Marriott International Beneish M-Score Historical Data
The historical data trend for Marriott International'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 International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.81 |
-2.40 |
-2.18 |
-2.45 |
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Marriott International 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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-2.18 |
-2.33 |
-2.39 |
-2.37 |
-2.45 |
Competitive Comparison
For the Lodging subindustry, Marriott International'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 International Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Marriott International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marriott International's Beneish M-Score falls into.
Marriott International 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 International 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 * 0.9241 | + | 0.528 * 1.0154 | + | 0.404 * 1.0137 | + | 0.892 * 1.1415 | + | 0.115 * 0.9942 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.994 | + | 4.679 * -0.00296 | - | 0.327 * 1.0872 |
| = | -2.45 |
* 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 $2,712 Mil.
Revenue was 6095 + 5928 + 6075 + 5615 = $23,713 Mil.
Gross Profit was 1107 + 1397 + 1422 + 1198 = $5,124 Mil.
Total Current Assets was $3,311 Mil.
Total Assets was $25,674 Mil.
Property, Plant and Equipment(Net PPE) was $2,510 Mil.
Depreciation, Depletion and Amortization(DDA) was $277 Mil.
Selling, General, & Admin. Expense(SGA) was $1,011 Mil.
Total Current Liabilities was $7,762 Mil.
Long-Term Debt & Capital Lease Obligation was $12,207 Mil.
Net Income was 848 + 752 + 726 + 757 = $3,083 Mil.
Non Operating Income was -1 + 16 + -29 + 3 = $-11 Mil.
Cash Flow from Operations was 751 + 881 + 651 + 887 = $3,170 Mil.
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Total Receivables was $2,571 Mil.
Revenue was 5923 + 5313 + 5338 + 4199 = $20,773 Mil.
Gross Profit was 1279 + 1226 + 1230 + 823 = $4,558 Mil.
Total Current Assets was $3,313 Mil.
Total Assets was $24,815 Mil.
Property, Plant and Equipment(Net PPE) was $2,572 Mil.
Depreciation, Depletion and Amortization(DDA) was $282 Mil.
Selling, General, & Admin. Expense(SGA) was $891 Mil.
Total Current Liabilities was $7,339 Mil.
Long-Term Debt & Capital Lease Obligation was $10,414 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) |
| = | (2712 / 23713) | / | (2571 / 20773) |
| = | 0.114368 | / | 0.123766 |
| | = | 0.9241 |
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) |
| = | (4558 / 20773) | / | (5124 / 23713) |
| = | 0.219419 | / | 0.216084 |
| | = | 1.0154 |
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 - (3311 + 2510) / 25674) | / | (1 - (3313 + 2572) / 24815) |
| = | 0.773273 | / | 0.762845 |
| | = | 1.0137 |
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 |
| = | 23713 | / | 20773 |
| | = | 1.1415 |
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)) |
| = | (282 / (282 + 2572)) | / | (277 / (277 + 2510)) |
| = | 0.098809 | / | 0.09939 |
| | = | 0.9942 |
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) |
| = | (1011 / 23713) | / | (891 / 20773) |
| = | 0.042635 | / | 0.042892 |
| | = | 0.994 |
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) |
| = | ((12207 + 7762) / 25674) | / | ((10414 + 7339) / 24815) |
| = | 0.777791 | / | 0.715414 |
| | = | 1.0872 |
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 |
| = | (3083 - -11 | - | 3170) | / | 25674 |
| | = | -0.00296 |
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 International has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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