PENN Entertainment Beneish M-Score Historical Data
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.
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PENN Entertainment Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-1.92 |
-2.75 |
-2.51 |
-1.58 |
- |
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PENN Entertainment Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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-1.58 |
-2.21 |
-2.20 |
-2.35 |
- |
Competitive Comparison
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.
PENN Entertainment Beneish M-Score Distribution
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.
PENN Entertainment 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 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.
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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.
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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) |
| = | (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.
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