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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 -4.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Faraday Future Intelligent Electric's Beneish M-Score or its related term are showing as below:
During the past 4 years, the highest Beneish M-Score of Faraday Future Intelligent Electric was -4.13. The lowest was -4.13. And the median was -4.13.
The historical data trend for Faraday Future Intelligent Electric'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.
Faraday Future Intelligent Electric Annual Data | |||||||||
Trend | Dec20 | Dec21 | Dec22 | Dec23 | |||||
Beneish M-Score | - | - | - | - |
Faraday Future Intelligent Electric Quarterly Data | |||||||||||||||||
Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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- | - | - | - | -4.13 |
For the Auto Manufacturers subindustry, Faraday Future Intelligent Electric'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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Faraday Future Intelligent Electric's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Faraday Future Intelligent Electric's Beneish M-Score falls into.
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 Faraday Future Intelligent Electric 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 | + | 0.528 * 0.2624 | + | 0.404 * 0.7309 | + | 0.892 * 0.9746 | + | 0.115 * 0.4267 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.5916 | + | 4.679 * -0.227694 | - | 0.327 * 1.223 | |||||||
= | -4.13 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $0.00 Mil. Revenue was 0.009 + 0.293 + 0.002 + 0.233 = $0.54 Mil. Gross Profit was -21.444 + -20.677 + -20.685 + -19.63 = $-82.44 Mil. Total Current Assets was $79.69 Mil. Total Assets was $449.09 Mil. Property, Plant and Equipment(Net PPE) was $365.86 Mil. Depreciation, Depletion and Amortization(DDA) was $70.75 Mil. Selling, General, & Admin. Expense(SGA) was $66.23 Mil. Total Current Liabilities was $247.88 Mil. Long-Term Debt & Capital Lease Obligation was $43.02 Mil. Net Income was -77.686 + -108.685 + -48.217 + -83.797 = $-318.39 Mil. Non Operating Income was -52.465 + -62.479 + 2.797 + -14.38 = $-126.53 Mil. Cash Flow from Operations was -22.705 + -14.372 + -14.719 + -37.808 = $-89.60 Mil. |
Total Receivables was $0.00 Mil. Revenue was 0.551 + 0 + 0 + 0 = $0.55 Mil. Gross Profit was -15.58 + -6.613 + 0 + 0 = $-22.19 Mil. Total Current Assets was $127.30 Mil. Total Assets was $579.53 Mil. Property, Plant and Equipment(Net PPE) was $445.97 Mil. Depreciation, Depletion and Amortization(DDA) was $33.13 Mil. Selling, General, & Admin. Expense(SGA) was $114.86 Mil. Total Current Liabilities was $191.15 Mil. Long-Term Debt & Capital Lease Obligation was $115.79 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) |
= | (0 / 0.537) | / | (0 / 0.551) | |
= | 0 | / | 0 | |
= | 1 |
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) | |
= | (-22.193 / 0.551) | / | (-82.436 / 0.537) | |
= | -40.277677 | / | -153.512104 | |
= | 0.2624 |
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 - (79.685 + 365.86) / 449.086) | / | (1 - (127.301 + 445.974) / 579.527) | |
= | 0.007885 | / | 0.010788 | |
= | 0.7309 |
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 | |
= | 0.537 | / | 0.551 | |
= | 0.9746 |
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)) |
= | (33.127 / (33.127 + 445.974)) | / | (70.752 / (70.752 + 365.86)) | |
= | 0.069144 | / | 0.162048 | |
= | 0.4267 |
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) |
= | (66.228 / 0.537) | / | (114.864 / 0.551) | |
= | 123.329609 | / | 208.46461 | |
= | 0.5916 |
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) |
= | ((43.019 + 247.882) / 449.086) | / | ((115.788 + 191.153) / 579.527) | |
= | 0.647762 | / | 0.529641 | |
= | 1.223 |
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 | |
= | (-318.385 - -126.527 | - | -89.604) | / | 449.086 | |
= | -0.227694 |
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.
Faraday Future Intelligent Electric has a M-score of -4.13 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Faraday Future Intelligent Electric's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Chad Chen | director | C/O FARADAY FUTURE INTELLIGENT ELECTRIC, 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Lev Peker | director | US AUTO PARTS, 16941 KEEGAN AVENUE, CARSON CA 90746 |
Jonathan Maroko | officer: Interim CFO | 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Li Han | director | 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Ke Sun | director | 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Jie Sheng | director | 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Xuefeng Chen | officer: Global Chief Exec. Officer | C/O FARADAY FUTURE INTELLIGENT ELECTRIC, INC., 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Yun Han | officer: CAO & Interim CFO | 1449 HAMPTON ROAD, SAN MARINO CA 91108 |
Xin He | director | 32000 AURORA ROAD, SUITE B, SOLON OH 44139 |
Rebecca A Roof | officer: Interim Chief Financial Office | C/O LORDSTOWN MOTORS CORP., 2300 HALLOCK YOUNG ROAD, LORDSTOWN OH 44481 |
Walter Mcbride | officer: Chief Financial Officer | FIRST CONSULTING GROUP, PO BOX 22676, LONG BEACH CA 90801-5676 |
Kruse Robert A Jr. | officer: Senior VP, Product Execution | 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Hong Rao | officer: Vice President, I.A.I. | 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Benedikt Hartmann | officer: Senior VP of Supply Chain | 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
Chui Tin Mok | officer: Exec. VP, Head of User Ecosys. | 18455 S. FIGUEROA STREET, GARDENA CA 90248 |
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