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Las Vegasnds (WBO:LVSC) Beneish M-Score : -2.74 (As of Dec. 13, 2024)


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What is Las Vegasnds Beneish M-Score?

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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Las Vegasnds's Beneish M-Score or its related term are showing as below:

WBO:LVSC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.69   Med: -2.77   Max: -0.83
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Las Vegasnds was -0.83. The lowest was -3.69. And the median was -2.77.


Las Vegasnds Beneish M-Score Historical Data

The historical data trend for Las Vegasnds'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.

* Premium members only.

Las Vegasnds Beneish M-Score Chart

Las Vegasnds Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.35 -3.09 -2.80 -0.87 -1.66

Las Vegasnds Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.82 -1.66 -2.22 -2.44 -2.74

Competitive Comparison of Las Vegasnds's Beneish M-Score

For the Resorts & Casinos subindustry, Las Vegasnds'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.


Las Vegasnds's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Las Vegasnds's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Las Vegasnds's Beneish M-Score falls into.



Las Vegasnds 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 Las Vegasnds 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 * 0.785+0.528 * 0.9759+0.404 * 1.0589+0.892 * 1.2971+0.115 * 0.9015
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8075+4.679 * -0.083701-0.327 * 1.0333
=-2.78

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was €372 Mil.
Revenue was 2416.482 + 2564.969 + 2722.28 + 2673.055 = €10,377 Mil.
Gross Profit was 1143.369 + 1246.718 + 1378.16 + 1359.911 = €5,128 Mil.
Total Current Assets was €4,347 Mil.
Total Assets was €19,240 Mil.
Property, Plant and Equipment(Net PPE) was €12,765 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,240 Mil.
Selling, General, & Admin. Expense(SGA) was €1,039 Mil.
Total Current Liabilities was €4,820 Mil.
Long-Term Debt & Capital Lease Obligation was €10,167 Mil.
Net Income was 247.775 + 327.937 + 454.48 + 350.294 = €1,380 Mil.
Non Operating Income was -3.604 + -7.432 + -21.16 + 1.834 = €-30 Mil.
Cash Flow from Operations was 685.661 + 756.206 + 656.88 + 922.502 = €3,021 Mil.
Total Receivables was €365 Mil.
Revenue was 2618.915 + 2346.266 + 1980.08 + 1054.448 = €8,000 Mil.
Gross Profit was 1320.233 + 1152.827 + 958.284 + 426.688 = €3,858 Mil.
Total Current Assets was €5,783 Mil.
Total Assets was €20,730 Mil.
Property, Plant and Equipment(Net PPE) was €12,783 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,109 Mil.
Selling, General, & Admin. Expense(SGA) was €992 Mil.
Total Current Liabilities was €3,844 Mil.
Long-Term Debt & Capital Lease Obligation was €11,784 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)
=(372.113 / 10376.786) / (365.43 / 7999.709)
=0.03586 / 0.04568
=0.785

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)
=(3858.032 / 7999.709) / (5128.158 / 10376.786)
=0.482272 / 0.494195
=0.9759

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 - (4347.325 + 12765.368) / 19239.954) / (1 - (5783.164 + 12782.554) / 20730.188)
=0.110565 / 0.104411
=1.0589

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
=10376.786 / 7999.709
=1.2971

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))
=(1109.01 / (1109.01 + 12782.554)) / (1240.245 / (1240.245 + 12765.368))
=0.079833 / 0.088553
=0.9015

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)
=(1039.264 / 10376.786) / (992.129 / 7999.709)
=0.100153 / 0.124021
=0.8075

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)
=((10166.884 + 4820.35) / 19239.954) / ((11783.712 + 3843.574) / 20730.188)
=0.778964 / 0.753842
=1.0333

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
=(1380.486 - -30.362 - 3021.249) / 19239.954
=-0.083701

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.

Las Vegasnds has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.


Las Vegasnds Beneish M-Score Related Terms

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Las Vegasnds Business Description

Address
5420 S. Durango Drive, Las Vegas, NV, USA, 89113
Las Vegas Sands is the world's largest operator of fully integrated resorts, featuring casino, hotel, entertainment, food and beverage, retail, and convention center operations. The company owns the Venetian Macao, Sands Macao, Londoner Macao, Four Seasons Hotel Macao, and Parisian Macao, as well as the Marina Bay Sands resort in Singapore. We expect Sands to open a fourth tower in Singapore in 2031. Its Venetian and Palazzo Las Vegas assets in the US were sold to Apollo and VICI in 2022. With the sale of its Vegas assets, the company generates all its EBITDA from Asia, with its casino operations generating the majority of sales.

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