Las Vegasnds Beneish M-Score Historical Data
The historical data trend for Las Vegasnds'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.
Las Vegasnds Beneish M-Score Chart
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Las Vegasnds Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-3.09 |
-2.80 |
-0.87 |
-1.66 |
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Las Vegasnds 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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-1.82 |
-1.66 |
-2.22 |
-2.44 |
-2.74 |
Competitive Comparison of Las Vegasnds's Beneish M-Score
For the Resorts & Casinos subindustry, Las Vegasnds'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.
Las Vegasnds's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Las Vegasnds's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Las Vegasnds's Beneish M-Score falls into.
Las Vegasnds 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 Las Vegasnds 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 * 0.8023 | + | 0.528 * 0.9763 | + | 0.404 * 1.0589 | + | 0.892 * 1.3199 | + | 0.115 * 0.9183 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.809 | + | 4.679 * -0.082326 | - | 0.327 * 1.0333 |
| = | -2.74 |
* 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 $413 Mil.
Revenue was 2682 + 2761 + 2959 + 2915 = $11,317 Mil.
Gross Profit was 1269 + 1342 + 1498 + 1483 = $5,592 Mil.
Total Current Assets was $4,825 Mil.
Total Assets was $21,354 Mil.
Property, Plant and Equipment(Net PPE) was $14,168 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,353 Mil.
Selling, General, & Admin. Expense(SGA) was $1,134 Mil.
Total Current Liabilities was $5,350 Mil.
Long-Term Debt & Capital Lease Obligation was $11,284 Mil.
Net Income was 275 + 353 + 494 + 382 = $1,504 Mil.
Non Operating Income was -4 + -8 + -23 + 2 = $-33 Mil.
Cash Flow from Operations was 761 + 814 + 714 + 1006 = $3,295 Mil.
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Total Receivables was $390 Mil.
Revenue was 2795 + 2542 + 2120 + 1117 = $8,574 Mil.
Gross Profit was 1409 + 1249 + 1026 + 452 = $4,136 Mil.
Total Current Assets was $6,172 Mil.
Total Assets was $22,124 Mil.
Property, Plant and Equipment(Net PPE) was $13,642 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,187 Mil.
Selling, General, & Admin. Expense(SGA) was $1,062 Mil.
Total Current Liabilities was $4,102 Mil.
Long-Term Debt & Capital Lease Obligation was $12,576 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) |
| = | (413 / 11317) | / | (390 / 8574) |
| = | 0.036494 | / | 0.045486 |
| | = | 0.8023 |
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) |
| = | (4136 / 8574) | / | (5592 / 11317) |
| = | 0.482389 | / | 0.494124 |
| | = | 0.9763 |
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 - (4825 + 14168) / 21354) | / | (1 - (6172 + 13642) / 22124) |
| = | 0.110565 | / | 0.104411 |
| | = | 1.0589 |
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 |
| = | 11317 | / | 8574 |
| | = | 1.3199 |
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)) |
| = | (1187 / (1187 + 13642)) | / | (1353 / (1353 + 14168)) |
| = | 0.080046 | / | 0.087172 |
| | = | 0.9183 |
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) |
| = | (1134 / 11317) | / | (1062 / 8574) |
| = | 0.100203 | / | 0.123863 |
| | = | 0.809 |
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) |
| = | ((11284 + 5350) / 21354) | / | ((12576 + 4102) / 22124) |
| = | 0.778964 | / | 0.753842 |
| | = | 1.0333 |
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 |
| = | (1504 - -33 | - | 3295) | / | 21354 |
| | = | -0.082326 |
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.
Las Vegasnds has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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