Watermark Lodging Trust Beneish M-Score Historical Data
The historical data trend for Watermark Lodging Trust'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.
Watermark Lodging Trust Beneish M-Score Chart
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Watermark Lodging Trust Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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- |
-2.26 |
-2.44 |
-0.80 |
-15.14 |
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Watermark Lodging Trust Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.02 |
-0.14 |
-15.14 |
-6.45 |
-3.73 |
Competitive Comparison of Watermark Lodging Trust's Beneish M-Score
For the REIT - Hotel & Motel subindustry, Watermark Lodging Trust'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.
Watermark Lodging Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Watermark Lodging Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Watermark Lodging Trust's Beneish M-Score falls into.
Watermark Lodging Trust 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 Watermark Lodging Trust 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 * 0.5373 | + | 0.528 * -2.0703 | + | 0.404 * 0.9602 | + | 0.892 * 2.0875 | + | 0.115 * 0.9989 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4952 | + | 4.679 * -0.053448 | - | 0.327 * 0.9877 |
| = | -3.73 |
* 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 $90.3 Mil.
Revenue was 256.75 + 190.094 + 197.361 + 198.627 = $842.8 Mil.
Gross Profit was 56.207 + 14.432 + 13.878 + 24.98 = $109.5 Mil.
Total Current Assets was $402.9 Mil.
Total Assets was $3,035.0 Mil.
Property, Plant and Equipment(Net PPE) was $40.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $107.1 Mil.
Selling, General, & Admin. Expense(SGA) was $31.3 Mil.
Total Current Liabilities was $198.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,978.9 Mil.
Net Income was 14.908 + -40.087 + 36.768 + -18.321 = $-6.7 Mil.
Non Operating Income was 5.928 + -15.314 + 76.761 + 2.513 = $69.9 Mil.
Cash Flow from Operations was 32.498 + 16.386 + 21.48 + 15.233 = $85.6 Mil.
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Total Receivables was $80.5 Mil.
Revenue was 163.659 + 96.273 + 70.158 + 73.668 = $403.8 Mil.
Gross Profit was 7.576 + -29.913 + -41.082 + -45.179 = $-108.6 Mil.
Total Current Assets was $321.3 Mil.
Total Assets was $3,330.4 Mil.
Property, Plant and Equipment(Net PPE) was $47.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $124.5 Mil.
Selling, General, & Admin. Expense(SGA) was $30.3 Mil.
Total Current Liabilities was $189.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,230.0 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) |
| = | (90.291 / 842.832) | / | (80.499 / 403.758) |
| = | 0.107128 | / | 0.199374 |
| | = | 0.5373 |
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) |
| = | (-108.598 / 403.758) | / | (109.497 / 842.832) |
| = | -0.268968 | / | 0.129916 |
| | = | -2.0703 |
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 - (402.874 + 40.495) / 3035.048) | / | (1 - (321.344 + 47.247) / 3330.427) |
| = | 0.853917 | / | 0.889326 |
| | = | 0.9602 |
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 |
| = | 842.832 | / | 403.758 |
| | = | 2.0875 |
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)) |
| = | (124.508 / (124.508 + 47.247)) | / | (107.14 / (107.14 + 40.495)) |
| = | 0.724916 | / | 0.725709 |
| | = | 0.9989 |
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) |
| = | (31.283 / 842.832) | / | (30.261 / 403.758) |
| = | 0.037117 | / | 0.074948 |
| | = | 0.4952 |
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) |
| = | ((1978.887 + 198.44) / 3035.048) | / | ((2230.028 + 189.026) / 3330.427) |
| = | 0.717395 | / | 0.72635 |
| | = | 0.9877 |
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 |
| = | (-6.732 - 69.888 | - | 85.597) | / | 3035.048 |
| | = | -0.053448 |
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.
Watermark Lodging Trust has a M-score of -3.73 suggests that the company is unlikely to be a manipulator.
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