Tropical Resorts International (XPTY:TRES) Beneish M-Score: -2.33 (As of Jul. 10, 2026)


XPTY:TRES Tropical Resorts International Inc XPTY:TRES
31 GF Score
Price $10.00
GF Value $11.75
! 1 Warning Sign
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What is Tropical Resorts International Beneish M-Score?

Tropical Resorts International XPTY:TRES 31 Beneish M-Score is -2.33 as of Jul. 10, 2026. GuruFocus rates XPTY:TRES with a GF Score™ of 31/100 and a GF Value™ of $11.75. The stock has 1 warning sign investors should review.

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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XPTY:TRES' s Beneish M-Score Range Over the Past 10 Years
Min: -4.02   Med: -2.42   Max: 17.55
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Tropical Resorts International was 17.55. The lowest was -4.02. And the median was -2.42.

Tropical Resorts International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tropical Resorts International'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.

Tropical Resorts International Beneish M-Score Chart

Tropical Resorts International Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.86 -2.81 -1.92 -2.85 -2.52

Tropical Resorts International Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 -3.00 -2.91 -2.47 -2.52 -2.33

XPTY:TRES vs MAR, HLT, HTHT: Beneish M-Score Comparison

For the Lodging subindustry, Tropical Resorts International'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.

Tropical Resorts International Beneish M-Score vs Travel & Leisure Industry

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

* The bar in red indicates where Tropical Resorts International's Beneish M-Score falls into.


XPTY:TRES
31GF Score
Tropical Resorts International Inc XPTY:TRES
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Tropical Resorts International 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 Tropical Resorts International 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 * 1.4748+0.528 * 0.966+0.404 * 1.0059+0.892 * 1.0957+0.115 * 0.9564
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9979+4.679 * -0.046296-0.327 * 1.3993
=-2.33

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $0.24 Mil.
Revenue was 4.129 + 2.572 + 1.686 + 1.909 = $10.30 Mil.
Gross Profit was 2.735 + 1.622 + 0.938 + 1.076 = $6.37 Mil.
Total Current Assets was $2.90 Mil.
Total Assets was $17.71 Mil.
Property, Plant and Equipment(Net PPE) was $13.89 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.64 Mil.
Selling, General, & Admin. Expense(SGA) was $1.44 Mil.
Total Current Liabilities was $1.20 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 1.311 + 0.357 + -0.069 + 0.053 = $1.65 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 1.538 + 0.622 + -0.11 + 0.422 = $2.47 Mil.
 Total Receivables was $0.15 Mil.
Revenue was 3.264 + 2.553 + 1.495 + 2.085 = $9.40 Mil.
Gross Profit was 2.121 + 1.553 + 0.735 + 1.208 = $5.62 Mil.
Total Current Assets was $2.52 Mil.
Total Assets was $17.35 Mil.
Property, Plant and Equipment(Net PPE) was $13.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.61 Mil.
Selling, General, & Admin. Expense(SGA) was $1.32 Mil.
Total Current Liabilities was $0.84 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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)
=(0.244 / 10.296) / (0.151 / 9.397)
=0.023699 / 0.016069
=1.4748

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)
=(5.617 / 9.397) / (6.371 / 10.296)
=0.597744 / 0.618784
=0.966

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 - (2.9 + 13.888) / 17.712) / (1 - (2.518 + 13.935) / 17.353)
=0.052168 / 0.051864
=1.0059

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
=10.296 / 9.397
=1.0957

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))
=(0.611 / (0.611 + 13.935)) / (0.638 / (0.638 + 13.888))
=0.042005 / 0.043921
=0.9564

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)
=(1.44 / 10.296) / (1.317 / 9.397)
=0.13986 / 0.140151
=0.9979

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)
=((0 + 1.204) / 17.712) / ((0 + 0.843) / 17.353)
=0.067977 / 0.048579
=1.3993

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
=(1.652 - 0 - 2.472) / 17.712
=-0.046296

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.

Tropical Resorts International has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.33 mean?
Tropical Resorts International (XPTY:TRES) has a Beneish M-Score of -2.33 as of Jul. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tropical Resorts International and its competitors.
Is Tropical Resorts International's Beneish M-Score too high?
Tropical Resorts International's current Beneish M-Score is -2.33. Overall, Tropical Resorts International has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Tropical Resorts International's Beneish M-Score compare to MAR and HLT?
Tropical Resorts International's Beneish M-Score of -2.33 can be compared against companies in the Travel & Leisure industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tropical Resorts International and its competitors. Tropical Resorts International's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tropical Resorts International stock overvalued right now?
Tropical Resorts International (XPTY:TRES) has a current Beneish M-Score of -2.33. The stock's GF Value™ is $11.75, compared to a current price of $10.00 — trading 14.9% below its estimated fair value. The current Beneish M-Score is -2.33. Tropical Resorts International's overall GF Score™ is 31/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Tropical Resorts International (XPTY:TRES), the current Beneish M-Score is -2.33 as of Jul. 10, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Tropical Resorts International (XPTY:TRES) Overvalued in 2026?

Based on GuruFocus' analysis, Tropical Resorts International stock appears to be undervalued. The current stock price of $10.00 is trading 14.9% below its estimated GF Value™ of $11.75.

Key valuation signals for XPTY:TRES:

  • Beneish M-Score: -2.33
  • GF Value™: $11.75 vs. price of $10.00 (14.9% below fair value)
  • GF Score™: 31/100 with 1 warning sign

No single metric tells the full story. See the XPTY:TRES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Tropical Resorts International Business Description

Address Township of Cristobal, PO BOX. 0816, Town of Gamboa, Panama, Colon Province, PAN, 02009
Tropical Resorts International Inc operates resorts mainly in Gamboa, Panama. The company operates Gamboa Rainforest resort that offers rooms and suites, swimming pool and gift shop, dining, and meetings and events space, and other amenities.
31GF Score

Get the complete analysis for XPTY:TRES

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$10.00
Price
$11.75
GF Value