PDD Holdings Beneish M-Score Historical Data
The historical data trend for PDD 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.
PDD Holdings Beneish M-Score Chart
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PDD Holdings Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-2.33 |
-2.38 |
-2.78 |
-1.90 |
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PDD Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.80 |
-2.35 |
-2.10 |
-1.90 |
Competitive Comparison of PDD Holdings's Beneish M-Score
For the Internet Retail subindustry, PDD 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.
PDD Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, PDD Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PDD Holdings's Beneish M-Score falls into.
PDD 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 PDD 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 * 0.8355 | + | 0.528 * 1.2026 | + | 0.404 * 1.8217 | + | 0.892 * 1.8029 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.781 | + | 4.679 * -0.1049 | - | 0.327 * 0.9178 |
| = | -1.90 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,588 Mil.
Revenue was 12447.976 + 9432.901 + 7300.353 + 5461.848 = $34,643 Mil.
Gross Profit was 7535.19 + 5756.469 + 4690.558 + 3847.359 = $21,830 Mil.
Total Current Assets was $41,280 Mil.
Total Assets was $48,749 Mil.
Property, Plant and Equipment(Net PPE) was $712 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $12,092 Mil.
Total Current Liabilities was $21,414 Mil.
Long-Term Debt & Capital Lease Obligation was $1,103 Mil.
Net Income was 3260.456 + 2128.985 + 1830.38 + 1175.612 = $8,395 Mil.
Non Operating Income was 18.121 + 52.788 + 176.249 + 175.809 = $423 Mil.
Cash Flow from Operations was 5166.616 + 4458.523 + 3266.956 + 194.172 = $13,086 Mil.
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Total Receivables was $1,055 Mil.
Revenue was 5711.667 + 5057.953 + 4695.837 + 3750.227 = $19,216 Mil.
Gross Profit was 4431.247 + 4001.734 + 3506.647 + 2621.772 = $14,561 Mil.
Total Current Assets was $31,071 Mil.
Total Assets was $34,012 Mil.
Property, Plant and Equipment(Net PPE) was $353 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $8,589 Mil.
Total Current Liabilities was $16,766 Mil.
Long-Term Debt & Capital Lease Obligation was $351 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) |
| = | (1588.497 / 34643.078) | / | (1054.623 / 19215.684) |
| = | 0.045853 | / | 0.054883 |
| | = | 0.8355 |
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) |
| = | (14561.4 / 19215.684) | / | (21829.576 / 34643.078) |
| = | 0.757787 | / | 0.630128 |
| | = | 1.2026 |
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 - (41280.422 + 712.093) / 48749.071) | / | (1 - (31071.027 + 352.988) / 34011.784) |
| = | 0.138599 | / | 0.076084 |
| | = | 1.8217 |
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 |
| = | 34643.078 | / | 19215.684 |
| | = | 1.8029 |
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 + 352.988)) | / | (0 / (0 + 712.093)) |
| = | 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) |
| = | (12092.411 / 34643.078) | / | (8588.551 / 19215.684) |
| = | 0.349057 | / | 0.446955 |
| | = | 0.781 |
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) |
| = | ((1103.02 + 21414.092) / 48749.071) | / | ((350.924 + 16766.281) / 34011.784) |
| = | 0.461898 | / | 0.503273 |
| | = | 0.9178 |
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 |
| = | (8395.433 - 422.967 | - | 13086.267) | / | 48749.071 |
| | = | -0.1049 |
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.
PDD Holdings has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.
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