Host Hotels & Resorts Beneish M-Score Historical Data
The historical data trend for Host Hotels & Resorts'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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Host Hotels & Resorts Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.66 |
-0.28 |
-0.72 |
-3.38 |
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Host Hotels & Resorts 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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-0.72 |
-0.37 |
-2.89 |
-3.11 |
-3.38 |
Competitive Comparison
For the REIT - Hotel & Motel subindustry, Host Hotels & Resorts'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.
Host Hotels & Resorts Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Host Hotels & Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Host Hotels & Resorts's Beneish M-Score falls into.
Host Hotels & Resorts 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 Host Hotels & Resorts 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 * 0.3645 | + | 0.528 * 1.0223 | + | 0.404 * 0.8614 | + | 0.892 * 1.0823 | + | 0.115 * 0.9442 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0543 | + | 4.679 * -0.068937 | - | 0.327 * 1.0063 |
| = | -3.38 |
* 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 $200 Mil.
Revenue was 1323 + 1214 + 1393 + 1381 = $5,311 Mil.
Gross Profit was 764 + 671 + 836 + 828 = $3,099 Mil.
Total Current Assets was $1,561 Mil.
Total Assets was $12,243 Mil.
Property, Plant and Equipment(Net PPE) was $10,174 Mil.
Depreciation, Depletion and Amortization(DDA) was $697 Mil.
Selling, General, & Admin. Expense(SGA) was $364 Mil.
Total Current Liabilities was $1,461 Mil.
Long-Term Debt & Capital Lease Obligation was $3,783 Mil.
Net Income was 132 + 111 + 210 + 287 = $740 Mil.
Non Operating Income was 22 + 48 + 3 + 70 = $143 Mil.
Cash Flow from Operations was 307 + 314 + 512 + 308 = $1,441 Mil.
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Total Receivables was $507 Mil.
Revenue was 1263 + 1189 + 1381 + 1074 = $4,907 Mil.
Gross Profit was 749 + 679 + 869 + 630 = $2,927 Mil.
Total Current Assets was $1,374 Mil.
Total Assets was $12,269 Mil.
Property, Plant and Equipment(Net PPE) was $10,304 Mil.
Depreciation, Depletion and Amortization(DDA) was $664 Mil.
Selling, General, & Admin. Expense(SGA) was $319 Mil.
Total Current Liabilities was $1,433 Mil.
Long-Term Debt & Capital Lease Obligation was $3,789 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) |
| = | (200 / 5311) | / | (507 / 4907) |
| = | 0.037658 | / | 0.103322 |
| | = | 0.3645 |
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) |
| = | (2927 / 4907) | / | (3099 / 5311) |
| = | 0.596495 | / | 0.583506 |
| | = | 1.0223 |
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 - (1561 + 10174) / 12243) | / | (1 - (1374 + 10304) / 12269) |
| = | 0.041493 | / | 0.04817 |
| | = | 0.8614 |
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 |
| = | 5311 | / | 4907 |
| | = | 1.0823 |
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)) |
| = | (664 / (664 + 10304)) | / | (697 / (697 + 10174)) |
| = | 0.06054 | / | 0.064116 |
| | = | 0.9442 |
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) |
| = | (364 / 5311) | / | (319 / 4907) |
| = | 0.068537 | / | 0.065009 |
| | = | 1.0543 |
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) |
| = | ((3783 + 1461) / 12243) | / | ((3789 + 1433) / 12269) |
| = | 0.428326 | / | 0.425626 |
| | = | 1.0063 |
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 |
| = | (740 - 143 | - | 1441) | / | 12243 |
| | = | -0.068937 |
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.
Host Hotels & Resorts has a M-score of -3.38 suggests that the company is unlikely to be a manipulator.
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