Golden Entertainment Beneish M-Score Historical Data
The historical data trend for Golden 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.
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Golden 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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-2.74 |
-3.04 |
-2.64 |
-2.53 |
-3.24 |
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Golden 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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-2.53 |
-3.19 |
-3.29 |
-3.35 |
-3.24 |
Competitive Comparison
For the Resorts & Casinos subindustry, Golden 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.
Golden Entertainment Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Golden Entertainment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Golden Entertainment's Beneish M-Score falls into.
Golden 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 Golden 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 * 0.881 | + | 0.528 * 0.9959 | + | 0.404 * 0.6686 | + | 0.892 * 0.9389 | + | 0.115 * 0.987 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1563 | + | 4.679 * -0.104861 | - | 0.327 * 0.8222 |
| = | -3.24 |
* 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 $17 Mil.
Revenue was 230.691 + 257.726 + 286.681 + 278.051 = $1,053 Mil.
Gross Profit was 107.579 + 113.352 + 132.297 + 122.322 = $476 Mil.
Total Current Assets was $409 Mil.
Total Assets was $1,452 Mil.
Property, Plant and Equipment(Net PPE) was $866 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $256 Mil.
Total Current Liabilities was $174 Mil.
Long-Term Debt & Capital Lease Obligation was $740 Mil.
Net Income was -9.372 + 241.216 + 12.282 + 11.63 = $256 Mil.
Non Operating Income was -16.133 + 305.784 + -0.512 + -0.298 = $289 Mil.
Cash Flow from Operations was -9.122 + 27.462 + 46.317 + 54.546 = $119 Mil.
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Total Receivables was $20 Mil.
Revenue was 279.71 + 278.993 + 289.372 + 273.644 = $1,122 Mil.
Gross Profit was 123.6 + 123.526 + 133.27 + 124.062 = $504 Mil.
Total Current Assets was $245 Mil.
Total Assets was $1,509 Mil.
Property, Plant and Equipment(Net PPE) was $989 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General, & Admin. Expense(SGA) was $235 Mil.
Total Current Liabilities was $133 Mil.
Long-Term Debt & Capital Lease Obligation was $1,022 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) |
| = | (16.951 / 1053.149) | / | (20.495 / 1121.719) |
| = | 0.016096 | / | 0.018271 |
| | = | 0.881 |
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) |
| = | (504.458 / 1121.719) | / | (475.55 / 1053.149) |
| = | 0.449719 | / | 0.451551 |
| | = | 0.9959 |
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 - (409.442 + 865.541) / 1452.283) | / | (1 - (244.573 + 988.624) / 1508.67) |
| = | 0.122084 | / | 0.182593 |
| | = | 0.6686 |
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 |
| = | 1053.149 | / | 1121.719 |
| | = | 0.9389 |
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)) |
| = | (100.123 / (100.123 + 988.624)) | / | (88.933 / (88.933 + 865.541)) |
| = | 0.091962 | / | 0.093175 |
| | = | 0.987 |
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) |
| = | (255.565 / 1053.149) | / | (235.404 / 1121.719) |
| = | 0.242667 | / | 0.20986 |
| | = | 1.1563 |
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) |
| = | ((739.846 + 174.376) / 1452.283) | / | ((1022.443 + 132.702) / 1508.67) |
| = | 0.629507 | / | 0.765671 |
| | = | 0.8222 |
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 |
| = | (255.756 - 288.841 | - | 119.203) | / | 1452.283 |
| | = | -0.104861 |
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.
Golden Entertainment has a M-score of -3.24 suggests that the company is unlikely to be a manipulator.
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