Wynn Resorts Beneish M-Score Historical Data
The historical data trend for Wynn Resorts'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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Wynn Resorts Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.70 |
-1.98 |
-2.64 |
-2.52 |
-2.45 |
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Wynn Resorts Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.98 |
-2.26 |
-2.45 |
-2.37 |
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Competitive Comparison
For the Resorts & Casinos subindustry, Wynn Resorts'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.
Wynn Resorts Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Wynn Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wynn Resorts's Beneish M-Score falls into.
Wynn Resorts 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 Wynn Resorts 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 * 0.5409 | + | 0.528 * 0.9103 | + | 0.404 * 1.0337 | + | 0.892 * 1.4009 | + | 0.115 * 1.0167 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8188 | + | 4.679 * -0.0307 | - | 0.327 * 1.0901 |
| = | -2.72 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $186 Mil.
Revenue was 908.832 + 953.334 + 1042.225 + 994.644 = $3,899 Mil.
Gross Profit was 339.242 + 334.98 + 334.308 + 307.083 = $1,316 Mil.
Total Current Assets was $2,371 Mil.
Total Assets was $11,789 Mil.
Property, Plant and Equipment(Net PPE) was $8,953 Mil.
Depreciation, Depletion and Amortization(DDA) was $695 Mil.
Selling, General, & Admin. Expense(SGA) was $816 Mil.
Total Current Liabilities was $1,617 Mil.
Long-Term Debt & Capital Lease Obligation was $11,478 Mil.
Net Income was -130.051 + -183.324 + -177.19 + -166.249 = $-657 Mil.
Non Operating Income was -35.446 + -53.447 + -25.992 + -26.647 = $-142 Mil.
Cash Flow from Operations was -40.066 + -117.385 + -5.759 + 9.975 = $-153 Mil.
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Total Receivables was $246 Mil.
Revenue was 990.113 + 736.682 + 685.995 + 370.452 = $2,783 Mil.
Gross Profit was 359.918 + 203.774 + 207.41 + 83.745 = $855 Mil.
Total Current Assets was $3,215 Mil.
Total Assets was $13,023 Mil.
Property, Plant and Equipment(Net PPE) was $9,312 Mil.
Depreciation, Depletion and Amortization(DDA) was $736 Mil.
Selling, General, & Admin. Expense(SGA) was $712 Mil.
Total Current Liabilities was $2,538 Mil.
Long-Term Debt & Capital Lease Obligation was $10,732 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) |
| = | (186.38 / 3899.035) | / | (245.959 / 2783.242) |
| = | 0.04780157 | / | 0.0883714 |
| | = | 0.5409 |
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) |
| = | (854.847 / 2783.242) | / | (1315.613 / 3899.035) |
| = | 0.30714074 | / | 0.33742016 |
| | = | 0.9103 |
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 - (2371.214 + 8953.481) / 11788.531) | / | (1 - (3215.089 + 9311.887) / 13022.665) |
| = | 0.03934638 | / | 0.03806356 |
| | = | 1.0337 |
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 |
| = | 3899.035 | / | 2783.242 |
| | = | 1.4009 |
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)) |
| = | (735.918 / (735.918 + 9311.887)) | / | (695.058 / (695.058 + 8953.481)) |
| = | 0.07324167 | / | 0.07203764 |
| | = | 1.0167 |
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) |
| = | (816.431 / 3899.035) | / | (711.759 / 2783.242) |
| = | 0.20939309 | / | 0.25573019 |
| | = | 0.8188 |
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) |
| = | ((11477.502 + 1617.269) / 11788.531) | / | ((10732.031 + 2538.302) / 13022.665) |
| = | 1.110806 | / | 1.01901823 |
| | = | 1.0901 |
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 |
| = | (-656.814 - -141.532 | - | -153.235) | / | 11788.531 |
| | = | -0.0307 |
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.
Wynn Resorts has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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