Marriott Vacations Worldwide Beneish M-Score Historical Data
The historical data trend for Marriott Vacations Worldwide'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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Marriott Vacations Worldwide Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.36 |
-2.58 |
-2.53 |
-2.31 |
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Marriott Vacations Worldwide 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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-2.53 |
-2.39 |
-2.36 |
-2.37 |
-2.31 |
Competitive Comparison
For the Resorts & Casinos subindustry, Marriott Vacations Worldwide'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.
Marriott Vacations Worldwide Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Marriott Vacations Worldwide's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marriott Vacations Worldwide's Beneish M-Score falls into.
Marriott Vacations Worldwide 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 Marriott Vacations Worldwide 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 * 1.0791 | + | 0.528 * 1.1085 | + | 0.404 * 0.9931 | + | 0.892 * 1.0152 | + | 0.115 * 1.0732 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0223 | + | 4.679 * 0.006818 | - | 0.327 * 1.01 |
| = | -2.31 |
* 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 $2,728 Mil.
Revenue was 1194 + 1186 + 1178 + 1169 = $4,727 Mil.
Gross Profit was 467 + 399 + 481 + 471 = $1,818 Mil.
Total Current Assets was $3,936 Mil.
Total Assets was $9,680 Mil.
Property, Plant and Equipment(Net PPE) was $1,260 Mil.
Depreciation, Depletion and Amortization(DDA) was $135 Mil.
Selling, General, & Admin. Expense(SGA) was $1,096 Mil.
Total Current Liabilities was $1,292 Mil.
Long-Term Debt & Capital Lease Obligation was $5,145 Mil.
Net Income was 35 + 42 + 90 + 87 = $254 Mil.
Non Operating Income was -39 + -5 + -1 + 1 = $-44 Mil.
Cash Flow from Operations was 83 + 122 + 77 + -50 = $232 Mil.
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Total Receivables was $2,490 Mil.
Revenue was 1188 + 1252 + 1164 + 1052 = $4,656 Mil.
Gross Profit was 501 + 545 + 519 + 420 = $1,985 Mil.
Total Current Assets was $4,004 Mil.
Total Assets was $9,639 Mil.
Property, Plant and Equipment(Net PPE) was $1,139 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $1,056 Mil.
Total Current Liabilities was $1,320 Mil.
Long-Term Debt & Capital Lease Obligation was $5,026 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) |
| = | (2728 / 4727) | / | (2490 / 4656) |
| = | 0.57711 | / | 0.534794 |
| | = | 1.0791 |
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) |
| = | (1985 / 4656) | / | (1818 / 4727) |
| = | 0.426332 | / | 0.384599 |
| | = | 1.1085 |
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 - (3936 + 1260) / 9680) | / | (1 - (4004 + 1139) / 9639) |
| = | 0.463223 | / | 0.466438 |
| | = | 0.9931 |
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 |
| = | 4727 | / | 4656 |
| | = | 1.0152 |
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)) |
| = | (132 / (132 + 1139)) | / | (135 / (135 + 1260)) |
| = | 0.103855 | / | 0.096774 |
| | = | 1.0732 |
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) |
| = | (1096 / 4727) | / | (1056 / 4656) |
| = | 0.23186 | / | 0.226804 |
| | = | 1.0223 |
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) |
| = | ((5145 + 1292) / 9680) | / | ((5026 + 1320) / 9639) |
| = | 0.664979 | / | 0.658367 |
| | = | 1.01 |
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 |
| = | (254 - -44 | - | 232) | / | 9680 |
| | = | 0.006818 |
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.
Marriott Vacations Worldwide has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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