Resorttrust Beneish M-Score Historical Data
The historical data trend for Resorttrust'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.
Resorttrust Beneish M-Score Chart
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Resorttrust Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.45 |
-2.34 |
-2.50 |
-2.23 |
-2.20 |
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Resorttrust 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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-2.25 |
-2.20 |
-2.24 |
-2.28 |
-2.31 |
Competitive Comparison of Resorttrust's Beneish M-Score
For the Resorts & Casinos subindustry, Resorttrust'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.
Resorttrust's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Resorttrust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Resorttrust's Beneish M-Score falls into.
Resorttrust 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 Resorttrust 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 * 1.0472 | + | 0.528 * 0.9777 | + | 0.404 * 0.9137 | + | 0.892 * 1.061 | + | 0.115 * 1.1374 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0347 | + | 4.679 * 0.024893 | - | 0.327 * 1.0171 |
| = | -2.31 |
* 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 円113,331 Mil.
Revenue was 46412 + 46434 + 42994 + 41229 = 円177,069 Mil.
Gross Profit was 41765 + 42019 + 38364 + 36847 = 円158,995 Mil.
Total Current Assets was 円204,957 Mil.
Total Assets was 円464,635 Mil.
Property, Plant and Equipment(Net PPE) was 円185,809 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,618 Mil.
Selling, General, & Admin. Expense(SGA) was 円26,767 Mil.
Total Current Liabilities was 円182,070 Mil.
Long-Term Debt & Capital Lease Obligation was 円23,805 Mil.
Net Income was 3483 + 3042 + 3042 + 1999 = 円11,566 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = 円0 Mil.
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Total Receivables was 円102,000 Mil.
Revenue was 44585 + 43792 + 40224 + 38289 = 円166,890 Mil.
Gross Profit was 39738 + 38516 + 35911 + 32342 = 円146,507 Mil.
Total Current Assets was 円181,332 Mil.
Total Assets was 円434,310 Mil.
Property, Plant and Equipment(Net PPE) was 円177,407 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,419 Mil.
Selling, General, & Admin. Expense(SGA) was 円24,383 Mil.
Total Current Liabilities was 円149,736 Mil.
Long-Term Debt & Capital Lease Obligation was 円39,468 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) |
| = | (113331 / 177069) | / | (102000 / 166890) |
| = | 0.640039 | / | 0.611181 |
| | = | 1.0472 |
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) |
| = | (146507 / 166890) | / | (158995 / 177069) |
| = | 0.877866 | / | 0.897927 |
| | = | 0.9777 |
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 - (204957 + 185809) / 464635) | / | (1 - (181332 + 177407) / 434310) |
| = | 0.158983 | / | 0.174002 |
| | = | 0.9137 |
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 |
| = | 177069 | / | 166890 |
| | = | 1.061 |
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)) |
| = | (9419 / (9419 + 177407)) | / | (8618 / (8618 + 185809)) |
| = | 0.050416 | / | 0.044325 |
| | = | 1.1374 |
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) |
| = | (26767 / 177069) | / | (24383 / 166890) |
| = | 0.151167 | / | 0.146102 |
| | = | 1.0347 |
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) |
| = | ((23805 + 182070) / 464635) | / | ((39468 + 149736) / 434310) |
| = | 0.44309 | / | 0.435643 |
| | = | 1.0171 |
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 |
| = | (11566 - 0 | - | 0) | / | 464635 |
| | = | 0.024893 |
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.
Resorttrust has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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