Las Vegasnds Beneish M-Score Historical Data
The historical data trend for Las Vegasnds'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.
Las Vegasnds Beneish M-Score Chart
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Las Vegasnds Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-3.09 |
-2.81 |
-0.87 |
-1.66 |
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Las Vegasnds 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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-1.62 |
-1.73 |
-1.83 |
-1.66 |
-2.22 |
Competitive Comparison of Las Vegasnds's Beneish M-Score
For the Resorts & Casinos subindustry, Las Vegasnds'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.
Las Vegasnds's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Las Vegasnds's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Las Vegasnds's Beneish M-Score falls into.
Las Vegasnds 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 Las Vegasnds 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 * 0.6039 | + | 0.528 * 0.8833 | + | 0.404 * 1.1012 | + | 0.892 * 2.1205 | + | 0.115 * 0.8457 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5558 | + | 4.679 * -0.090657 | - | 0.327 * 0.9671 |
| = | -2.22 |
* 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 $420 Mil.
Revenue was 2959 + 2915 + 2795 + 2542 = $11,211 Mil.
Gross Profit was 1498 + 1483 + 1409 + 1249 = $5,639 Mil.
Total Current Assets was $5,556 Mil.
Total Assets was $21,245 Mil.
Property, Plant and Equipment(Net PPE) was $13,386 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,314 Mil.
Selling, General, & Admin. Expense(SGA) was $1,142 Mil.
Total Current Liabilities was $4,267 Mil.
Long-Term Debt & Capital Lease Obligation was $11,914 Mil.
Net Income was 494 + 382 + 380 + 312 = $1,568 Mil.
Non Operating Income was -20 + 4 + 0 + 10 = $-6 Mil.
Cash Flow from Operations was 714 + 1006 + 839 + 941 = $3,500 Mil.
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Total Receivables was $328 Mil.
Revenue was 2120 + 1117 + 1005 + 1045 = $5,287 Mil.
Gross Profit was 1026 + 452 + 428 + 443 = $2,349 Mil.
Total Current Assets was $7,015 Mil.
Total Assets was $22,715 Mil.
Property, Plant and Equipment(Net PPE) was $13,464 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,101 Mil.
Selling, General, & Admin. Expense(SGA) was $969 Mil.
Total Current Liabilities was $3,919 Mil.
Long-Term Debt & Capital Lease Obligation was $13,971 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) |
| = | (420 / 11211) | / | (328 / 5287) |
| = | 0.037463 | / | 0.062039 |
| | = | 0.6039 |
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) |
| = | (2349 / 5287) | / | (5639 / 11211) |
| = | 0.444297 | / | 0.502988 |
| | = | 0.8833 |
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 - (5556 + 13386) / 21245) | / | (1 - (7015 + 13464) / 22715) |
| = | 0.108402 | / | 0.098437 |
| | = | 1.1012 |
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 |
| = | 11211 | / | 5287 |
| | = | 2.1205 |
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)) |
| = | (1101 / (1101 + 13464)) | / | (1314 / (1314 + 13386)) |
| = | 0.075592 | / | 0.089388 |
| | = | 0.8457 |
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) |
| = | (1142 / 11211) | / | (969 / 5287) |
| = | 0.101864 | / | 0.18328 |
| | = | 0.5558 |
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) |
| = | ((11914 + 4267) / 21245) | / | ((13971 + 3919) / 22715) |
| = | 0.761638 | / | 0.787585 |
| | = | 0.9671 |
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 |
| = | (1568 - -6 | - | 3500) | / | 21245 |
| | = | -0.090657 |
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.
Las Vegasnds has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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