Starwood Hotels & Resorts Worldwide Beneish M-Score Historical Data
The historical data trend for Starwood Hotels & Resorts 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.
Starwood Hotels & Resorts Worldwide Beneish M-Score Chart
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Starwood Hotels & Resorts Worldwide Annual Data
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Dec06 |
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Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.43 |
-2.63 |
-2.71 |
-2.84 |
-3.12 |
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Starwood Hotels & Resorts Worldwide Quarterly Data
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Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
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Sep13 |
Dec13 |
Mar14 |
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Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
| Beneish M-Score |
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-3.24 |
-3.22 |
-3.12 |
-3.20 |
-3.03 |
Competitive Comparison of Starwood Hotels & Resorts Worldwide's Beneish M-Score
For the Lodging subindustry, Starwood Hotels & Resorts 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.
Starwood Hotels & Resorts Worldwide's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Starwood Hotels & Resorts Worldwide's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Starwood Hotels & Resorts Worldwide's Beneish M-Score falls into.
Starwood Hotels & Resorts 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 Starwood Hotels & Resorts 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 * 0.8961 | + | 0.528 * 0.9719 | + | 0.404 * 0.9885 | + | 0.892 * 0.9778 | + | 0.115 * 0.7061 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0314 | + | 4.679 * -0.082057 | - | 0.327 * 1.1523 |
| = | -3.09 |
* 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 (Jun16) TTM: | Last Year (Jun15) TTM: |
Total Receivables was $630 Mil.
Revenue was 1246 + 1404 + 1433 + 1434 = $5,517 Mil.
Gross Profit was 1030 + 347 + 393 + 380 = $2,150 Mil.
Total Current Assets was $2,353 Mil.
Total Assets was $6,922 Mil.
Property, Plant and Equipment(Net PPE) was $1,478 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General, & Admin. Expense(SGA) was $1,057 Mil.
Total Current Liabilities was $1,978 Mil.
Long-Term Debt & Capital Lease Obligation was $2,380 Mil.
Net Income was -263 + 90 + 166 + 88 = $81 Mil.
Non Operating Income was -105 + 14 + 41 + -41 = $-91 Mil.
Cash Flow from Operations was 162 + 48 + 199 + 331 = $740 Mil.
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Total Receivables was $719 Mil.
Revenue was 1241 + 1415 + 1493 + 1493 = $5,642 Mil.
Gross Profit was 992 + 344 + 423 + 378 = $2,137 Mil.
Total Current Assets was $2,095 Mil.
Total Assets was $8,053 Mil.
Property, Plant and Equipment(Net PPE) was $2,320 Mil.
Depreciation, Depletion and Amortization(DDA) was $287 Mil.
Selling, General, & Admin. Expense(SGA) was $1,048 Mil.
Total Current Liabilities was $2,408 Mil.
Long-Term Debt & Capital Lease Obligation was $1,992 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) |
| = | (630 / 5517) | / | (719 / 5642) |
| = | 0.114192 | / | 0.127437 |
| | = | 0.8961 |
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) |
| = | (2137 / 5642) | / | (2150 / 5517) |
| = | 0.378766 | / | 0.389705 |
| | = | 0.9719 |
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 - (2353 + 1478) / 6922) | / | (1 - (2095 + 2320) / 8053) |
| = | 0.446547 | / | 0.451757 |
| | = | 0.9885 |
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 |
| = | 5517 | / | 5642 |
| | = | 0.9778 |
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)) |
| = | (287 / (287 + 2320)) | / | (273 / (273 + 1478)) |
| = | 0.110088 | / | 0.155911 |
| | = | 0.7061 |
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) |
| = | (1057 / 5517) | / | (1048 / 5642) |
| = | 0.19159 | / | 0.18575 |
| | = | 1.0314 |
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) |
| = | ((2380 + 1978) / 6922) | / | ((1992 + 2408) / 8053) |
| = | 0.629587 | / | 0.54638 |
| | = | 1.1523 |
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 |
| = | (81 - -91 | - | 740) | / | 6922 |
| | = | -0.082057 |
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.
