JD.com Beneish M-Score Historical Data
The historical data trend for JD.com'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.
JD.com Beneish M-Score Chart
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JD.com Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.99 |
-2.47 |
-2.60 |
-2.46 |
-2.71 |
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JD.com 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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-2.74 |
-2.71 |
-2.74 |
-2.65 |
-2.54 |
Competitive Comparison of JD.com's Beneish M-Score
For the Internet Retail subindustry, JD.com'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.
JD.com's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, JD.com's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JD.com's Beneish M-Score falls into.
JD.com 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 JD.com 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 * 1.036 | + | 0.528 * 0.9364 | + | 0.404 * 1.3075 | + | 0.892 * 1.0165 | + | 0.115 * 1.3323 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0155 | + | 4.679 * -0.017579 | - | 0.327 * 1.0389 |
| = | -2.40 |
* 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 MXN63,682 Mil.
Revenue was 724575.77 + 735857.176 + 599297.301 + 727630.445 = MXN2,787,361 Mil.
Gross Profit was 125340.614 + 116006.023 + 91652.164 + 103416.394 = MXN436,415 Mil.
Total Current Assets was MXN865,700 Mil.
Total Assets was MXN1,790,824 Mil.
Property, Plant and Equipment(Net PPE) was MXN315,988 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5,109 Mil.
Selling, General, & Admin. Expense(SGA) was MXN132,345 Mil.
Total Current Liabilities was MXN738,951 Mil.
Long-Term Debt & Capital Lease Obligation was MXN196,566 Mil.
Net Income was 32643.712 + 31929.56 + 16431.479 + 8056.599 = MXN89,061 Mil.
Non Operating Income was 10796.829 + 14654.163 + -2306.86 + -33973.695 = MXN-10,830 Mil.
Cash Flow from Operations was -17305.536 + 128127.336 + -26076.043 + 46625.574 = MXN131,371 Mil.
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Total Receivables was MXN60,475 Mil.
Revenue was 591214.726 + 689287.049 + 635516.681 + 826199.523 = MXN2,742,218 Mil.
Gross Profit was 92492.317 + 99187.758 + 94214.754 + 116156.081 = MXN402,051 Mil.
Total Current Assets was MXN853,552 Mil.
Total Assets was MXN1,473,616 Mil.
Property, Plant and Equipment(Net PPE) was MXN236,710 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5,127 Mil.
Selling, General, & Admin. Expense(SGA) was MXN128,211 Mil.
Total Current Liabilities was MXN626,397 Mil.
Long-Term Debt & Capital Lease Obligation was MXN114,618 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) |
| = | (63681.814 / 2787360.692) | / | (60475.286 / 2742217.979) |
| = | 0.022847 | / | 0.022053 |
| | = | 1.036 |
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) |
| = | (402050.91 / 2742217.979) | / | (436415.195 / 2787360.692) |
| = | 0.146615 | / | 0.156569 |
| | = | 0.9364 |
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 - (865699.79 + 315988.131) / 1790823.88) | / | (1 - (853551.97 + 236709.776) / 1473616.393) |
| = | 0.340143 | / | 0.260145 |
| | = | 1.3075 |
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 |
| = | 2787360.692 | / | 2742217.979 |
| | = | 1.0165 |
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)) |
| = | (5126.906 / (5126.906 + 236709.776)) | / | (5109.199 / (5109.199 + 315988.131)) |
| = | 0.0212 | / | 0.015912 |
| | = | 1.3323 |
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) |
| = | (132345.012 / 2787360.692) | / | (128211.03 / 2742217.979) |
| = | 0.04748 | / | 0.046754 |
| | = | 1.0155 |
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) |
| = | ((196566.295 + 738951.136) / 1790823.88) | / | ((114618.295 + 626396.702) / 1473616.393) |
| = | 0.522395 | / | 0.502855 |
| | = | 1.0389 |
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 |
| = | (89061.35 - -10829.563 | - | 131371.331) | / | 1790823.88 |
| | = | -0.017579 |
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.
JD.com has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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