BYD Co Beneish M-Score Historical Data
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.
BYD Co Beneish M-Score Chart
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BYD Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.78 |
-3.29 |
-3.39 |
-3.36 |
-2.85 |
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BYD Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.36 |
-3.46 |
-2.68 |
-2.87 |
-2.85 |
Competitive Comparison of BYD Co's Beneish M-Score
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's Beneish M-Score Distribution in the 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.
BYD Co 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 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 * 0.8562 | + | 0.528 * 0.9567 | + | 0.404 * 1.0191 | + | 0.892 * 1.28 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5113 | + | 4.679 * -0.117803 | - | 0.327 * 0.9399 |
| = | -2.83 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €10,253 Mil.
Revenue was 36051.869 + 25609.562 + 22561.012 + 15961.792 = €100,184 Mil.
Gross Profit was 6133.198 + 5606.55 + 4216.3 + 3492.846 = €19,449 Mil.
Total Current Assets was €48,607 Mil.
Total Assets was €102,752 Mil.
Property, Plant and Equipment(Net PPE) was €38,408 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €1,618 Mil.
Total Current Liabilities was €65,058 Mil.
Long-Term Debt & Capital Lease Obligation was €2,379 Mil.
Net Income was 1969.66 + 1477.922 + 1160.493 + 583.669 = €5,192 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 10123.674 + 5360.034 + 505.859 + 1306.637 = €17,296 Mil.
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Total Receivables was €9,356 Mil.
Revenue was 23122.203 + 20819.03 + 18037.583 + 16288.46 = €78,267 Mil.
Gross Profit was 3643.27 + 4606.177 + 3377.516 + 2909.662 = €14,537 Mil.
Total Current Assets was €38,801 Mil.
Total Assets was €87,273 Mil.
Property, Plant and Equipment(Net PPE) was €35,357 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €2,472 Mil.
Total Current Liabilities was €58,263 Mil.
Long-Term Debt & Capital Lease Obligation was €2,674 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) |
| = | (10253.195 / 100184.235) | / | (9355.857 / 78267.276) |
| = | 0.102343 | / | 0.119537 |
| | = | 0.8562 |
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) |
| = | (14536.625 / 78267.276) | / | (19448.894 / 100184.235) |
| = | 0.185731 | / | 0.194131 |
| | = | 0.9567 |
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 - (48607.482 + 38408.39) / 102751.774) | / | (1 - (38800.785 + 35357.319) / 87272.795) |
| = | 0.153145 | / | 0.150272 |
| | = | 1.0191 |
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 |
| = | 100184.235 | / | 78267.276 |
| | = | 1.28 |
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 + 35357.319)) | / | (0 / (0 + 38408.39)) |
| = | 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) |
| = | (1617.827 / 100184.235) | / | (2472.053 / 78267.276) |
| = | 0.016149 | / | 0.031585 |
| | = | 0.5113 |
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) |
| = | ((2378.581 + 65057.734) / 102751.774) | / | ((2674.165 + 58263.401) / 87272.795) |
| = | 0.656303 | / | 0.698242 |
| | = | 0.9399 |
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 |
| = | (5191.744 - 0 | - | 17296.204) | / | 102751.774 |
| | = | -0.117803 |
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 -2.83 suggests that the company is unlikely to be a manipulator.
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