Dada Nexus Beneish M-Score Historical Data
The historical data trend for Dada Nexus'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.
Dada Nexus Beneish M-Score Chart
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Dada Nexus Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.21 |
-4.33 |
-3.67 |
-3.31 |
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Dada Nexus Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.02 |
-3.31 |
-3.31 |
-3.35 |
-2.99 |
Competitive Comparison of Dada Nexus's Beneish M-Score
For the Internet Retail subindustry, Dada Nexus'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.
Dada Nexus's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Dada Nexus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dada Nexus's Beneish M-Score falls into.
Dada Nexus 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 Dada Nexus 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 * 1.365 | + | 0.528 * 1.4767 | + | 0.404 * 0.6251 | + | 0.892 * 0.9267 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7491 | + | 4.679 * -0.204986 | - | 0.327 * 1.0561 |
| = | -3.04 |
* 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 €233 Mil.
Revenue was 309.345 + 300.917 + 313.215 + 353.458 = €1,277 Mil.
Gross Profit was 88.85 + 78.646 + 78.149 + 107.012 = €353 Mil.
Total Current Assets was €635 Mil.
Total Assets was €781 Mil.
Property, Plant and Equipment(Net PPE) was €1 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €462 Mil.
Total Current Liabilities was €177 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was -25.126 + -36.653 + -41.899 + -164.694 = €-268 Mil.
Non Operating Income was 3.485 + 2.841 + 4.449 + -118.99 = €-108 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = €0 Mil.
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Total Receivables was €184 Mil.
Revenue was 336.626 + 334.691 + 343.652 + 363.025 = €1,378 Mil.
Gross Profit was 116.915 + 140.974 + 154.282 + 149.816 = €562 Mil.
Total Current Assets was €784 Mil.
Total Assets was €1,119 Mil.
Property, Plant and Equipment(Net PPE) was €4 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €666 Mil.
Total Current Liabilities was €240 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (232.586 / 1276.935) | / | (183.884 / 1377.994) |
| = | 0.182144 | / | 0.133443 |
| | = | 1.365 |
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) |
| = | (561.987 / 1377.994) | / | (352.657 / 1276.935) |
| = | 0.40783 | / | 0.276175 |
| | = | 1.4767 |
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 - (635.379 + 1.422) / 781.308) | / | (1 - (783.867 + 3.985) / 1118.893) |
| = | 0.184955 | / | 0.295865 |
| | = | 0.6251 |
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 |
| = | 1276.935 | / | 1377.994 |
| | = | 0.9267 |
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 + 3.985)) | / | (0 / (0 + 1.422)) |
| = | 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) |
| = | (462.477 / 1276.935) | / | (666.201 / 1377.994) |
| = | 0.362177 | / | 0.483457 |
| | = | 0.7491 |
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) |
| = | ((0.062 + 177.052) / 781.308) | / | ((0.081 + 240.089) / 1118.893) |
| = | 0.226689 | / | 0.21465 |
| | = | 1.0561 |
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 |
| = | (-268.372 - -108.215 | - | 0) | / | 781.308 |
| | = | -0.204986 |
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.
Dada Nexus has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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