Marriott International Beneish M-Score Historical Data
The historical data trend for Marriott 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.
Marriott International Beneish M-Score Chart
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Marriott International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.81 |
-2.40 |
-2.18 |
-2.45 |
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Marriott International Quarterly Data
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Jun19 |
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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-2.33 |
-2.39 |
-2.37 |
-2.45 |
-2.44 |
Competitive Comparison of Marriott International's Beneish M-Score
For the Lodging subindustry, Marriott 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.
Marriott International's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Marriott International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marriott International's Beneish M-Score falls into.
Marriott 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 Marriott 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 * 1.0373 | + | 0.528 * 1.0462 | + | 0.404 * 1.0069 | + | 0.892 * 1.0284 | + | 0.115 * 0.9526 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.115 | + | 4.679 * -0.006096 | - | 0.327 * 1.096 |
| = | -2.48 |
* 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 R$13,680 Mil.
Revenue was 29764.265 + 29864.281 + 29276.614 + 29486.228 = R$118,391 Mil.
Gross Profit was 5925.962 + 5424.079 + 6899.364 + 6901.961 = R$25,151 Mil.
Total Current Assets was R$17,180 Mil.
Total Assets was R$128,260 Mil.
Property, Plant and Equipment(Net PPE) was R$12,285 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,377 Mil.
Selling, General, & Admin. Expense(SGA) was R$5,262 Mil.
Total Current Liabilities was R$40,685 Mil.
Long-Term Debt & Capital Lease Obligation was R$62,741 Mil.
Net Income was 2808.607 + 4155.03 + 3713.902 + 3523.786 = R$14,201 Mil.
Non Operating Income was -19.919 + -4.9 + 79.019 + -140.757 = R$-87 Mil.
Cash Flow from Operations was 3879.264 + 3679.75 + 4350.995 + 3159.759 = R$15,070 Mil.
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Total Receivables was R$12,824 Mil.
Revenue was 29246.289 + 31068.504 + 27859.247 + 26944.623 = R$115,119 Mil.
Gross Profit was 6239.903 + 6708.867 + 6428.654 + 6208.671 = R$25,586 Mil.
Total Current Assets was R$17,001 Mil.
Total Assets was R$129,501 Mil.
Property, Plant and Equipment(Net PPE) was R$13,433 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,427 Mil.
Selling, General, & Admin. Expense(SGA) was R$4,589 Mil.
Total Current Liabilities was R$36,299 Mil.
Long-Term Debt & Capital Lease Obligation was R$58,977 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) |
| = | (13679.511 / 118391.388) | / | (12823.573 / 115118.663) |
| = | 0.115545 | / | 0.111394 |
| | = | 1.0373 |
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) |
| = | (25586.095 / 115118.663) | / | (25151.366 / 118391.388) |
| = | 0.222258 | / | 0.212443 |
| | = | 1.0462 |
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 - (17180.31 + 12285.167) / 128259.729) | / | (1 - (17000.87 + 13432.979) / 129501.422) |
| = | 0.770267 | / | 0.764992 |
| | = | 1.0069 |
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 |
| = | 118391.388 | / | 115118.663 |
| | = | 1.0284 |
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)) |
| = | (1426.52 / (1426.52 + 13432.979)) | / | (1376.84 / (1376.84 + 12285.167)) |
| = | 0.096001 | / | 0.100779 |
| | = | 0.9526 |
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) |
| = | (5261.899 / 118391.388) | / | (4588.688 / 115118.663) |
| = | 0.044445 | / | 0.039861 |
| | = | 1.115 |
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) |
| = | ((62740.5 + 40684.966) / 128259.729) | / | ((58976.978 + 36298.733) / 129501.422) |
| = | 0.806375 | / | 0.735712 |
| | = | 1.096 |
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 |
| = | (14201.325 - -86.557 | - | 15069.768) | / | 128259.729 |
| | = | -0.006096 |
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.
Marriott International has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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