Travel+Leisure Co Beneish M-Score Historical Data
The historical data trend for Travel+Leisure Co'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.
Travel+Leisure Co Beneish M-Score Chart
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Travel+Leisure Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.85 |
-2.44 |
-2.53 |
-2.34 |
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Travel+Leisure Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.41 |
-2.41 |
-2.43 |
-2.34 |
-2.40 |
Competitive Comparison of Travel+Leisure Co's Beneish M-Score
For the Travel Services subindustry, Travel+Leisure Co'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.
Travel+Leisure Co's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Travel+Leisure Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Travel+Leisure Co's Beneish M-Score falls into.
Travel+Leisure Co 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 Travel+Leisure Co 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 * 1.0308 | + | 0.528 * 1.0038 | + | 0.404 * 0.9573 | + | 0.892 * 1.0412 | + | 0.115 * 0.9637 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9654 | + | 4.679 * 0.004414 | - | 0.327 * 0.9905 |
| = | -2.40 |
* 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 $2,722 Mil.
Revenue was 916 + 936 + 986 + 949 = $3,787 Mil.
Gross Profit was 849 + 879 + 914 + 889 = $3,531 Mil.
Total Current Assets was $4,825 Mil.
Total Assets was $7,023 Mil.
Property, Plant and Equipment(Net PPE) was $614 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General, & Admin. Expense(SGA) was $958 Mil.
Total Current Liabilities was $1,315 Mil.
Long-Term Debt & Capital Lease Obligation was $5,924 Mil.
Net Income was 66 + 129 + 110 + 94 = $399 Mil.
Non Operating Income was 2 + -15 + 1 + -10 = $-22 Mil.
Cash Flow from Operations was 47 + 152 + 88 + 103 = $390 Mil.
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Total Receivables was $2,536 Mil.
Revenue was 879 + 899 + 937 + 922 = $3,637 Mil.
Gross Profit was 824 + 843 + 878 + 859 = $3,404 Mil.
Total Current Assets was $4,281 Mil.
Total Assets was $6,477 Mil.
Property, Plant and Equipment(Net PPE) was $670 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $953 Mil.
Total Current Liabilities was $1,286 Mil.
Long-Term Debt & Capital Lease Obligation was $5,454 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) |
| = | (2722 / 3787) | / | (2536 / 3637) |
| = | 0.718775 | / | 0.697278 |
| | = | 1.0308 |
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) |
| = | (3404 / 3637) | / | (3531 / 3787) |
| = | 0.935936 | / | 0.9324 |
| | = | 1.0038 |
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 - (4825 + 614) / 7023) | / | (1 - (4281 + 670) / 6477) |
| = | 0.225545 | / | 0.235603 |
| | = | 0.9573 |
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 |
| = | 3787 | / | 3637 |
| | = | 1.0412 |
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)) |
| = | (117 / (117 + 670)) | / | (112 / (112 + 614)) |
| = | 0.148666 | / | 0.15427 |
| | = | 0.9637 |
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) |
| = | (958 / 3787) | / | (953 / 3637) |
| = | 0.252971 | / | 0.262029 |
| | = | 0.9654 |
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) |
| = | ((5924 + 1315) / 7023) | / | ((5454 + 1286) / 6477) |
| = | 1.030756 | / | 1.040605 |
| | = | 0.9905 |
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 |
| = | (399 - -22 | - | 390) | / | 7023 |
| | = | 0.004414 |
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.
Travel+Leisure Co has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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