Airbnb Beneish M-Score Historical Data
The historical data trend for Airbnb'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.
Airbnb Beneish M-Score Chart
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Airbnb Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.66 |
-2.63 |
-1.09 |
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Airbnb Quarterly Data
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Dec18 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.67 |
-2.61 |
-1.04 |
-1.09 |
-1.17 |
Competitive Comparison of Airbnb's Beneish M-Score
For the Travel Services subindustry, Airbnb'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.
Airbnb's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Airbnb's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Airbnb's Beneish M-Score falls into.
Airbnb 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 Airbnb 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 * 0.9823 | + | 0.528 * 0.9911 | + | 0.404 * 3.5441 | + | 0.892 * 1.129 | + | 0.115 * 1.3887 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2764 | + | 4.679 * 0.033948 | - | 0.327 * 0.9076 |
| = | -1.17 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €8,038 Mil.
Revenue was 1970.64 + 2033.906 + 3182.989 + 2292.732 = €9,480 Mil.
Gross Profit was 1529.04 + 1681.778 + 2752.906 + 1893.996 = €7,858 Mil.
Total Current Assets was €18,762 Mil.
Total Assets was €22,574 Mil.
Property, Plant and Equipment(Net PPE) was €259 Mil.
Depreciation, Depletion and Amortization(DDA) was €43 Mil.
Selling, General, & Admin. Expense(SGA) was €3,594 Mil.
Total Current Liabilities was €13,008 Mil.
Long-Term Debt & Capital Lease Obligation was €1,833 Mil.
Net Income was 242.88 + -320.033 + 4098.438 + 599.95 = €4,621 Mil.
Non Operating Income was -9.2 + -7.336 + -2.811 + -33.228 = €-53 Mil.
Cash Flow from Operations was 1769.16 + 57.771 + 1241.525 + 839.007 = €3,907 Mil.
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Total Receivables was €7,248 Mil.
Revenue was 1698.012 + 1795.488 + 2912.84 + 1990.384 = €8,397 Mil.
Gross Profit was 1298.26 + 1469.808 + 2507.83 + 1621.444 = €6,897 Mil.
Total Current Assets was €17,624 Mil.
Total Assets was €18,697 Mil.
Property, Plant and Equipment(Net PPE) was €243 Mil.
Depreciation, Depletion and Amortization(DDA) was €60 Mil.
Selling, General, & Admin. Expense(SGA) was €2,494 Mil.
Total Current Liabilities was €11,406 Mil.
Long-Term Debt & Capital Lease Obligation was €2,137 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) |
| = | (8038.04 / 9480.267) | / | (7247.84 / 8396.724) |
| = | 0.847871 | / | 0.863175 |
| | = | 0.9823 |
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) |
| = | (6897.342 / 8396.724) | / | (7857.72 / 9480.267) |
| = | 0.821433 | / | 0.82885 |
| | = | 0.9911 |
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 - (18761.56 + 259.44) / 22574.04) | / | (1 - (17623.646 + 242.84) / 18696.812) |
| = | 0.157395 | / | 0.04441 |
| | = | 3.5441 |
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 |
| = | 9480.267 | / | 8396.724 |
| | = | 1.129 |
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)) |
| = | (60.272 / (60.272 + 242.84)) | / | (43.355 / (43.355 + 259.44)) |
| = | 0.198844 | / | 0.143183 |
| | = | 1.3887 |
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) |
| = | (3593.741 / 9480.267) | / | (2493.676 / 8396.724) |
| = | 0.379076 | / | 0.296982 |
| | = | 1.2764 |
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) |
| = | ((1832.64 + 13007.88) / 22574.04) | / | ((2136.992 + 11406.008) / 18696.812) |
| = | 0.657415 | / | 0.724348 |
| | = | 0.9076 |
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 |
| = | (4621.235 - -52.575 | - | 3907.463) | / | 22574.04 |
| | = | 0.033948 |
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.
Airbnb has a M-score of -1.17 signals that the company is likely to be a manipulator.
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