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 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.09 |
-2.80 |
-0.87 |
-1.66 |
-2.95 |
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Las Vegasnds 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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-1.66 |
-2.22 |
-2.44 |
-2.74 |
-2.95 |
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 * 0.8948 | + | 0.528 * 1.0206 | + | 0.404 * 1.0848 | + | 0.892 * 1.183 | + | 0.115 * 1.062 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9558 | + | 4.679 * -0.076539 | - | 0.327 * 1.0437 |
| = | -2.73 |
* 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 MXN8,697 Mil.
Revenue was 60398.107 + 52809.385 + 50581.804 + 49108.319 = MXN212,898 Mil.
Gross Profit was 29448.248 + 24986.991 + 24585.578 + 24861.19 = MXN103,882 Mil.
Total Current Assets was MXN89,471 Mil.
Total Assets was MXN431,004 Mil.
Property, Plant and Equipment(Net PPE) was MXN291,876 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN25,868 Mil.
Selling, General, & Admin. Expense(SGA) was MXN21,745 Mil.
Total Current Liabilities was MXN120,984 Mil.
Long-Term Debt & Capital Lease Obligation was MXN220,904 Mil.
Net Income was 6757.247 + 5414.833 + 6466.996 + 8198.55 = MXN26,838 Mil.
Non Operating Income was -396.258 + -78.761 + -146.561 + -381.714 = MXN-1,003 Mil.
Cash Flow from Operations was 19082.965 + 14984.318 + 14912.564 + 11849.726 = MXN60,830 Mil.
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Total Receivables was MXN8,216 Mil.
Revenue was 49479.933 + 48685.817 + 43579.794 + 38213 = MXN179,959 Mil.
Gross Profit was 25172.81 + 24543.226 + 21412.731 + 18493.65 = MXN89,622 Mil.
Total Current Assets was MXN98,060 Mil.
Total Assets was MXN369,665 Mil.
Property, Plant and Equipment(Net PPE) was MXN232,344 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN21,989 Mil.
Selling, General, & Admin. Expense(SGA) was MXN19,231 Mil.
Total Current Liabilities was MXN75,060 Mil.
Long-Term Debt & Capital Lease Obligation was MXN205,881 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) |
| = | (8696.827 / 212897.615) | / | (8215.536 / 179958.544) |
| = | 0.04085 | / | 0.045652 |
| | = | 0.8948 |
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) |
| = | (89622.417 / 179958.544) | / | (103882.007 / 212897.615) |
| = | 0.498017 | / | 0.487943 |
| | = | 1.0206 |
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 - (89470.953 + 291875.521) / 431003.896) | / | (1 - (98060.231 + 232343.506) / 369665.173) |
| = | 0.115213 | / | 0.106208 |
| | = | 1.0848 |
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 |
| = | 212897.615 | / | 179958.544 |
| | = | 1.183 |
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)) |
| = | (21989.094 / (21989.094 + 232343.506)) | / | (25867.607 / (25867.607 + 291875.521)) |
| = | 0.086458 | / | 0.08141 |
| | = | 1.062 |
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) |
| = | (21744.852 / 212897.615) | / | (19230.512 / 179958.544) |
| = | 0.102138 | / | 0.106861 |
| | = | 0.9558 |
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) |
| = | ((220903.574 + 120983.916) / 431003.896) | / | ((205880.654 + 75060.125) / 369665.173) |
| = | 0.793235 | / | 0.759987 |
| | = | 1.0437 |
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 |
| = | (26837.626 - -1003.294 | - | 60829.573) | / | 431003.896 |
| | = | -0.076539 |
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 -2.73 suggests that the company is unlikely to be a manipulator.
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