Market Cap : 5.31 B | Enterprise Value : 16.52 B | PE Ratio : 26.65 | PB Ratio : 1.49 |
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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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PENN Entertainment's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of PENN Entertainment was -0.25. The lowest was -7.35. And the median was -2.50.
The historical data trend for PENN Entertainment'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.
For the Resorts & Casinos subindustry, PENN Entertainment'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.
For the Travel & Leisure industry and Consumer Cyclical sector, PENN Entertainment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PENN Entertainment's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
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 PENN Entertainment 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 * 0.8482 | + | 0.528 * 1.1325 | + | 0.404 * 1.3154 | + | 0.892 * 1.1919 | + | 0.115 * 0.752 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7498 | + | 4.679 * -0.0249 | - | 0.327 * 0.9963 | |||||||
= | -2.35 |
* 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 (Sep22) TTM: | Last Year (Sep21) TTM: |
Total Receivables was $156 Mil. Revenue was 1625 + 1626.9 + 1564.2 + 1572.5 = $6,389 Mil. Gross Profit was 667.9 + 726.5 + 705.7 + 657.4 = $2,758 Mil. Total Current Assets was $2,059 Mil. Total Assets was $17,535 Mil. Property, Plant and Equipment(Net PPE) was $10,626 Mil. Depreciation, Depletion and Amortization(DDA) was $515 Mil. Selling, General, & Admin. Expense(SGA) was $1,181 Mil. Total Current Liabilities was $1,148 Mil. Long-Term Debt & Capital Lease Obligation was $12,607 Mil. Net Income was 123.5 + 26.1 + 51.7 + 45 = $246 Mil. Non Operating Income was -106.8 + -26.4 + -32 + -29.7 = $-195 Mil. Cash Flow from Operations was 323.6 + 211.5 + 224.9 + 117.1 = $877 Mil. |
Total Receivables was $154 Mil. Revenue was 1511.8 + 1545.8 + 1274.9 + 1027.4 = $5,360 Mil. Gross Profit was 699.3 + 776.3 + 624 + 520.4 = $2,620 Mil. Total Current Assets was $3,039 Mil. Total Assets was $15,749 Mil. Property, Plant and Equipment(Net PPE) was $9,398 Mil. Depreciation, Depletion and Amortization(DDA) was $338 Mil. Selling, General, & Admin. Expense(SGA) was $1,321 Mil. Total Current Liabilities was $1,078 Mil. Long-Term Debt & Capital Lease Obligation was $11,322 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) |
= | (155.8 / 6388.6) | / | (154.1 / 5359.9) | |
= | 0.02438719 | / | 0.02875054 | |
= | 0.8482 |
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) | |
= | (2620 / 5359.9) | / | (2757.5 / 6388.6) | |
= | 0.48881509 | / | 0.43162821 | |
= | 1.1325 |
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 - (2058.5 + 10626.1) / 17535.1) | / | (1 - (3039.1 + 9397.9) / 15748.7) | |
= | 0.27661661 | / | 0.21028402 | |
= | 1.3154 |
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 | |
= | 6388.6 | / | 5359.9 | |
= | 1.1919 |
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)) |
= | (338.3 / (338.3 + 9397.9)) | / | (514.8 / (514.8 + 10626.1)) | |
= | 0.03474662 | / | 0.04620812 | |
= | 0.752 |
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) |
= | (1180.9 / 6388.6) | / | (1321.3 / 5359.9) | |
= | 0.18484488 | / | 0.24651579 | |
= | 0.7498 |
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) |
= | ((12607.3 + 1148.3) / 17535.1) | / | ((11322.1 + 1077.7) / 15748.7) | |
= | 0.78446088 | / | 0.78735388 | |
= | 0.9963 |
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 | |
= | (246.3 - -194.9 | - | 877.1) | / | 17535.1 | |
= | -0.0249 |
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.
PENN Entertainment has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of PENN Entertainment's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Gupta Vimla Black | director | 825 BERKSHIRE BLVD., WYOMISSING PA 19610 |
Felicia Hendrix | officer: EVP and CFO | 825 BERKSHIRE BLVD., WYOMISSING PA 19610 |
Todd George | officer: EVP, Operations | 825 BERKSHIRE BLVD., WYOMISSING PA 19610 |
Marla Kaplowitz | director | 825 BERKSHIRE BLVD., WYOMISSING PA 19610 |
Christine Labombard | officer: SVP and CAO | 825 BERKSHIRE BOULEVARD, WYOMISSING PA 19610 |
Ronald J Naples | director | 96 S. GEORGE STREET, SUITE 500, YORK PA 17401 |
Jane Scaccetti | director | 3111 W ALLEGHENY AVE, PHILADELPHIA PA 19132 |
Christopher Byron Rogers | officer: EVP and Chief Strategy Officer | 825 BERKSHIRE BLVD., WYOMISSING PA 19610 |
Harper H. Ko | officer: EVP, CLO and Sec. | 7250 S. TENAYA WAY, SUITE 100, LAS VEGAS NV 89113 |
David Edward Williams | officer: EVP and CFO | 825 BERKSHIRE BOULEVARD, WYOMISSING PA 19610 |
Saul Reibstein | officer: EVP-Finance, CFO & Treasurer | C/O VISHAY PRECISION GROUP, INC., 3 GREAT VALLEY PARKWAY, SUITE 150, MALVERN PA 19355 |
Carl Sottosanti | officer: SVP,Gen Counsel & Secretary | 825 BERKSHIRE BOULEVARD, SUITE 200, WYOMISSING PA 19610 |
Jay A Snowden | officer: EVP-Chief Operating Officer | 825 BERKSHIRE BOULEVARD, SUITE 200, WYOMISSING PA 19610 |
William J Fair | officer: EVP - Chief Dev Officer | 825 BERKSHIRE BOULEVARD, SUITE 200, WYOMISSING PA 19610 |
Desiree A. Burke | officer: V. P. and Chief Accounting Off | 845 BERKSHIRE BOULEVARD, SUITE 200, WYOMISSING PA 19610 |
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