Tuniu (TOUR) Beneish M-Score : -2.31 (As of Jul. 12, 2025)

View and export this data going back to 2014. Start your Free Trial

What is Tuniu 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TOUR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6 Med: -2.47 Max: 14.15
Current: -2.31

During the past 13 years, the highest Beneish M-Score of Tuniu was 14.15. The lowest was -3.60. And the median was -2.47.

Tuniu Beneish M-Score Historical Data

The historical data trend for Tuniu'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.

* Premium members only.

Tuniu Beneish M-Score Chart

Tuniu Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-3.47

-1.85

-2.66

-2.74

-2.31

Tuniu 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															-	-	-	-2.31	-

Competitive Comparison of Tuniu's Beneish M-Score

For the Travel Services subindustry, Tuniu'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.

Tuniu's Beneish M-Score Distribution in the Travel & Leisure Industry

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

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

Save Embed

;

Save Embed

;

Tuniu 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 Tuniu 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 * 0.7654

0.528 * 0.9548

0.404 * 1.7826

0.892 * 1.1415

0.115 * 1.0301

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.997

4.679 * -0.011706

0.327 * 0.9432

-2.31

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was $16.00 Mil.
Revenue was $70.55 Mil.
Gross Profit was $49.18 Mil.
Total Current Assets was $165.29 Mil.
Total Assets was $262.26 Mil.
Property, Plant and Equipment(Net PPE) was $5.78 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.35 Mil.
Selling, General, & Admin. Expense(SGA) was $36.81 Mil.
Total Current Liabilities was $122.74 Mil.
Long-Term Debt & Capital Lease Obligation was $0.23 Mil.
Net Income was $10.60 Mil.
Gross Profit was $0.45 Mil.
Cash Flow from Operations was $13.22 Mil.

Total Receivables was $18.32 Mil.
Revenue was $61.80 Mil.
Gross Profit was $41.13 Mil.
Total Current Assets was $211.22 Mil.
Total Assets was $274.57 Mil.
Property, Plant and Equipment(Net PPE) was $9.80 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.16 Mil.
Selling, General, & Admin. Expense(SGA) was $32.34 Mil.
Total Current Liabilities was $134.29 Mil.
Long-Term Debt & Capital Lease Obligation was $2.21 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)
	=	(16.001 / 70.546)	/	(18.315 / 61.801)
	=	0.226817	/	0.296354
	=	0.7654

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)
	=	(41.132 / 61.801)	/	(49.175 / 70.546)
	=	0.665556	/	0.697063
	=	0.9548

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 - (165.286 + 5.784) / 262.26)	/	(1 - (211.215 + 9.798) / 274.569)
	=	0.347708	/	0.195055
	=	1.7826

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
	=	70.546	/	61.801
	=	1.1415

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))
	=	(4.157 / (4.157 + 9.798))	/	(2.353 / (2.353 + 5.784))
	=	0.297886	/	0.289173
	=	1.0301

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)
	=	(36.807 / 70.546)	/	(32.342 / 61.801)
	=	0.521745	/	0.523325
	=	0.997

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)
	=	((0.231 + 122.743) / 262.26)	/	((2.205 + 134.293) / 274.569)
	=	0.468901	/	0.497136
	=	0.9432

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
	=	(10.6 - 0.446	-	13.224)	/	262.26
	=	-0.011706

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.

Tuniu has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.

Tuniu Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Tuniu's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Tuniu Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Tuniu Corp (NAS:TOUR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

0TUA:Germany

Address

No. 108 Xuanwudadao, building 6-A, 6, 8-12th floor, Juhuiyuan, Jiangsu Province, Xuanwu District, Nanjing, CHN, 210023

Website

https://www.tuniu.com

Tuniu Corp is an online leisure travel company. The company is engaged in the provision of travel-related services in the People's Republic of China. It offers a large selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. The company's organized tours provide pre-arranged itineraries, transportation, accommodations, entertainment, meals, and tour guide services. Its self-guided tours consist of combinations of flights and hotel bookings and other optional add-ons. The company derives almost all of its revenue from PRC.