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Boyd Gaming Beneish M-Score

: -2.20 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Boyd Gaming's Beneish M-Score or its related term are showing as below:

BYD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6   Med: -2.59   Max: -1.72
Current: -2.2

During the past 13 years, the highest Beneish M-Score of Boyd Gaming was -1.72. The lowest was -3.60. And the median was -2.59.


Boyd Gaming Beneish M-Score Historical Data

The historical data trend for Boyd Gaming'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.

* Premium members only.

Boyd Gaming Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.39 -2.41 -2.75 -2.80 -2.18

Boyd Gaming Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.44 -2.56 -2.18 -2.19 -2.20

Competitive Comparison

For the Resorts & Casinos subindustry, Boyd Gaming'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.

   

Boyd Gaming Beneish M-Score Distribution

For the Travel & Leisure industry and Consumer Cyclical sector, Boyd Gaming's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Boyd Gaming's Beneish M-Score falls into.



Boyd Gaming 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 Boyd Gaming 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 * 1.346+0.528 * 1.0122+0.404 * 1.0347+0.892 * 1.185+0.115 * 0.9897
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8766+4.679 * -0.0574-0.327 * 0.9297
=-2.20

* 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 $92 Mil.
Revenue was 894.45 + 860.743 + 879.841 + 843.06 = $3,478 Mil.
Gross Profit was 504.632 + 483.852 + 494.379 + 485.998 = $1,969 Mil.
Total Current Assets was $418 Mil.
Total Assets was $6,050 Mil.
Property, Plant and Equipment(Net PPE) was $3,202 Mil.
Depreciation, Depletion and Amortization(DDA) was $265 Mil.
Selling, General, & Admin. Expense(SGA) was $479 Mil.
Total Current Liabilities was $535 Mil.
Long-Term Debt & Capital Lease Obligation was $3,645 Mil.
Net Income was 146.763 + 162.928 + 109.782 + 138.174 = $558 Mil.
Non Operating Income was -20.259 + -3.047 + -38.937 + -0.161 = $-62 Mil.
Cash Flow from Operations was 222.503 + 233.709 + 232.695 + 278.374 = $967 Mil.
Total Receivables was $58 Mil.
Revenue was 893.602 + 753.307 + 635.868 + 652.238 = $2,935 Mil.
Gross Profit was 528.711 + 428.242 + 344.938 + 379.823 = $1,682 Mil.
Total Current Assets was $473 Mil.
Total Assets was $6,292 Mil.
Property, Plant and Equipment(Net PPE) was $3,377 Mil.
Depreciation, Depletion and Amortization(DDA) was $277 Mil.
Selling, General, & Admin. Expense(SGA) was $461 Mil.
Total Current Liabilities was $529 Mil.
Long-Term Debt & Capital Lease Obligation was $4,147 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)
=(91.735 / 3478.094) / (57.514 / 2935.015)
=0.02637508 / 0.01959581
=1.346

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)
=(1681.714 / 2935.015) / (1968.861 / 3478.094)
=0.5729831 / 0.56607469
=1.0122

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 - (417.812 + 3202.313) / 6050.153) / (1 - (472.824 + 3376.73) / 6291.913)
=0.40164736 / 0.38817431
=1.0347

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
=3478.094 / 2935.015
=1.185

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))
=(276.599 / (276.599 + 3376.73)) / (265.276 / (265.276 + 3202.313))
=0.07571149 / 0.07650157
=0.9897

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)
=(478.957 / 3478.094) / (461.059 / 2935.015)
=0.13770674 / 0.15708915
=0.8766

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)
=((3645.224 + 534.6) / 6050.153) / ((4146.777 + 528.908) / 6291.913)
=0.69086253 / 0.74312614
=0.9297

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
=(557.647 - -62.404 - 967.281) / 6050.153
=-0.0574

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.

Boyd Gaming has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.


Boyd Gaming Beneish M-Score Related Terms

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Boyd Gaming Business Description

Boyd Gaming logo
Traded in Other Exchanges
Address
6465 South Rainbow Boulevard, Las Vegas, NV, USA, 89118
Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Its business segments are separated by geographical regions: Las Vegas Locals; Downtown Las Vegas; and Midwest & South. Midwest & South holds the largest number of entertainment properties, and it generates most sales for the company. Boyd generates most of its revenue from its gaming operations.
Executives
Nelson Lori M. officer: SVP Fin Ops and Reporting 6465 S. RAINBOW BOULEVARD LAS VEGAS NV 89118
Clinton Uri officer: EVP,General Counsel,Secretary C/O MULTIMEDIA GAMES, INC. 206 WILD BASIN ROAD, BLDG. B, SUITE 400 AUSTIN TX 78746
Bogich Ted officer: Executive Vice President 3883 HOWARD HUGHES PARKWAY, NINTH FLOOR LAS VEGAS NV 89169
Hirsberg Josh officer: Exec. V.P., Treasurer & CFO C/O BOYD GAMING CORPORATION 3883 HOWARD HUGHES PARKWAY, NINTH FLOOR LAS VEGAS NV 89169
Mcduffie Anthony D officer: VP & Chief Accounting Officer C/O BOYD GAMING CORPORATION 6465 SOUTH RAINBOW BLVD LAS VEGAS NV 89118
Boyd William S director, 10 percent owner, officer: Co-Executive Chair 2950 SOUTH INDUSTRIAL ROAD LAS VEGAS NV 89109
Thompson Stephen S. officer: Executive Vice President 3883 HOWARD HUGHES PARKWAY, NINTH FLOOR LAS VEGAS NV 89169
Boyd William R director, officer: Vice President
Smith Keith director, officer: President & CEO
Wilson Veronica J director C/O BOYD GAMING 2950 INDUSTRIAL RD LAS VEGAS NV 89109
Bailey John Robert director 1106 PALMS AIRPORT DRIVE LAS VEGAS NV 89119
Spadafor Christine J. director 3883 HOWARD HUGHES PARKWAY NINTH FLOOR LAS VEGAS NV 89169
Thoman A. Randall director 8360 S. DURANGO DR. LAS VEGAS NV 89113
Thomas Peter M director 2300 W. SAHARA AVENUE BOX ONE LAS VEGAS NV 89102
Whetsell Paul W director 4501 NORTH FAIRFAX DRIVE, SUITE 800 ARLINGTON VA 22203

Boyd Gaming Headlines

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