China Mobile (MEX:941N) Beneish M-Score: -2.56 (As of Jun. 26, 2026)

What is China Mobile Beneish M-Score?

China Mobile MEX:941N 76 Beneish M-Score is -2.56 as of Jun. 26, 2026. GuruFocus rates MEX:941N with a GF Score™ of 76/100 and a GF Value™ of MXN203.56. The stock has 5 warning signs investors should review. Among 355 Telecommunication Services companies, China Mobile ranks worse than 70.42% 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:941N' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56 Med: -2.28 Max: -1.26
Current: -2.56

During the past 13 years, the highest Beneish M-Score of China Mobile was -1.26. The lowest was -2.56. And the median was -2.28.

China Mobile Beneish M-Score Related Terms

China Mobile Beneish M-Score Historical Data

* Premium members only.

The historical data trend for China Mobile'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.

China Mobile Beneish M-Score Chart

China Mobile Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-1.26

-1.93

-2.25

-2.43

-2.24

China Mobile Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.49	-2.40	-2.52	-2.24	-2.56

MEX:941N vs TMUS, VZ, T: Beneish M-Score Comparison

For the Telecom Services subindustry, China Mobile'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.

China Mobile Beneish M-Score vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, China Mobile's Beneish M-Score distribution charts can be found below:

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

Save Embed

76GF Score

China Mobile Ltd MEX:941N

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

View Full Analysis

China Mobile 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 China Mobile 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 * 1.1443

0.528 * 1.1715

0.404 * 1.1097

0.892 * 0.9568

0.115 * 0.2888

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0304

4.679 * -0.061843

0.327 * 1.0128

-2.63

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN416,588 Mil.
Revenue was 697221.142 + 653230.7 + 646101.6 + 734269.047 = MXN2,730,822 Mil.
Gross Profit was 379892.613 + 335993.745 + 388620.982 + 476879.306 = MXN1,581,387 Mil.
Total Current Assets was MXN1,443,257 Mil.
Total Assets was MXN5,726,932 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,195,858 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN491,986 Mil.
Selling, General, & Admin. Expense(SGA) was MXN146,399 Mil.
Total Current Liabilities was MXN1,688,249 Mil.
Long-Term Debt & Capital Lease Obligation was MXN149,034 Mil.
Net Income was 76771.301 + 55582.68 + 80134.037 + 140566.046 = MXN353,054 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 186936.103 + 183738.311 + 198841.497 + 137710.356 = MXN707,226 Mil.

Total Receivables was MXN380,503 Mil.
Revenue was 744355.294 + 714127.332 + 680962.701 + 714745.888 = MXN2,854,191 Mil.
Gross Profit was 415699.968 + 386730.052 + 419153.505 + 714745.888 = MXN1,936,329 Mil.
Total Current Assets was MXN1,604,941 Mil.
Total Assets was MXN5,998,562 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,422,888 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN135,232 Mil.
Selling, General, & Admin. Expense(SGA) was MXN148,498 Mil.
Total Current Liabilities was MXN1,727,240 Mil.
Long-Term Debt & Capital Lease Obligation was MXN172,822 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)
	=	(416588.049 / 2730822.489)	/	(380502.822 / 2854191.215)
	=	0.15255	/	0.133314
	=	1.1443

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)
	=	(1936329.413 / 2854191.215)	/	(1581386.646 / 2730822.489)
	=	0.678416	/	0.579088
	=	1.1715

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 - (1443257.025 + 2195857.533) / 5726931.831)	/	(1 - (1604941.317 + 2422888.334) / 5998562.218)
	=	0.364561	/	0.328534
	=	1.1097

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
	=	2730822.489	/	2854191.215
	=	0.9568

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))
	=	(135231.882 / (135231.882 + 2422888.334))	/	(491985.787 / (491985.787 + 2195857.533))
	=	0.052864	/	0.183041
	=	0.2888

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)
	=	(146398.573 / 2730822.489)	/	(148498.461 / 2854191.215)
	=	0.05361	/	0.052028
	=	1.0304

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)
	=	((149034.492 + 1688249.103) / 5726931.831)	/	((172822.163 + 1727239.546) / 5998562.218)
	=	0.320815	/	0.316753
	=	1.0128

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
	=	(353054.064 - 0	-	707226.267)	/	5726931.831
	=	-0.061843

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.

China Mobile has a M-score of -2.63 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 -2.56 mean?

China Mobile (MEX:941N) has a Beneish M-Score of -2.56 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on China Mobile and its competitors. According to the industry distribution chart, China Mobile ranks #250 out of 355 companies in the Telecommunication Services industry, placing it in the top 70.4%.

Is China Mobile's Beneish M-Score too high?

China Mobile's current Beneish M-Score is -2.56. Based on the distribution chart, China Mobile ranks #250 out of 355 companies in the Telecommunication Services industry, which is below the industry midpoint. Overall, China Mobile has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.

How does China Mobile's Beneish M-Score compare to TMUS and VZ?

According to the Telecommunication Services industry distribution chart, China Mobile ranks #250 out of 355 companies for Beneish M-Score. This places China Mobile 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 a Telecommunication Services company?

A good Beneish M-Score depends on the Telecommunication Services 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 China Mobile and its competitors. China Mobile's current Beneish M-Score is -2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is China Mobile stock overvalued right now?

China Mobile (MEX:941N) has a current Beneish M-Score of -2.56. The stock's GF Value™ is MXN203.56, compared to a current price of MXN167.00 — trading 18% below its estimated fair value. The current Beneish M-Score is -2.56. China Mobile's overall GF Score™ is 76/100 with 5 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 China Mobile (MEX:941N), the current Beneish M-Score is -2.56 as of Jun. 26, 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 China Mobile (MEX:941N) Overvalued in 2026?

Based on GuruFocus' analysis, China Mobile stock appears to be undervalued. The current stock price of MXN167.00 is trading 18% below its estimated GF Value™ of MXN203.56.

Key valuation signals for MEX:941N:

Beneish M-Score: -2.56
GF Value™: MXN203.56 vs. price of MXN167.00 (18% below fair value)
GF Score™: 76/100 with 5 warning signs

No single metric tells the full story. See the MEX:941N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Mobile Business Description

Industry Communication Services Telecommunication Services

Comparable Companies SHSE:600050 SHSE:601698 SZSE:002929 SZSE:300959 SHSE:603220 SZSE:300766 SHSE:600640 SHSE:600936 SZSE:002467 SZSE:300921 TSE:9984 TMUS VZ T XTER:DTE NSE:BHARTIARTL CMCSA XZIM:ECO.ZW HKSE:00728 MEX:AMXB

Other Exchanges 00941:Hong Kong 600941:China

Address 99 Queen’s Road Central, 60th Floor, The Center, Hong Kong, HKG

Website https://www.chinamobileltd.com

China Mobile is not only the largest telecom operator in China by the number of mobile subscribers (1 billion) but also the largest in the world. It has 60% of the total wireless market in China and over 50% of the fixed-line broadband market. The firm has largely rolled out its 5G network, having launched 5G service in late 2019. It is doing some 5G network sharing with China Broadnet at 700 MHz and also resells its 3G/4G/5G network through China Broadnet. Growth is being generated through internet data centers where it has the second-largest network in China and through Cloud Services. The company issued stock on the A-share market in 2022 and completed its first buyback of H-shares.

76GF Score

Get the complete analysis for MEX:941N

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

MXN167.00

Price

MXN203.56

GF Value

View MEX:941N Analysis

See Beneish M-Score data for all stocks →