JD.com (BUE:JD) Beneish M-Score: -3.07 (As of Jun. 24, 2026)


BUE:JD JD.com Inc BUE:JD
67 GF Score
Price ARS10,150.00
GF Value ARS14,956.87
Valuation Significantly Undervalued
! 3 Warning Signs
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What is JD.com Beneish M-Score?

JD.com BUE:JD -1.74% 67 Beneish M-Score is -3.07 as of Jun. 24, 2026. GuruFocus rates BUE:JD with a GF Score™ of 67/100 and a GF Value™ of ARS14,956.87 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,087 Retail - Cyclical companies, JD.com ranks better than 80.86% on this metric.

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for JD.com's Beneish M-Score or its related term are showing as below:

BUE:JD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36   Med: -2.59   Max: -1.38
Current: -3.07

During the past 13 years, the highest Beneish M-Score of JD.com was -1.38. The lowest was -3.36. And the median was -2.59.

JD.com Beneish M-Score Historical Data

* Premium members only.

The historical data trend for JD.com'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.

JD.com Beneish M-Score Chart

JD.com Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.60 -2.48 -2.73 -1.87 -2.69

JD.com Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.11 -2.00 -2.03 -2.69 -3.07

BUE:JD vs CPNG, EBAY, SE: Beneish M-Score Comparison

For the Internet Retail subindustry, JD.com'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.

JD.com Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, JD.com's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where JD.com's Beneish M-Score falls into.


BUE:JD
67GF Score
JD.com Inc BUE:JD
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

JD.com 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 JD.com 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 * 0.6792+0.528 * 0.9832+0.404 * 0.9173+0.892 * 1.5465+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.5703+4.679 * -0.051847-0.327 * 1.0883
=-2.70

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ARS5,363,243 Mil.
Revenue was 64046893.403 + 72599998.962 + 57012121.237 + 58971446.829 = ARS252,630,460 Mil.
Gross Profit was 10757932.1 + 11348206.398 + 9622281.247 + 9365061.258 = ARS41,093,481 Mil.
Total Current Assets was ARS73,981,350 Mil.
Total Assets was ARS139,116,878 Mil.
Property, Plant and Equipment(Net PPE) was ARS26,556,534 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS0 Mil.
Selling, General, & Admin. Expense(SGA) was ARS19,341,868 Mil.
Total Current Liabilities was ARS62,694,316 Mil.
Long-Term Debt & Capital Lease Obligation was ARS17,609,883 Mil.
Net Income was 1035075.897 + -559105.146 + 1005808.057 + 1021492.734 = ARS2,503,272 Mil.
Non Operating Income was 805216.824 + -1036807.22 + 1635105.327 + 1393019.793 = ARS2,796,535 Mil.
Cash Flow from Operations was 112596.457 + 4302822.093 + -1531779.328 + 4035871.827 = ARS6,919,511 Mil.
 Total Receivables was ARS5,106,296 Mil.
Revenue was 44275247.018 + 48134912.852 + 34977083.592 + 35969235.599 = ARS163,356,479 Mil.
Gross Profit was 7036229.397 + 7368545.607 + 6050504.734 + 5670459.013 = ARS26,125,739 Mil.
Total Current Assets was ARS52,532,023 Mil.
Total Assets was ARS99,682,171 Mil.
Property, Plant and Equipment(Net PPE) was ARS17,016,181 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS0 Mil.
Selling, General, & Admin. Expense(SGA) was ARS7,964,507 Mil.
Total Current Liabilities was ARS41,782,244 Mil.
Long-Term Debt & Capital Lease Obligation was ARS11,088,002 Mil.

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)
=(5363243.122 / 252630460.431) / (5106295.552 / 163356479.061)
=0.02123 / 0.031259
=0.6792

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)
=(26125738.751 / 163356479.061) / (41093481.003 / 252630460.431)
=0.159931 / 0.162662
=0.9832

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 - (73981349.795 + 26556533.689) / 139116878.491) / (1 - (52532022.812 + 17016181.417) / 99682171.283)
=0.277314 / 0.3023
=0.9173

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
=252630460.431 / 163356479.061
=1.5465

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))
=(0 / (0 + 17016181.417)) / (0 / (0 + 26556533.689))
=0 / 0
=1

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)
=(19341867.823 / 252630460.431) / (7964506.576 / 163356479.061)
=0.076562 / 0.048755
=1.5703

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)
=((17609882.97 + 62694315.786) / 139116878.491) / ((11088002.273 + 41782244.239) / 99682171.283)
=0.577243 / 0.530388
=1.0883

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
=(2503271.542 - 2796534.724 - 6919511.049) / 139116878.491
=-0.051847

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.

JD.com has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.07 mean?
JD.com (BUE:JD) has a Beneish M-Score of -3.07 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JD.com and its competitors. According to the industry distribution chart, JD.com ranks #208 out of 1087 companies in the Retail - Cyclical industry, placing it in the top 19.1%.
Is JD.com's Beneish M-Score too high?
JD.com's current Beneish M-Score is -3.07. Based on the distribution chart, JD.com ranks #208 out of 1087 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, JD.com has a GF Score™ of 67/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does JD.com's Beneish M-Score compare to CPNG and EBAY?
According to the Retail - Cyclical industry distribution chart, JD.com ranks #208 out of 1087 companies for Beneish M-Score. This places JD.com in the top 19% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Retail - Cyclical company?
A good Beneish M-Score depends on the Retail - Cyclical industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JD.com and its competitors. JD.com's current Beneish M-Score is -3.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JD.com stock overvalued right now?
Based on GuruFocus' analysis, JD.com (BUE:JD) is currently considered Significantly Undervalued. The stock's GF Value™ is ARS14,956.87, compared to a current price of ARS10,150.00 — trading 32.1% below its estimated fair value. The current Beneish M-Score is -3.07. JD.com's overall GF Score™ is 67/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For JD.com (BUE:JD), the current Beneish M-Score is -3.07 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is JD.com (BUE:JD) Overvalued in 2026?

Based on GuruFocus' analysis, JD.com stock appears to be undervalued. The current stock price of ARS10,150.00 is trading 32.1% below its estimated GF Value™ of ARS14,956.87. GuruFocus considers JD.com to be Significantly Undervalued.

Key valuation signals for BUE:JD:

  • Beneish M-Score: -3.07
  • GF Value™: ARS14,956.87 vs. price of ARS10,150.00 (32.1% below fair value)
  • GF Score™: 67/100 with 3 warning signs

No single metric tells the full story. See the BUE:JD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

JD.com Business Description

Address No. 18 Kechuang 11 Street, 20th Floor, Building A, Yizhuang Economic & Technological Development Zone, Daxing District, Beijing, CHN, 101111
JD.com is the third-largest Chinese e-commerce platform by gross merchandise volume in 2025. It offers a wide selection of authentic products with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace, and omnichannel businesses.
67GF Score

Get the complete analysis for BUE:JD

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

ARS10,150.00
Price
ARS14,956.87
GF Value