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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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for BYD Co's Beneish M-Score or its related term are showing as below:
HKSE:01211'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.78 Med: -2.82 Max: 6.91
Current: -2.66
During the past 13 years, the highest Beneish M-Score of BYD Co was 6.91. The lowest was -3.78. And the median was -2.82.
BYD Co Beneish M-Score Related Terms
BYD Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for BYD Co'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.
HKSE:01211 vs TSLA, GM, F: Beneish M-Score Comparison
For the Auto Manufacturers subindustry, BYD Co'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.
BYD Co Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, BYD Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BYD Co'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 BYD Co 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 * 0.8938
+
0.528 * 1.1103
+
0.404 * 1.1766
+
0.892 * 0.976
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0333
+
4.679 * -0.027573
-
0.327 * 0.9991
=
-2.60
* 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.
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.
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 + 327808.416))
/
(0 / (0 + 396016.156))
=
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
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
=
(30392.527 - 0
-
58639.078)
/
1024415.779
=
-0.027573
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.
BYD Co has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
BYD Co (HKSE:01211) has a Beneish M-Score of -2.66 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on BYD Co and its competitors. According to the industry distribution chart, BYD Co ranks #501 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 39.3%.
Is BYD Co's Beneish M-Score too high?
BYD Co's current Beneish M-Score is -2.66. Based on the distribution chart, BYD Co ranks #501 out of 1274 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, BYD Co has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does BYD Co's Beneish M-Score compare to TSLA and GM?
According to the Vehicles & Parts industry distribution chart, BYD Co ranks #501 out of 1274 companies for Beneish M-Score. This puts BYD Co in the upper half of its industry. 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 BYD Co and its competitors. BYD Co's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BYD Co stock overvalued right now?
Based on GuruFocus' analysis, BYD Co (HKSE:01211) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$119.07, compared to a current price of HK$87.50 — trading 26.5% below its estimated fair value. The current Beneish M-Score is -2.66. BYD Co's overall GF Score™ is 93/100 with 7 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 BYD Co (HKSE:01211), the current Beneish M-Score is -2.66 as of Jul. 22, 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 BYD Co (HKSE:01211) Overvalued in 2026?
Based on GuruFocus' analysis, BYD Co stock appears to be undervalued.
The current stock price of HK$87.50 is trading 26.5% below its estimated GF Value™ of HK$119.07.
GuruFocus considers BYD Co to be Modestly Undervalued.
Key valuation signals for HKSE:01211:
Beneish M-Score: -2.66
GF Value™: HK$119.07 vs. price of HK$87.50 (26.5% below fair value)
No single metric tells the full story. See the HKSE:01211 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China's passenger vehicle market. The company sold about 4.6 million passenger NEVs in 2025, accounting for 30% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business. After more than 25 years of development, the company has established over 30 industrial parks worldwide.
93GF Score
Get the complete analysis for HKSE:01211
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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