Hilton Worldwide Holdings Beneish M-Score Historical Data
The historical data trend for Hilton Worldwide Holdings'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.
Hilton Worldwide Holdings Beneish M-Score Chart
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Hilton Worldwide Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.63 |
-2.21 |
-2.30 |
-2.53 |
-2.56 |
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Hilton Worldwide Holdings Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.57 |
-2.55 |
-2.54 |
-2.56 |
-2.56 |
Competitive Comparison of Hilton Worldwide Holdings's Beneish M-Score
For the Lodging subindustry, Hilton Worldwide Holdings'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.
Hilton Worldwide Holdings's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Hilton Worldwide Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hilton Worldwide Holdings's Beneish M-Score falls into.
Hilton Worldwide Holdings 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 Hilton Worldwide Holdings 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 * 0.9994 | + | 0.528 * 1.0445 | + | 0.404 * 1.0366 | + | 0.892 * 1.0743 | + | 0.115 * 0.9833 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8955 | + | 4.679 * -0.036465 | - | 0.327 * 1.0943 |
| = | -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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $1,575 Mil.
Revenue was 2695 + 2783 + 2867 + 2951 = $11,296 Mil.
Gross Profit was 697 + 669 + 789 + 909 = $3,064 Mil.
Total Current Assets was $2,764 Mil.
Total Assets was $16,043 Mil.
Property, Plant and Equipment(Net PPE) was $985 Mil.
Depreciation, Depletion and Amortization(DDA) was $151 Mil.
Selling, General, & Admin. Expense(SGA) was $405 Mil.
Total Current Liabilities was $4,835 Mil.
Long-Term Debt & Capital Lease Obligation was $11,345 Mil.
Net Income was 300 + 505 + 344 + 421 = $1,570 Mil.
Non Operating Income was 19 + 4 + 6 + 7 = $36 Mil.
Cash Flow from Operations was 452 + 582 + 664 + 421 = $2,119 Mil.
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Total Receivables was $1,467 Mil.
Revenue was 2573 + 2609 + 2673 + 2660 = $10,515 Mil.
Gross Profit was 696 + 613 + 815 + 855 = $2,979 Mil.
Total Current Assets was $3,183 Mil.
Total Assets was $15,932 Mil.
Property, Plant and Equipment(Net PPE) was $971 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General, & Admin. Expense(SGA) was $421 Mil.
Total Current Liabilities was $3,774 Mil.
Long-Term Debt & Capital Lease Obligation was $10,910 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) |
| = | (1575 / 11296) | / | (1467 / 10515) |
| = | 0.13943 | / | 0.139515 |
| | = | 0.9994 |
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) |
| = | (2979 / 10515) | / | (3064 / 11296) |
| = | 0.28331 | / | 0.271246 |
| | = | 1.0445 |
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 - (2764 + 985) / 16043) | / | (1 - (3183 + 971) / 15932) |
| = | 0.766316 | / | 0.739267 |
| | = | 1.0366 |
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 |
| = | 11296 | / | 10515 |
| | = | 1.0743 |
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)) |
| = | (146 / (146 + 971)) | / | (151 / (151 + 985)) |
| = | 0.130707 | / | 0.132923 |
| | = | 0.9833 |
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) |
| = | (405 / 11296) | / | (421 / 10515) |
| = | 0.035853 | / | 0.040038 |
| | = | 0.8955 |
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) |
| = | ((11345 + 4835) / 16043) | / | ((10910 + 3774) / 15932) |
| = | 1.00854 | / | 0.921667 |
| | = | 1.0943 |
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 |
| = | (1570 - 36 | - | 2119) | / | 16043 |
| | = | -0.036465 |
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.
Hilton Worldwide Holdings has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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