EHang Holdings Beneish M-Score Historical Data
The historical data trend for EHang Holdings'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.
EHang Holdings Beneish M-Score Chart
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EHang Holdings Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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2.24 |
-6.31 |
-6.19 |
-3.87 |
-1.10 |
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EHang Holdings Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.85 |
-0.90 |
-0.99 |
-1.10 |
-2.10 |
Competitive Comparison of EHang Holdings's Beneish M-Score
For the Aerospace & Defense subindustry, EHang Holdings'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.
EHang Holdings's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, EHang Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EHang Holdings's Beneish M-Score falls into.
EHang Holdings 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 EHang Holdings 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 * 0.5122 | + | 0.528 * 1.0319 | + | 0.404 * 0.7917 | + | 0.892 * 3.1386 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5637 | + | 4.679 * -0.149982 | - | 0.327 * 0.751 |
| = | -1.63 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was MXN81 Mil.
Revenue was 73.634 + 470.577 + 356.54 + 257.626 = MXN1,158 Mil.
Gross Profit was 45.98 + 285.558 + 218.204 + 160.739 = MXN710 Mil.
Total Current Assets was MXN3,678 Mil.
Total Assets was MXN4,517 Mil.
Property, Plant and Equipment(Net PPE) was MXN706 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN1,015 Mil.
Total Current Liabilities was MXN1,374 Mil.
Long-Term Debt & Capital Lease Obligation was MXN514 Mil.
Net Income was -220.36 + -134.226 + -133.725 + -180.651 = MXN-669 Mil.
Non Operating Income was 6.556 + -0.166 + 1.102 + 1.081 = MXN9 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = MXN0 Mil.
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Total Receivables was MXN50 Mil.
Revenue was 142.253 + 134.564 + 68.299 + 23.954 = MXN369 Mil.
Gross Profit was 88.013 + 87.051 + 44.106 + 14.411 = MXN234 Mil.
Total Current Assets was MXN1,002 Mil.
Total Assets was MXN1,367 Mil.
Property, Plant and Equipment(Net PPE) was MXN314 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN574 Mil.
Total Current Liabilities was MXN509 Mil.
Long-Term Debt & Capital Lease Obligation was MXN251 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) |
| = | (80.506 / 1158.377) | / | (50.078 / 369.07) |
| = | 0.069499 | / | 0.135687 |
| | = | 0.5122 |
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) |
| = | (233.581 / 369.07) | / | (710.481 / 1158.377) |
| = | 0.632891 | / | 0.613342 |
| | = | 1.0319 |
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 - (3678.226 + 706.246) / 4517.44) | / | (1 - (1002.263 + 313.542) / 1366.613) |
| = | 0.029434 | / | 0.037178 |
| | = | 0.7917 |
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 |
| = | 1158.377 | / | 369.07 |
| | = | 3.1386 |
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 + 313.542)) | / | (0 / (0 + 706.246)) |
| = | 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) |
| = | (1014.889 / 1158.377) | / | (573.624 / 369.07) |
| = | 0.87613 | / | 1.554242 |
| | = | 0.5637 |
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) |
| = | ((514.239 + 1373.597) / 4517.44) | / | ((251.339 + 509.074) / 1366.613) |
| = | 0.4179 | / | 0.556422 |
| | = | 0.751 |
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 |
| = | (-668.962 - 8.573 | - | 0) | / | 4517.44 |
| | = | -0.149982 |
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.
EHang Holdings has a M-score of -1.63 signals that the company is likely to be a manipulator.
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