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-4.32 |
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-1.02 |
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Competitive Comparison of Wynn Macau's Beneish M-Score
For the Resorts & Casinos subindustry, Wynn Macau'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.
Wynn Macau's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Wynn Macau's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wynn Macau's Beneish M-Score falls into.
Wynn Macau 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 Wynn Macau 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 * 0.5348 | + | 0.528 * -0.2724 | + | 0.404 * 1.2328 | + | 0.892 * 4.2999 | + | 0.115 * 0.9249 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5135 | + | 4.679 * -0.125827 | - | 0.327 * 0.8951 |
| = | -1.02 |
* 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 HK$1,188 Mil.
Revenue was HK$24,268 Mil.
Gross Profit was HK$9,445 Mil.
Total Current Assets was HK$17,372 Mil.
Total Assets was HK$44,829 Mil.
Property, Plant and Equipment(Net PPE) was HK$24,258 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2,374 Mil.
Selling, General, & Admin. Expense(SGA) was HK$502 Mil.
Total Current Liabilities was HK$10,946 Mil.
Long-Term Debt & Capital Lease Obligation was HK$48,123 Mil.
Net Income was HK$1,172 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$6,812 Mil.
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Total Receivables was HK$517 Mil.
Revenue was HK$5,644 Mil.
Gross Profit was HK$-598 Mil.
Total Current Assets was HK$8,305 Mil.
Total Assets was HK$36,079 Mil.
Property, Plant and Equipment(Net PPE) was HK$25,686 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2,308 Mil.
Selling, General, & Admin. Expense(SGA) was HK$227 Mil.
Total Current Liabilities was HK$4,754 Mil.
Long-Term Debt & Capital Lease Obligation was HK$48,355 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) |
| = | (1187.696 / 24268.142) | / | (516.539 / 5643.94) |
| = | 0.048941 | / | 0.091521 |
| | = | 0.5348 |
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) |
| = | (-598.462 / 5643.94) | / | (9445.48 / 24268.142) |
| = | -0.106036 | / | 0.389213 |
| | = | -0.2724 |
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 - (17371.594 + 24257.83) / 44829.053) | / | (1 - (8304.5 + 25685.621) / 36078.938) |
| = | 0.071374 | / | 0.057896 |
| | = | 1.2328 |
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 |
| = | 24268.142 | / | 5643.94 |
| | = | 4.2999 |
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)) |
| = | (2308.197 / (2308.197 + 25685.621)) | / | (2374.1 / (2374.1 + 24257.83)) |
| = | 0.082454 | / | 0.089145 |
| | = | 0.9249 |
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) |
| = | (501.696 / 24268.142) | / | (227.205 / 5643.94) |
| = | 0.020673 | / | 0.040256 |
| | = | 0.5135 |
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) |
| = | ((48122.596 + 10945.612) / 44829.053) | / | ((48354.925 + 4754.257) / 36078.938) |
| = | 1.317632 | / | 1.472027 |
| | = | 0.8951 |
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 |
| = | (1171.656 - 0 | - | 6812.36) | / | 44829.053 |
| | = | -0.125827 |
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.
Wynn Macau has a M-score of -1.02 signals that the company is likely to be a manipulator.
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