Expedia Group Beneish M-Score Historical Data
The historical data trend for Expedia Group'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.
|
Expedia Group Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.82
[6] => -2.48
[7] => -2.32
[8] => -2.53
[9] => -2.56
)
|
|
|
|
|
|
-2.82 |
-2.48 |
-2.32 |
-2.53 |
-2.56 |
|
Expedia Group Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.53 |
-2.58 |
-2.47 |
-2.33 |
-2.56 |
Competitive Comparison
For the Travel Services subindustry, Expedia Group'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.
Expedia Group Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Expedia Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Expedia Group's Beneish M-Score falls into.
Expedia Group 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 Expedia Group 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 * 1.2155 | + | 0.528 * 0.9774 | + | 0.404 * 0.9473 | + | 0.892 * 1.1005 | + | 0.115 * 1.0275 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9772 | + | 4.679 * -0.068478 | - | 0.327 * 1.0549 |
| = | -2.56 |
* 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 $2,833 Mil.
Revenue was 2887 + 3929 + 3358 + 2665 = $12,839 Mil.
Gross Profit was -3560 + 3517 + 2951 + 2251 = $5,159 Mil.
Total Current Assets was $9,230 Mil.
Total Assets was $21,642 Mil.
Property, Plant and Equipment(Net PPE) was $2,716 Mil.
Depreciation, Depletion and Amortization(DDA) was $807 Mil.
Selling, General, & Admin. Expense(SGA) was $1,527 Mil.
Total Current Liabilities was $11,783 Mil.
Long-Term Debt & Capital Lease Obligation was $6,567 Mil.
Net Income was 132 + 425 + 385 + -145 = $797 Mil.
Non Operating Income was -33 + -469 + 18 + 73 = $-411 Mil.
Cash Flow from Operations was -238 + -1375 + 1146 + 3157 = $2,690 Mil.
|
Total Receivables was $2,118 Mil.
Revenue was 2618 + 3619 + 3181 + 2249 = $11,667 Mil.
Gross Profit was -3222 + 3164 + 2762 + 1878 = $4,582 Mil.
Total Current Assets was $8,791 Mil.
Total Assets was $21,561 Mil.
Property, Plant and Equipment(Net PPE) was $2,573 Mil.
Depreciation, Depletion and Amortization(DDA) was $792 Mil.
Selling, General, & Admin. Expense(SGA) was $1,420 Mil.
Total Current Liabilities was $10,778 Mil.
Long-Term Debt & Capital Lease Obligation was $6,552 Mil.
|
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) |
| = | (2833 / 12839) | / | (2118 / 11667) |
| = | 0.220656 | / | 0.181538 |
| | = | 1.2155 |
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) |
| = | (4582 / 11667) | / | (5159 / 12839) |
| = | 0.392732 | / | 0.401823 |
| | = | 0.9774 |
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 - (9230 + 2716) / 21642) | / | (1 - (8791 + 2573) / 21561) |
| = | 0.448018 | / | 0.472937 |
| | = | 0.9473 |
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 |
| = | 12839 | / | 11667 |
| | = | 1.1005 |
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)) |
| = | (792 / (792 + 2573)) | / | (807 / (807 + 2716)) |
| = | 0.235364 | / | 0.229066 |
| | = | 1.0275 |
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) |
| = | (1527 / 12839) | / | (1420 / 11667) |
| = | 0.118934 | / | 0.121711 |
| | = | 0.9772 |
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) |
| = | ((6567 + 11783) / 21642) | / | ((6552 + 10778) / 21561) |
| = | 0.847888 | / | 0.803766 |
| | = | 1.0549 |
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 |
| = | (797 - -411 | - | 2690) | / | 21642 |
| | = | -0.068478 |
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.
Expedia Group has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
EXPE has been successfully added to your