XD (HKSE:02400) Beneish M-Score: -2.13 (As of Jul. 23, 2026)

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Valuation Modestly Overvalued

1 Warning Sign

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What is XD Beneish M-Score?

XD HKSE:02400 +2.24% 90 Beneish M-Score is -2.13 as of Jul. 23, 2026. GuruFocus rates HKSE:02400 with a GF Score™ of 90/100 and a GF Value™ of HK$37.77 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 532 Interactive Media companies, XD ranks worse than 74.62% 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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02400' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.77 Max: -1.59
Current: -2.13

During the past 10 years, the highest Beneish M-Score of XD was -1.59. The lowest was -3.45. And the median was -2.77.

XD Beneish M-Score Related Terms

XD Beneish M-Score Historical Data

* Premium members only.

The historical data trend for XD'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.

XD Beneish M-Score Chart

XD Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.44

-2.71

-2.78

-2.76

-2.13

XD Semi-Annual Data
	Dec16	Dec17	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial												-2.78	0.00	-2.76	0.00	-2.13

HKSE:02400 vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, XD'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.

XD Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, XD's Beneish M-Score distribution charts can be found below:

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

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90GF Score

XD Inc HKSE:02400

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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XD 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 XD for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0909

0.528 * 0.9402

0.404 * 1.4421

0.892 * 1.1899

0.115 * 0.9748

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8614

4.679 * -0.033973

0.327 * 0.7316

-2.13

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was HK$462 Mil.
Revenue was HK$6,367 Mil.
Gross Profit was HK$4,700 Mil.
Total Current Assets was HK$4,764 Mil.
Total Assets was HK$5,766 Mil.
Property, Plant and Equipment(Net PPE) was HK$138 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$86 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,821 Mil.
Total Current Liabilities was HK$1,199 Mil.
Long-Term Debt & Capital Lease Obligation was HK$86 Mil.
Net Income was HK$1,696 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,892 Mil.

Total Receivables was HK$356 Mil.
Revenue was HK$5,351 Mil.
Gross Profit was HK$3,714 Mil.
Total Current Assets was HK$3,573 Mil.
Total Assets was HK$4,189 Mil.
Property, Plant and Equipment(Net PPE) was HK$180 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$108 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,777 Mil.
Total Current Liabilities was HK$1,152 Mil.
Long-Term Debt & Capital Lease Obligation was HK$123 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)
	=	(462.079 / 6367.347)	/	(355.976 / 5351.287)
	=	0.07257	/	0.066522
	=	1.0909

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)
	=	(3713.929 / 5351.287)	/	(4700.114 / 6367.347)
	=	0.694025	/	0.738159
	=	0.9402

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 - (4764.481 + 137.567) / 5766.264)	/	(1 - (3573.156 + 180.202) / 4188.692)
	=	0.149875	/	0.103931
	=	1.4421

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
	=	6367.347	/	5351.287
	=	1.1899

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))
	=	(108.069 / (108.069 + 180.202))	/	(85.972 / (85.972 + 137.567))
	=	0.374887	/	0.384595
	=	0.9748

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)
	=	(1821.217 / 6367.347)	/	(1776.786 / 5351.287)
	=	0.286024	/	0.33203
	=	0.8614

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)
	=	((85.733 + 1198.997) / 5766.264)	/	((123.23 + 1152.454) / 4188.692)
	=	0.222801	/	0.304554
	=	0.7316

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
	=	(1696.056 - 0	-	1891.956)	/	5766.264
	=	-0.033973

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.

XD has a M-score of -2.13 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 -2.13 mean?

XD (HKSE:02400) has a Beneish M-Score of -2.13 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on XD and its competitors. According to the industry distribution chart, XD ranks #397 out of 532 companies in the Interactive Media industry, placing it in the top 74.6%.

Is XD's Beneish M-Score too high?

XD's current Beneish M-Score is -2.13. Based on the distribution chart, XD ranks #397 out of 532 companies in the Interactive Media industry, which is below the industry midpoint. Overall, XD has a GF Score™ of 90/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does XD's Beneish M-Score compare to NTES and EA?

According to the Interactive Media industry distribution chart, XD ranks #397 out of 532 companies for Beneish M-Score. This places XD in the lower 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 an Interactive Media company?

A good Beneish M-Score depends on the Interactive Media 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 XD and its competitors. XD's current Beneish M-Score is -2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is XD stock overvalued right now?

Based on GuruFocus' analysis, XD (HKSE:02400) is currently considered Modestly Overvalued. The stock's GF Value™ is HK$37.77, compared to a current price of HK$42.84 — trading 13.4% above its estimated fair value. The current Beneish M-Score is -2.13. XD's overall GF Score™ is 90/100 with 1 warning sign 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 XD (HKSE:02400), the current Beneish M-Score is -2.13 as of Jul. 23, 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 XD (HKSE:02400) Overvalued in 2026?

Based on GuruFocus' analysis, XD stock appears to be overvalued. The current stock price of HK$42.84 is trading 13.4% above its estimated GF Value™ of HK$37.77. GuruFocus considers XD to be Modestly Overvalued.

Key valuation signals for HKSE:02400:

Beneish M-Score: -2.13
GF Value™: HK$37.77 vs. price of HK$42.84 (13.4% above fair value)
GF Score™: 90/100 with 1 warning sign

No single metric tells the full story. See the HKSE:02400 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

XD Business Description

Industry Communication Services Interactive Media

Comparable Companies HKSE:03888 HKSE:09890 HKSE:00777 HKSE:00799 HKSE:00797 HKSE:02660 HKSE:06633 HKSE:03798 HKSE:00434 HKSE:09990 NTES EA TSE:7974 TTWO RBLX SZSE:002602 TSE:9766 TSE:3659 TSE:9697 SZSE:002558

Other Exchanges 3OE:Germany

Address Wanrong Road, Unit A2, No. 700, Shanghai, CHN

Website https://www.xd.com

XD Inc is an investment holding company. It is principally engaged in the development, operation, publishing and distribution of mobile and web games and operation of TapTap, a game community and platform. Its operating segments are game segment, offers game publishing and operating services on its own and via other Distribution Channels. Revenues from the game segment are mainly derived from game publishing and operating services. The TapTap platform segment offers online marketing services to game developers, game publishers, or their agents through the group's self-developed primary game community and platform. It generates majority of revenue from Game segment. Geographically majority of revenue comes from Chinese mainland.

90GF Score

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

HK$42.84

Price

HK$37.77

GF Value

View HKSE:02400 Analysis

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