VICI Properties Beneish M-Score Historical Data
The historical data trend for VICI Properties'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.
VICI Properties Beneish M-Score Chart
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VICI Properties Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.29 |
25.67 |
-2.28 |
0.45 |
-2.28 |
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VICI Properties 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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0.45 |
0.16 |
-2.12 |
-2.22 |
-2.28 |
Competitive Comparison of VICI Properties's Beneish M-Score
For the REIT - Diversified subindustry, VICI Properties'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.
VICI Properties's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, VICI Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VICI Properties's Beneish M-Score falls into.
VICI Properties 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 VICI Properties 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 * 0.7835 | + | 0.528 * 0.9988 | + | 0.404 * 1.0644 | + | 0.892 * 1.3889 | + | 0.115 * 0.8052 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8878 | + | 4.679 * 0.007599 | - | 0.327 * 1.0289 |
| = | -2.28 |
* 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 $18,236 Mil.
Revenue was 931.865 + 904.318 + 898.158 + 877.647 = $3,612 Mil.
Gross Profit was 923.65 + 897.986 + 891.568 + 871.695 = $3,585 Mil.
Total Current Assets was $18,764 Mil.
Total Assets was $44,060 Mil.
Property, Plant and Equipment(Net PPE) was $953 Mil.
Depreciation, Depletion and Amortization(DDA) was $4 Mil.
Selling, General, & Admin. Expense(SGA) was $60 Mil.
Total Current Liabilities was $665 Mil.
Long-Term Debt & Capital Lease Obligation was $17,629 Mil.
Net Income was 747.769 + 556.329 + 690.702 + 518.74 = $2,514 Mil.
Non Operating Income was -4.471 + -4.688 + 2.677 + 4.201 = $-2 Mil.
Cash Flow from Operations was 576.492 + 552.106 + 530.378 + 522.033 = $2,181 Mil.
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Total Receivables was $16,760 Mil.
Revenue was 769.906 + 751.543 + 662.623 + 416.625 = $2,601 Mil.
Gross Profit was 763.634 + 746.357 + 656.764 + 411.34 = $2,578 Mil.
Total Current Assets was $17,193 Mil.
Total Assets was $37,576 Mil.
Property, Plant and Equipment(Net PPE) was $877 Mil.
Depreciation, Depletion and Amortization(DDA) was $3 Mil.
Selling, General, & Admin. Expense(SGA) was $48 Mil.
Total Current Liabilities was $594 Mil.
Long-Term Debt & Capital Lease Obligation was $14,569 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) |
| = | (18236.349 / 3611.988) | / | (16759.653 / 2600.697) |
| = | 5.04884 | / | 6.444293 |
| | = | 0.7835 |
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) |
| = | (2578.095 / 2600.697) | / | (3584.899 / 3611.988) |
| = | 0.991309 | / | 0.9925 |
| | = | 0.9988 |
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 - (18763.651 + 952.621) / 44059.841) | / | (1 - (17193.276 + 876.726) / 37575.826) |
| = | 0.552512 | / | 0.519106 |
| | = | 1.0644 |
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 |
| = | 3611.988 | / | 2600.697 |
| | = | 1.3889 |
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)) |
| = | (3.182 / (3.182 + 876.726)) | / | (4.298 / (4.298 + 952.621)) |
| = | 0.003616 | / | 0.004491 |
| | = | 0.8052 |
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) |
| = | (59.603 / 3611.988) | / | (48.34 / 2600.697) |
| = | 0.016501 | / | 0.018587 |
| | = | 0.8878 |
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) |
| = | ((17628.522 + 664.84) / 44059.841) | / | ((14568.973 + 593.566) / 37575.826) |
| = | 0.415194 | / | 0.403518 |
| | = | 1.0289 |
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 |
| = | (2513.54 - -2.281 | - | 2181.009) | / | 44059.841 |
| | = | 0.007599 |
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.
VICI Properties has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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