Hilton Grand Vacations Beneish M-Score Historical Data
The historical data trend for Hilton Grand Vacations'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.
Hilton Grand Vacations Beneish M-Score Chart
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Hilton Grand Vacations Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.14 |
0.77 |
-1.32 |
-2.36 |
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Hilton Grand Vacations Quarterly Data
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Mar19 |
Jun19 |
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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-1.32 |
-0.03 |
-2.52 |
-3.53 |
-2.36 |
Competitive Comparison of Hilton Grand Vacations's Beneish M-Score
For the Resorts & Casinos subindustry, Hilton Grand Vacations'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.
Hilton Grand Vacations's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Hilton Grand Vacations's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hilton Grand Vacations's Beneish M-Score falls into.
Hilton Grand Vacations 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 Hilton Grand Vacations 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 * 1.1094 | + | 0.528 * 1.0333 | + | 0.404 * 0.8747 | + | 0.892 * 1.0373 | + | 0.115 * 1.0574 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0301 | + | 4.679 * 0.006678 | - | 0.327 * 1.0545 |
| = | -2.36 |
* 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 $2,641 Mil.
Revenue was 1019 + 1018 + 1007 + 934 = $3,978 Mil.
Gross Profit was 333 + 322 + 640 + 270 = $1,565 Mil.
Total Current Assets was $5,015 Mil.
Total Assets was $8,685 Mil.
Property, Plant and Equipment(Net PPE) was $819 Mil.
Depreciation, Depletion and Amortization(DDA) was $213 Mil.
Selling, General, & Admin. Expense(SGA) was $530 Mil.
Total Current Liabilities was $1,292 Mil.
Long-Term Debt & Capital Lease Obligation was $4,593 Mil.
Net Income was 68 + 92 + 80 + 73 = $313 Mil.
Non Operating Income was -22 + -11 + -11 + -13 = $-57 Mil.
Cash Flow from Operations was 0 + 92 + 194 + 26 = $312 Mil.
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Total Receivables was $2,295 Mil.
Revenue was 992 + 1116 + 948 + 779 = $3,835 Mil.
Gross Profit was 313 + 396 + 607 + 243 = $1,559 Mil.
Total Current Assets was $4,126 Mil.
Total Assets was $8,004 Mil.
Property, Plant and Equipment(Net PPE) was $874 Mil.
Depreciation, Depletion and Amortization(DDA) was $244 Mil.
Selling, General, & Admin. Expense(SGA) was $496 Mil.
Total Current Liabilities was $1,296 Mil.
Long-Term Debt & Capital Lease Obligation was $3,847 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) |
| = | (2641 / 3978) | / | (2295 / 3835) |
| = | 0.663901 | / | 0.598435 |
| | = | 1.1094 |
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) |
| = | (1559 / 3835) | / | (1565 / 3978) |
| = | 0.406519 | / | 0.393414 |
| | = | 1.0333 |
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 - (5015 + 819) / 8685) | / | (1 - (4126 + 874) / 8004) |
| = | 0.328267 | / | 0.375312 |
| | = | 0.8747 |
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 |
| = | 3978 | / | 3835 |
| | = | 1.0373 |
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)) |
| = | (244 / (244 + 874)) | / | (213 / (213 + 819)) |
| = | 0.218247 | / | 0.206395 |
| | = | 1.0574 |
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) |
| = | (530 / 3978) | / | (496 / 3835) |
| = | 0.133233 | / | 0.129335 |
| | = | 1.0301 |
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) |
| = | ((4593 + 1292) / 8685) | / | ((3847 + 1296) / 8004) |
| = | 0.677605 | / | 0.642554 |
| | = | 1.0545 |
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 |
| = | (313 - -57 | - | 312) | / | 8685 |
| | = | 0.006678 |
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.
Hilton Grand Vacations has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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