DoorDash Beneish M-Score Historical Data
The historical data trend for DoorDash'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.
DoorDash Beneish M-Score Chart
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DoorDash Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-2.01 |
-2.53 |
-2.91 |
-3.07 |
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DoorDash 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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-2.91 |
-3.09 |
-3.05 |
-2.95 |
-3.07 |
Competitive Comparison of DoorDash's Beneish M-Score
For the Internet Content & Information subindustry, DoorDash'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.
DoorDash's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, DoorDash's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DoorDash's Beneish M-Score falls into.
DoorDash 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 DoorDash 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 * 1.0432 | + | 0.528 * 0.9698 | + | 0.404 * 0.8846 | + | 0.892 * 1.2407 | + | 0.115 * 0.9737 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9033 | + | 4.679 * -0.151333 | - | 0.327 * 1.0714 |
| = | -3.01 |
* 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 €826 Mil.
Revenue was 2743.715 + 2438.106 + 2443.27 + 2311.96 = €9,937 Mil.
Gross Profit was 1356.1 + 1200.132 + 1156.605 + 1088.36 = €4,801 Mil.
Total Current Assets was €7,054 Mil.
Total Assets was €12,267 Mil.
Property, Plant and Equipment(Net PPE) was €1,114 Mil.
Depreciation, Depletion and Amortization(DDA) was €520 Mil.
Selling, General, & Admin. Expense(SGA) was €3,234 Mil.
Total Current Liabilities was €4,238 Mil.
Long-Term Debt & Capital Lease Obligation was €447 Mil.
Net Income was 134.655 + 145.962 + -145.853 + -21.16 = €114 Mil.
Non Operating Income was 7.64 + -5.406 + -4.645 + -1.84 = €-4 Mil.
Cash Flow from Operations was 494.69 + 478.431 + 492.37 + 508.76 = €1,974 Mil.
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Total Receivables was €638 Mil.
Revenue was 2111.851 + 2027.668 + 1968.759 + 1900.69 = €8,009 Mil.
Gross Profit was 984.858 + 944.496 + 921.154 + 902.244 = €3,753 Mil.
Total Current Assets was €5,132 Mil.
Total Assets was €9,939 Mil.
Property, Plant and Equipment(Net PPE) was €1,053 Mil.
Depreciation, Depletion and Amortization(DDA) was €472 Mil.
Selling, General, & Admin. Expense(SGA) was €2,886 Mil.
Total Current Liabilities was €3,127 Mil.
Long-Term Debt & Capital Lease Obligation was €416 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) |
| = | (826.075 / 9937.051) | / | (638.232 / 8008.968) |
| = | 0.083131 | / | 0.07969 |
| | = | 1.0432 |
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) |
| = | (3752.752 / 8008.968) | / | (4801.197 / 9937.051) |
| = | 0.468569 | / | 0.483161 |
| | = | 0.9698 |
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 - (7053.63 + 1114.485) / 12266.975) | / | (1 - (5132.449 + 1052.716) / 9939.363) |
| = | 0.334138 | / | 0.37771 |
| | = | 0.8846 |
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 |
| = | 9937.051 | / | 8008.968 |
| | = | 1.2407 |
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)) |
| = | (472.172 / (472.172 + 1052.716)) | / | (519.693 / (519.693 + 1114.485)) |
| = | 0.309644 | / | 0.318015 |
| | = | 0.9737 |
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) |
| = | (3234.02 / 9937.051) | / | (2885.696 / 8008.968) |
| = | 0.325451 | / | 0.360308 |
| | = | 0.9033 |
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) |
| = | ((446.94 + 4238.29) / 12266.975) | / | ((416.318 + 3126.97) / 9939.363) |
| = | 0.381938 | / | 0.35649 |
| | = | 1.0714 |
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 |
| = | (113.604 - -4.251 | - | 1974.251) | / | 12266.975 |
| | = | -0.151333 |
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.
DoorDash has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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