United Parks & Resorts Beneish M-Score Historical Data
The historical data trend for United Parks & 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.
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United Parks & 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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-2.69 |
-3.38 |
-0.77 |
-3.08 |
-2.93 |
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United Parks & 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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-3.08 |
-3.00 |
0.05 |
-2.90 |
-2.93 |
Competitive Comparison
For the Leisure subindustry, United Parks & 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.
United Parks & Resorts Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, United Parks & Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Parks & Resorts's Beneish M-Score falls into.
United Parks & 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 United Parks & 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 * 1.0421 | + | 0.528 * 0.998 | + | 0.404 * 0.9229 | + | 0.892 * 0.9973 | + | 0.115 * 1.0562 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1088 | + | 4.679 * -0.102826 | - | 0.327 * 0.8837 |
| = | -2.93 |
* 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 $74 Mil.
Revenue was 388.965 + 548.247 + 496.029 + 293.346 = $1,727 Mil.
Gross Profit was 359.13 + 507.816 + 457.819 + 270.125 = $1,595 Mil.
Total Current Assets was $390 Mil.
Total Assets was $2,625 Mil.
Property, Plant and Equipment(Net PPE) was $1,969 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $221 Mil.
Total Current Liabilities was $411 Mil.
Long-Term Debt & Capital Lease Obligation was $2,206 Mil.
Net Income was 40.053 + 123.555 + 87.055 + -16.467 = $234 Mil.
Non Operating Income was -0.257 + 0.16 + -0.651 + -0.05 = $-1 Mil.
Cash Flow from Operations was 106.459 + 163.556 + 184.605 + 50.296 = $505 Mil.
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Total Receivables was $71 Mil.
Revenue was 390.52 + 565.207 + 504.817 + 270.693 = $1,731 Mil.
Gross Profit was 361.246 + 523.822 + 463.299 + 247.653 = $1,596 Mil.
Total Current Assets was $234 Mil.
Total Assets was $2,326 Mil.
Property, Plant and Equipment(Net PPE) was $1,837 Mil.
Depreciation, Depletion and Amortization(DDA) was $153 Mil.
Selling, General, & Admin. Expense(SGA) was $200 Mil.
Total Current Liabilities was $409 Mil.
Long-Term Debt & Capital Lease Obligation was $2,214 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) |
| = | (73.845 / 1726.587) | / | (71.05 / 1731.237) |
| = | 0.042769 | / | 0.04104 |
| | = | 1.0421 |
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) |
| = | (1596.02 / 1731.237) | / | (1594.89 / 1726.587) |
| = | 0.921896 | / | 0.923724 |
| | = | 0.998 |
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 - (390.182 + 1969.317) / 2625.046) | / | (1 - (233.696 + 1837.158) / 2325.787) |
| = | 0.101159 | / | 0.109611 |
| | = | 0.9229 |
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 |
| = | 1726.587 | / | 1731.237 |
| | = | 0.9973 |
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)) |
| = | (152.62 / (152.62 + 1837.158)) | / | (154.208 / (154.208 + 1969.317)) |
| = | 0.076702 | / | 0.072619 |
| | = | 1.0562 |
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) |
| = | (221.237 / 1726.587) | / | (200.074 / 1731.237) |
| = | 0.128135 | / | 0.115567 |
| | = | 1.1088 |
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) |
| = | ((2205.914 + 410.915) / 2625.046) | / | ((2214.455 + 409.206) / 2325.787) |
| = | 0.99687 | / | 1.128074 |
| | = | 0.8837 |
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 |
| = | (234.196 - -0.798 | - | 504.916) | / | 2625.046 |
| | = | -0.102826 |
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.
United Parks & Resorts has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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