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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Dec17 |
Dec18 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.67 |
-2.61 |
-1.04 |
-1.09 |
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 * 1.0398 | + | 0.528 * 0.9919 | + | 0.404 * 3.2639 | + | 0.892 * 1.1807 | + | 0.115 * 1.7489 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.301 | + | 4.679 * 0.046597 | - | 0.327 * 0.9232 |
| = | -1.09 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $6,118 Mil.
Revenue was 2218 + 3397 + 2484 + 1818 = $9,917 Mil.
Gross Profit was 1834 + 2938 + 2052 + 1390 = $8,214 Mil.
Total Current Assets was $16,509 Mil.
Total Assets was $20,645 Mil.
Property, Plant and Equipment(Net PPE) was $279 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $3,788 Mil.
Total Current Liabilities was $9,950 Mil.
Long-Term Debt & Capital Lease Obligation was $2,243 Mil.
Net Income was -349 + 4374 + 650 + 117 = $4,792 Mil.
Non Operating Income was -8 + -3 + -36 + -7 = $-54 Mil.
Cash Flow from Operations was 63 + 1325 + 909 + 1587 = $3,884 Mil.
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Total Receivables was $4,983 Mil.
Revenue was 1902 + 2884 + 2104 + 1509 = $8,399 Mil.
Gross Profit was 1557 + 2483 + 1714 + 1146 = $6,900 Mil.
Total Current Assets was $14,861 Mil.
Total Assets was $16,038 Mil.
Property, Plant and Equipment(Net PPE) was $259 Mil.
Depreciation, Depletion and Amortization(DDA) was $81 Mil.
Selling, General, & Admin. Expense(SGA) was $2,466 Mil.
Total Current Liabilities was $7,978 Mil.
Long-Term Debt & Capital Lease Obligation was $2,282 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) |
| = | (6118 / 9917) | / | (4983 / 8399) |
| = | 0.61692 | / | 0.593285 |
| | = | 1.0398 |
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) |
| = | (6900 / 8399) | / | (8214 / 9917) |
| = | 0.821526 | / | 0.828275 |
| | = | 0.9919 |
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 - (16509 + 279) / 20645) | / | (1 - (14861 + 259) / 16038) |
| = | 0.186825 | / | 0.057239 |
| | = | 3.2639 |
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 |
| = | 9917 | / | 8399 |
| | = | 1.1807 |
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)) |
| = | (81 / (81 + 259)) | / | (44 / (44 + 279)) |
| = | 0.238235 | / | 0.136223 |
| | = | 1.7489 |
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) |
| = | (3788 / 9917) | / | (2466 / 8399) |
| = | 0.38197 | / | 0.293606 |
| | = | 1.301 |
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) |
| = | ((2243 + 9950) / 20645) | / | ((2282 + 7978) / 16038) |
| = | 0.590603 | / | 0.639731 |
| | = | 0.9232 |
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 |
| = | (4792 - -54 | - | 3884) | / | 20645 |
| | = | 0.046597 |
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 -1.09 signals that the company is likely to be a manipulator.
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