Wyndham Hotels & Resorts
Wyndham Hotels & Resorts' revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 1.49% from fiscal 2024. In the quarter to June 2026, revenue fell 5.54%, EPS grew 21.2%, free cash flow grew 32.8% and total debt rose 3.80%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Wyndham Hotels & Resorts (WH) Beneish M-score
Wyndham Hotels & Resorts's Beneish M-score for fiscal 2025 is −2.57; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.57 | (0.18) |
| FY2024 | −2.39 | 0.20 |
| FY2023 | −2.59 | 0.01 |
| FY2022 | −2.60 | 0.15 |
| FY2021 | −2.75 | (0.12) |
| FY2020 | −2.63 | (0.24) |
| FY2019 | −2.38 | 0.19 |
| FY2018 | −2.57 | (0.02) |
| FY2017 | −2.55 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.97 | |
| Gross margin index | 1.07 | — | 0.56 | |
| Asset quality index | 1.00 | — | 0.41 | |
| Sales growth index | 1.01 | — | 0.91 | |
| Depreciation index | 1.15 | — | 0.13 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.04) | — | −0.19 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.57 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CVEO Civeo Corporation compare | −3.2× |
| HTHT H World Group Limited Sponsored ADR compare | −2.8× |
| HLT Hilton Worldwide Holdings Inc. compare | −2.6× |
| WH Wyndham Hotels & Resorts | −2.6× |
| IHG Intercontinental Hotels Group compare | −2.6× |
| MAR Marriott International, Inc. compare | −2.5× |
| H Hyatt Hotels Corporation compare | −2.5× |
| ATAT Atour Lifestyle Holdings Limited Sponsored ADR compare | −2.3× |
| CHH Choice Hotels International, Inc. compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI