Vail Resorts Beneish M-Score Historical Data
The historical data trend for Vail 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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Vail Resorts Annual Data
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Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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-2.71 |
-3.42 |
-0.79 |
-2.65 |
-2.69 |
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Vail Resorts Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.74 |
-2.47 |
-2.69 |
-2.82 |
-2.85 |
Competitive Comparison
For the Resorts & Casinos subindustry, Vail 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.
Vail Resorts Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Vail Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vail Resorts's Beneish M-Score falls into.
Vail 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 Vail 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 * 0.8561 | + | 0.528 * 1.0286 | + | 0.404 * 1.0953 | + | 0.892 * 1.007 | + | 0.115 * 0.9243 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.994 | + | 4.679 * -0.056175 | - | 0.327 * 1.085 |
| = | -2.85 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $138 Mil.
Revenue was 1077.958 + 258.565 + 269.768 + 1238.431 = $2,845 Mil.
Gross Profit was 536.823 + -33.487 + -2.892 + 710.564 = $1,211 Mil.
Total Current Assets was $1,179 Mil.
Total Assets was $5,848 Mil.
Property, Plant and Equipment(Net PPE) was $2,539 Mil.
Depreciation, Depletion and Amortization(DDA) was $274 Mil.
Selling, General, & Admin. Expense(SGA) was $395 Mil.
Total Current Liabilities was $1,229 Mil.
Long-Term Debt & Capital Lease Obligation was $2,890 Mil.
Net Income was 219.299 + -175.512 + -128.566 + 325.006 = $240 Mil.
Non Operating Income was 3.166 + 0.763 + 5.571 + -46.013 = $-37 Mil.
Cash Flow from Operations was 242.662 + 328.499 + -87.32 + 121.39 = $605 Mil.
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Total Receivables was $160 Mil.
Revenue was 1101.718 + 279.447 + 267.136 + 1176.665 = $2,825 Mil.
Gross Profit was 512.761 + 0.694 + 23.039 + 700.46 = $1,237 Mil.
Total Current Assets was $1,760 Mil.
Total Assets was $6,565 Mil.
Property, Plant and Equipment(Net PPE) was $2,622 Mil.
Depreciation, Depletion and Amortization(DDA) was $259 Mil.
Selling, General, & Admin. Expense(SGA) was $394 Mil.
Total Current Liabilities was $1,288 Mil.
Long-Term Debt & Capital Lease Obligation was $2,974 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) |
| = | (138.269 / 2844.722) | / | (160.393 / 2824.966) |
| = | 0.048605 | / | 0.056777 |
| | = | 0.8561 |
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) |
| = | (1236.954 / 2824.966) | / | (1211.008 / 2844.722) |
| = | 0.437865 | / | 0.425703 |
| | = | 1.0286 |
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 - (1178.804 + 2539.262) / 5847.664) | / | (1 - (1760.131 + 2622.062) / 6564.962) |
| = | 0.364179 | / | 0.332488 |
| | = | 1.0953 |
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 |
| = | 2844.722 | / | 2824.966 |
| | = | 1.007 |
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)) |
| = | (259.435 / (259.435 + 2622.062)) | / | (274.025 / (274.025 + 2539.262)) |
| = | 0.090035 | / | 0.097404 |
| | = | 0.9243 |
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) |
| = | (394.789 / 2844.722) | / | (394.413 / 2824.966) |
| = | 0.138779 | / | 0.139617 |
| | = | 0.994 |
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) |
| = | ((2890.314 + 1228.774) / 5847.664) | / | ((2974.125 + 1287.936) / 6564.962) |
| = | 0.704399 | / | 0.649213 |
| | = | 1.085 |
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 |
| = | (240.227 - -36.513 | - | 605.231) | / | 5847.664 |
| | = | -0.056175 |
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.
Vail Resorts has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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