Booking Holdings Beneish M-Score Historical Data
The historical data trend for Booking Holdings'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.
Booking Holdings Beneish M-Score Chart
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Booking Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.48 |
-1.53 |
-2.53 |
-2.80 |
-2.95 |
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Booking Holdings Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.80 |
-2.50 |
-2.73 |
-3.08 |
-2.95 |
Competitive Comparison of Booking Holdings's Beneish M-Score
For the Travel Services subindustry, Booking Holdings'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.
Booking Holdings's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Booking Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Booking Holdings's Beneish M-Score falls into.
Booking Holdings 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 Booking Holdings 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 * 0.991 | + | 0.528 * 1 | + | 0.404 * 0.8796 | + | 0.892 * 1.2192 | + | 0.115 * 0.9537 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9202 | + | 4.679 * -0.06642 | - | 0.327 * 1.0408 |
| = | -2.66 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was MXN66,717 Mil.
Revenue was 114101.535 + 157404.258 + 107337.484 + 73272.466 = MXN452,116 Mil.
Gross Profit was 114101.535 + 157404.258 + 107337.484 + 73272.466 = MXN452,116 Mil.
Total Current Assets was MXN427,354 Mil.
Total Assets was MXN577,870 Mil.
Property, Plant and Equipment(Net PPE) was MXN29,010 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN14,228 Mil.
Selling, General, & Admin. Expense(SGA) was MXN279,827 Mil.
Total Current Liabilities was MXN326,329 Mil.
Long-Term Debt & Capital Lease Obligation was MXN319,843 Mil.
Net Income was 22273.888 + 49560.485 + 27864.877 + 12878.694 = MXN112,578 Mil.
Non Operating Income was 1897.869 + -6537.18 + 677.844 + 2024.743 = MXN-1,937 Mil.
Cash Flow from Operations was 15036.96 + 46725.082 + 46258.26 + 44876.274 = MXN152,897 Mil.
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Total Receivables was MXN55,217 Mil.
Revenue was 81204.802 + 127872.123 + 93639.982 + 68098.45 = MXN370,815 Mil.
Gross Profit was 81204.802 + 127872.123 + 93639.982 + 68098.45 = MXN370,815 Mil.
Total Current Assets was MXN289,139 Mil.
Total Assets was MXN413,187 Mil.
Property, Plant and Equipment(Net PPE) was MXN25,275 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN11,559 Mil.
Selling, General, & Admin. Expense(SGA) was MXN249,421 Mil.
Total Current Liabilities was MXN226,267 Mil.
Long-Term Debt & Capital Lease Obligation was MXN217,644 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) |
| = | (66717.384 / 452115.743) | / | (55217.229 / 370815.357) |
| = | 0.147567 | / | 0.148908 |
| | = | 0.991 |
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) |
| = | (370815.357 / 370815.357) | / | (452115.743 / 452115.743) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (427354.148 + 29010.279) / 577869.735) | / | (1 - (289139.34 + 25274.655) / 413187.145) |
| = | 0.210264 | / | 0.239052 |
| | = | 0.8796 |
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 |
| = | 452115.743 | / | 370815.357 |
| | = | 1.2192 |
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)) |
| = | (11559.336 / (11559.336 + 25274.655)) | / | (14228.34 / (14228.34 + 29010.279)) |
| = | 0.313823 | / | 0.329066 |
| | = | 0.9537 |
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) |
| = | (279827.322 / 452115.743) | / | (249420.674 / 370815.357) |
| = | 0.618929 | / | 0.672628 |
| | = | 0.9202 |
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) |
| = | ((319843.015 + 326329.138) / 577869.735) | / | ((217643.808 + 226266.726) / 413187.145) |
| = | 1.118197 | / | 1.074357 |
| | = | 1.0408 |
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 |
| = | (112577.944 - -1936.724 | - | 152896.576) | / | 577869.735 |
| | = | -0.06642 |
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.
Booking Holdings has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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