Starwood Hotels & Resorts Worldwide has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
Starwood Hotels & Resorts Worldwide (Starwood Hotels & Resorts Worldwide) Business Description
Traded in Other Exchanges
N/A
Address
Starwood Hotels & Resorts Worldwide Inc was incorporated in 1980 under the laws of Maryland. It operates as a hotel and leisure company. The Company conducts its hotel and leisure business both directly and through its subsidiaries. It has 1,222 properties providing approximately 354,200 rooms in approximately 100 countries and 180,400 employees under its management at its owned and managed properties, vacation ownership resorts and corporate offices. The Company manage and operate its hotel business in three separate hotel segments: the Americas, Europe, Africa and the Middle East ("EAME"), and Asia Pacific. Its vacation ownership and residential business is a separate segment. It franchises its Luxury Collection, Westin, Le Méridien, Sheraton, Four Points by Sheraton, Aloft and Element brands and generally derive licensing and other fees from franchisees based on a fixed percentage of the franchised hotel's room revenue, as well as fees for other services, including centralized reservations, loyalty program, national and international advertising and sales and marketing. The Company's brands name includes St. Regis, The Luxury Collection, W, Westin, Le Méridien, Sheraton, Four Points, Aloft, and Element. Some of its competitors are private management firms, several are national and international chains that own and operate their own hotels, as well as manage hotels for third-party owners and sell VOIs, under a variety of brands that compete directly with its brands. It is subject to taxation at the federal, state or provincial and local levels in the U.S. and various other countries and jurisdictions.
Executives
| Charlene Barshefsky |
director |
|
| Lizanne Galbreath |
director |
LASALLE PARTNERS INC, 200 RANDOLPH DR, CHICAGO IL 60601 |
| Kenneth S Siegel |
officer: CAO & General Counsel |
40 STARWOOD HOTELS & RESORTS, 111 WESTCHESTER AVE, WHITE PLAINS NY 10604 |
| Thomas B Mangas |
director, officer: Chief Executive Officer |
C/O ARMSTRONG WORLD INDUSTRIES, INC., 2500 COLUMBIA AVENUE, LANCASTER PA 17603 |
| Sergio Rivera |
officer: President, The Americas |
C/O STARWOOD HOTELS & RESORTS WORLDWIDE,, ONE STARPOINT, STAMFORD CT 06902 |
| Stephen R Quazzo |
director |
C/O STARWOOD HOTELS & RESORTS WORLDWIDE, 44 SOUTH BROADWAY, WHITE PLAINS NY 10601 |
| Daley Clayton C Jr |
director |
C/O THE PROCTER & GAMBLE COMPANY,, ONE PROCTER & GAMBLE PLAZA, CINCINNATI OH 45202 |
| Thomas E Clarke |
director |
C/O NEWELL RUBBERMAID INC, THREE GLENLAKE PKWY., ATLANTA 2Q 30328 |
| Thomas O Ryder |
director |
C/O READERS DIGEST ASSOCITATION INC, READERS DIGEST RD., PLEASANTVILLE NY 10570 |
| Aylwin B Lewis |
director |
111 N. CANAL, SUITE 850, CHICAGO IL 60606 |
| Eric Hippeau |
director |
STARWOOD HOTELS & RESORTS WORLDWIDE, 44 SOUTH BROADWAY, WHITE PLAINS NY 10601 |
| Bruce W Duncan |
director |
ONE NORTH WACKER DRIVE, SUITE 4200, CHICAGO IL 60606 |
| Adam M Aron |
director, officer: CEO on an interim basis |
AMC ENTERTAINMENT HOLDINGS, INC, 11500 ASH STREET, LEAWOOD KS 66211 |
| Van Paasschen Frits D |
director, officer: President and CEO |
C/O STARWOOD HOTELS & RESORTS WORLDWIDE, 1111 WESTCHESTER AVENUE, WHITE PLAINS NY 10604 |
| Vasant M Prabhu |
officer: Vice Chairman & CFO |
C/O SAFEWAY INC, 5918 STONERIDGE MALL ROAD, PLEASANTON CA 94588 |
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