Red Rock Resorts Beneish M-Score Historical Data
The historical data trend for Red Rock Resorts'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.
Red Rock Resorts Beneish M-Score Chart
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Red Rock Resorts Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-3.42 |
-2.52 |
-2.74 |
-2.20 |
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Red Rock Resorts 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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-2.74 |
-2.61 |
-2.57 |
-1.74 |
-2.20 |
Competitive Comparison of Red Rock Resorts's Beneish M-Score
For the Resorts & Casinos subindustry, Red Rock Resorts'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.
Red Rock Resorts's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Red Rock Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Red Rock Resorts's Beneish M-Score falls into.
Red Rock Resorts 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 Red Rock Resorts 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 * 1.6893 | + | 0.528 * 1.0149 | + | 0.404 * 0.7909 | + | 0.892 * 1.0362 | + | 0.115 * 1.1722 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0237 | + | 4.679 * -0.073195 | - | 0.327 * 0.9498 |
| = | -2.20 |
* 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 $76 Mil.
Revenue was 462.714 + 411.606 + 416.13 + 433.636 = $1,724 Mil.
Gross Profit was 291.998 + 262.005 + 263.197 + 280.494 = $1,098 Mil.
Total Current Assets was $282 Mil.
Total Assets was $3,955 Mil.
Property, Plant and Equipment(Net PPE) was $3,223 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $374 Mil.
Total Current Liabilities was $349 Mil.
Long-Term Debt & Capital Lease Obligation was $3,302 Mil.
Net Income was 56.299 + 35.516 + 39.513 + 44.676 = $176 Mil.
Non Operating Income was 13.594 + -14.443 + -9.312 + -18.72 = $-29 Mil.
Cash Flow from Operations was 158.936 + 100.22 + 94.659 + 140.522 = $494 Mil.
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Total Receivables was $44 Mil.
Revenue was 425.47 + 414.439 + 422.241 + 401.636 = $1,664 Mil.
Gross Profit was 273.858 + 267.947 + 272.571 + 260.695 = $1,075 Mil.
Total Current Assets was $221 Mil.
Total Assets was $3,346 Mil.
Property, Plant and Equipment(Net PPE) was $2,644 Mil.
Depreciation, Depletion and Amortization(DDA) was $128 Mil.
Selling, General, & Admin. Expense(SGA) was $353 Mil.
Total Current Liabilities was $293 Mil.
Long-Term Debt & Capital Lease Obligation was $2,959 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) |
| = | (76.373 / 1724.086) | / | (43.63 / 1663.786) |
| = | 0.044298 | / | 0.026223 |
| | = | 1.6893 |
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) |
| = | (1075.071 / 1663.786) | / | (1097.694 / 1724.086) |
| = | 0.646159 | / | 0.636682 |
| | = | 1.0149 |
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 - (282.292 + 3222.828) / 3954.512) | / | (1 - (220.995 + 2644.034) / 3345.75) |
| = | 0.11364 | / | 0.143681 |
| | = | 0.7909 |
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 |
| = | 1724.086 | / | 1663.786 |
| | = | 1.0362 |
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)) |
| = | (128.368 / (128.368 + 2644.034)) | / | (132.536 / (132.536 + 3222.828)) |
| = | 0.046302 | / | 0.0395 |
| | = | 1.1722 |
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) |
| = | (374.494 / 1724.086) | / | (353.043 / 1663.786) |
| = | 0.217213 | / | 0.212193 |
| | = | 1.0237 |
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) |
| = | ((3301.658 + 349.219) / 3954.512) | / | ((2958.717 + 293.249) / 3345.75) |
| = | 0.923218 | / | 0.971969 |
| | = | 0.9498 |
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 |
| = | (176.004 - -28.881 | - | 494.337) | / | 3954.512 |
| | = | -0.073195 |
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.
Red Rock Resorts has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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