TCOM (Trip.com Group) Beneish M-Score : -2.27 (As of Jun. 17, 2025)

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What is Trip.com Group Beneish M-Score?

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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Trip.com Group's Beneish M-Score or its related term are showing as below:

TCOM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.25 Max: -1.18
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Trip.com Group was -1.18. The lowest was -2.99. And the median was -2.25.

Trip.com Group Beneish M-Score Historical Data

The historical data trend for Trip.com Group'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.

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Trip.com Group Beneish M-Score Chart

Trip.com Group Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.67

-2.26

-2.45

-1.60

-2.11

Trip.com Group Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-1.70	-2.07	-2.10	-2.11	-2.27

Competitive Comparison of Trip.com Group's Beneish M-Score

For the Travel Services subindustry, Trip.com Group'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.

Trip.com Group's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Trip.com Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Trip.com Group's Beneish M-Score falls into.

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Trip.com Group 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 Trip.com Group 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 * 0.7414

0.528 * 1.0056

0.404 * 0.9742

0.892 * 1.1693

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0586

4.679 * 0.061861

0.327 * 0.9318

-2.27

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was $1,843 Mil.
Revenue was 1907.77 + 1750.381 + 2243.217 + 1760.514 = $7,662 Mil.
Gross Profit was 1534.631 + 1387.779 + 1847.513 + 1441.824 = $6,212 Mil.
Total Current Assets was $15,489 Mil.
Total Assets was $34,177 Mil.
Property, Plant and Equipment(Net PPE) was $802 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $2,327 Mil.
Total Current Liabilities was $10,591 Mil.
Long-Term Debt & Capital Lease Obligation was $2,783 Mil.
Net Income was 589.988 + 296.263 + 956.049 + 528.347 = $2,371 Mil.
Non Operating Income was 156.843 + -126.911 + 251.696 + -25.225 = $256 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.

Total Receivables was $2,125 Mil.
Revenue was 1653.128 + 1446.038 + 1882.733 + 1570.503 = $6,552 Mil.
Gross Profit was 1342.359 + 1164.533 + 1544.691 + 1290.251 = $5,342 Mil.
Total Current Assets was $13,890 Mil.
Total Assets was $31,730 Mil.
Property, Plant and Equipment(Net PPE) was $796 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $1,880 Mil.
Total Current Liabilities was $12,054 Mil.
Long-Term Debt & Capital Lease Obligation was $1,271 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)
	=	(1842.523 / 7661.882)	/	(2125.391 / 6552.402)
	=	0.240479	/	0.324368
	=	0.7414

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)
	=	(5341.834 / 6552.402)	/	(6211.747 / 7661.882)
	=	0.815248	/	0.810734
	=	1.0056

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 - (15489.496 + 801.733) / 34177.369)	/	(1 - (13889.745 + 795.668) / 31730.334)
	=	0.523333	/	0.537181
	=	0.9742

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
	=	7661.882	/	6552.402
	=	1.1693

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))
	=	(38.603 / (38.603 + 795.668))	/	(0 / (0 + 801.733))
	=	0.046272	/	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)
	=	(2326.916 / 7661.882)	/	(1879.886 / 6552.402)
	=	0.3037	/	0.2869
	=	1.0586

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)
	=	((2783.441 + 10590.954) / 34177.369)	/	((1271.402 + 12054.017) / 31730.334)
	=	0.391323	/	0.419958
	=	0.9318

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
	=	(2370.647 - 256.403	-	0)	/	34177.369
	=	0.061861

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.

Trip.com Group has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.

Trip.com Group Beneish M-Score Related Terms

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Trip.com Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Trip.com Group Ltd (NAS:TCOM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TRPCF:USA TCOM N:Mexico 09961:Hong Kong 0I50:UK CLVB:Germany CLVB:Germany CLV:Germany CLV:Germany CRIP34:Brazil CTRP:Austria

Address

30 Raffles Place, No. 29-01, Shanghai, SGP, 048622

Website

https://www.group.trip.com

Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.