Boyd Gaming Beneish M-Score Historical Data
The historical data trend for Boyd Gaming'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.
Boyd Gaming Beneish M-Score Chart
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Boyd Gaming Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.80 |
-2.18 |
-2.42 |
-2.38 |
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Boyd Gaming 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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-2.42 |
-2.57 |
-2.39 |
-2.40 |
-2.38 |
Competitive Comparison of Boyd Gaming's Beneish M-Score
For the Resorts & Casinos subindustry, Boyd Gaming'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.
Boyd Gaming's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Boyd Gaming's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Boyd Gaming's Beneish M-Score falls into.
Boyd Gaming 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 Boyd Gaming 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 * 1.2049 | + | 0.528 * 1.0367 | + | 0.404 * 0.9288 | + | 0.892 * 1.0515 | + | 0.115 * 1.0372 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9861 | + | 4.679 * -0.029506 | - | 0.327 * 0.9666 |
| = | -2.38 |
* 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 $141 Mil.
Revenue was 954.412 + 903.164 + 916.95 + 963.966 = $3,738 Mil.
Gross Profit was 504.922 + 482.147 + 507.353 + 524.15 = $2,019 Mil.
Total Current Assets was $529 Mil.
Total Assets was $6,273 Mil.
Property, Plant and Equipment(Net PPE) was $3,336 Mil.
Depreciation, Depletion and Amortization(DDA) was $257 Mil.
Selling, General, & Admin. Expense(SGA) was $498 Mil.
Total Current Liabilities was $596 Mil.
Long-Term Debt & Capital Lease Obligation was $3,583 Mil.
Net Income was 92.605 + 135.233 + 192.454 + 199.731 = $620 Mil.
Non Operating Income was -104.267 + 0.03 + -0.522 + -4.641 = $-109 Mil.
Cash Flow from Operations was 217.264 + 233.977 + 181.1 + 282.175 = $915 Mil.
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Total Receivables was $112 Mil.
Revenue was 922.921 + 877.263 + 894.45 + 860.743 = $3,555 Mil.
Gross Profit was 509.722 + 491.967 + 504.632 + 483.852 = $1,990 Mil.
Total Current Assets was $478 Mil.
Total Assets was $6,311 Mil.
Property, Plant and Equipment(Net PPE) was $3,225 Mil.
Depreciation, Depletion and Amortization(DDA) was $258 Mil.
Selling, General, & Admin. Expense(SGA) was $481 Mil.
Total Current Liabilities was $586 Mil.
Long-Term Debt & Capital Lease Obligation was $3,764 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) |
| = | (141.4 / 3738.492) | / | (111.611 / 3555.377) |
| = | 0.037823 | / | 0.031392 |
| | = | 1.2049 |
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) |
| = | (1990.173 / 3555.377) | / | (2018.572 / 3738.492) |
| = | 0.559764 | / | 0.539943 |
| | = | 1.0367 |
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 - (529.315 + 3335.847) / 6273.126) | / | (1 - (478.228 + 3224.581) / 6311.127) |
| = | 0.383854 | / | 0.413289 |
| | = | 0.9288 |
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 |
| = | 3738.492 | / | 3555.377 |
| | = | 1.0515 |
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)) |
| = | (258.179 / (258.179 + 3224.581)) | / | (256.78 / (256.78 + 3335.847)) |
| = | 0.074131 | / | 0.071474 |
| | = | 1.0372 |
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) |
| = | (498.289 / 3738.492) | / | (480.58 / 3555.377) |
| = | 0.133286 | / | 0.13517 |
| | = | 0.9861 |
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) |
| = | ((3582.61 + 596.322) / 6273.126) | / | ((3763.574 + 586.134) / 6311.127) |
| = | 0.666164 | / | 0.689213 |
| | = | 0.9666 |
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 |
| = | (620.023 - -109.4 | - | 914.516) | / | 6273.126 |
| | = | -0.029506 |
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.
Boyd Gaming has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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