Caesars Entertainment Beneish M-Score Historical Data
The historical data trend for Caesars Entertainment'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.
Caesars Entertainment Beneish M-Score Chart
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Caesars Entertainment Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.91 |
1.27 |
-1.72 |
-2.42 |
-2.61 |
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Caesars Entertainment Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.37 |
-2.40 |
-2.54 |
-2.61 |
Competitive Comparison of Caesars Entertainment's Beneish M-Score
For the Resorts & Casinos subindustry, Caesars Entertainment'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.
Caesars Entertainment's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Caesars Entertainment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Caesars Entertainment's Beneish M-Score falls into.
Caesars Entertainment 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 Caesars Entertainment 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 * 0.9341 | + | 0.528 * 0.9415 | + | 0.404 * 0.9892 | + | 0.892 * 1.0653 | + | 0.115 * 0.9685 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9133 | + | 4.679 * -0.022508 | - | 0.327 * 0.9953 |
| = | -2.61 |
* 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 $608 Mil.
Revenue was 2825 + 2994 + 2879 + 2830 = $11,528 Mil.
Gross Profit was 1443 + 1633 + 1550 + 1507 = $6,133 Mil.
Total Current Assets was $2,045 Mil.
Total Assets was $33,366 Mil.
Property, Plant and Equipment(Net PPE) was $14,756 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,261 Mil.
Selling, General, & Admin. Expense(SGA) was $2,012 Mil.
Total Current Liabilities was $2,690 Mil.
Long-Term Debt & Capital Lease Obligation was $24,983 Mil.
Net Income was -72 + 74 + 920 + -136 = $786 Mil.
Non Operating Income was -41 + 9 + -30 + -210 = $-272 Mil.
Cash Flow from Operations was 508 + 348 + 779 + 174 = $1,809 Mil.
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Total Receivables was $611 Mil.
Revenue was 2821 + 2887 + 2821 + 2292 = $10,821 Mil.
Gross Profit was 1520 + 1562 + 1515 + 823 = $5,420 Mil.
Total Current Assets was $2,102 Mil.
Total Assets was $33,527 Mil.
Property, Plant and Equipment(Net PPE) was $14,598 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,205 Mil.
Selling, General, & Admin. Expense(SGA) was $2,068 Mil.
Total Current Liabilities was $2,668 Mil.
Long-Term Debt & Capital Lease Obligation was $25,269 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) |
| = | (608 / 11528) | / | (611 / 10821) |
| = | 0.052741 | / | 0.056464 |
| | = | 0.9341 |
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) |
| = | (5420 / 10821) | / | (6133 / 11528) |
| = | 0.500878 | / | 0.532009 |
| | = | 0.9415 |
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 - (2045 + 14756) / 33366) | / | (1 - (2102 + 14598) / 33527) |
| = | 0.496463 | / | 0.501894 |
| | = | 0.9892 |
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 |
| = | 11528 | / | 10821 |
| | = | 1.0653 |
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)) |
| = | (1205 / (1205 + 14598)) | / | (1261 / (1261 + 14756)) |
| = | 0.076251 | / | 0.078729 |
| | = | 0.9685 |
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) |
| = | (2012 / 11528) | / | (2068 / 10821) |
| = | 0.174532 | / | 0.19111 |
| | = | 0.9133 |
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) |
| = | ((24983 + 2690) / 33366) | / | ((25269 + 2668) / 33527) |
| = | 0.829377 | / | 0.833269 |
| | = | 0.9953 |
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 |
| = | (786 - -272 | - | 1809) | / | 33366 |
| | = | -0.022508 |
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.
Caesars Entertainment has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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