BYD Co Beneish M-Score Historical Data
The historical data trend for BYD Co'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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BYD Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-3.53 |
-3.13 |
-3.37 |
-3.40 |
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BYD Co 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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-3.37 |
-3.24 |
-3.53 |
-3.00 |
-3.40 |
Competitive Comparison
For the Auto Manufacturers subindustry, BYD Co'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.
BYD Co Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, BYD Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BYD Co's Beneish M-Score falls into.
BYD Co 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 BYD Co 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 * 0.7795 | + | 0.528 * 0.8392 | + | 0.404 * 1.0108 | + | 0.892 * 1.3581 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1863 | + | 4.679 * -0.205666 | - | 0.327 * 1.0037 |
| = | -3.44 |
* 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 $10,203 Mil.
Revenue was 25215.052 + 22218.816 + 19542.343 + 17439.465 = $84,416 Mil.
Gross Profit was 5351.228 + 4915.877 + 3659.281 + 3115.27 = $17,042 Mil.
Total Current Assets was $42,313 Mil.
Total Assets was $95,172 Mil.
Property, Plant and Equipment(Net PPE) was $38,558 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $3,721 Mil.
Total Current Liabilities was $63,537 Mil.
Long-Term Debt & Capital Lease Obligation was $2,916 Mil.
Net Income was 1214.8 + 1426.815 + 952.898 + 599.35 = $4,194 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 10064.807 + 2177.217 + 9426.296 + 2099.247 = $23,768 Mil.
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Total Receivables was $9,637 Mil.
Revenue was 22429.65 + 16679.335 + 12513.751 + 10532.608 = $62,155 Mil.
Gross Profit was 4260.662 + 3162.494 + 1800.462 + 1306.201 = $10,530 Mil.
Total Current Assets was $34,540 Mil.
Total Assets was $70,838 Mil.
Property, Plant and Equipment(Net PPE) was $25,767 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $2,309 Mil.
Total Current Liabilities was $47,814 Mil.
Long-Term Debt & Capital Lease Obligation was $1,465 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) |
| = | (10202.68 / 84415.676) | / | (9636.93 / 62155.344) |
| = | 0.120862 | / | 0.155046 |
| | = | 0.7795 |
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) |
| = | (10529.819 / 62155.344) | / | (17041.656 / 84415.676) |
| = | 0.169411 | / | 0.201878 |
| | = | 0.8392 |
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 - (42312.743 + 38557.6) / 95172.078) | / | (1 - (34540.142 + 25766.977) / 70837.908) |
| = | 0.150272 | / | 0.14866 |
| | = | 1.0108 |
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 |
| = | 84415.676 | / | 62155.344 |
| | = | 1.3581 |
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 + 25766.977)) | / | (0 / (0 + 38557.6)) |
| = | 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) |
| = | (3720.606 / 84415.676) | / | (2309.229 / 62155.344) |
| = | 0.044075 | / | 0.037153 |
| | = | 1.1863 |
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) |
| = | ((2916.21 + 63536.97) / 95172.078) | / | ((1464.617 + 47813.957) / 70837.908) |
| = | 0.698242 | / | 0.695653 |
| | = | 1.0037 |
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 |
| = | (4193.863 - 0 | - | 23767.567) | / | 95172.078 |
| | = | -0.205666 |
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.
BYD Co has a M-score of -3.44 suggests that the company is unlikely to be a manipulator.
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