Tencent Holdings Beneish M-Score Historical Data
The historical data trend for Tencent 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.
Tencent Holdings Beneish M-Score Chart
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Tencent Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.22 |
-2.12 |
-2.48 |
-2.69 |
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Tencent Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.56 |
-2.69 |
-2.75 |
-2.77 |
-2.72 |
Competitive Comparison of Tencent Holdings's Beneish M-Score
For the Internet Content & Information subindustry, Tencent 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.
Tencent Holdings's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Tencent Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tencent Holdings's Beneish M-Score falls into.
Tencent 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 Tencent 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 * 0.9725 | + | 0.528 * 0.8852 | + | 0.404 * 1.0331 | + | 0.892 * 1.0608 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0198 | + | 4.679 * -0.050902 | - | 0.327 * 0.9366 |
| = | -2.72 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $6,690 Mil.
Revenue was 23628.18 + 22208.637 + 22148.302 + 21735.526 = $89,721 Mil.
Gross Profit was 12553.42 + 11839.911 + 11646.185 + 10863.001 = $46,903 Mil.
Total Current Assets was $74,077 Mil.
Total Assets was $243,550 Mil.
Property, Plant and Equipment(Net PPE) was $14,157 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $20,322 Mil.
Total Current Liabilities was $57,628 Mil.
Long-Term Debt & Capital Lease Obligation was $41,395 Mil.
Net Income was 7522.612 + 6565.399 + 5816.705 + 3784.908 = $23,690 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 11025.579 + 7458.337 + 10046.518 + 7556.371 = $36,087 Mil.
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Total Receivables was $6,485 Mil.
Revenue was 21187.602 + 20835.032 + 21765.807 + 20791.772 = $84,580 Mil.
Gross Profit was 10485.619 + 9891.921 + 9894.499 + 8867.565 = $39,140 Mil.
Total Current Assets was $69,335 Mil.
Total Assets was $211,189 Mil.
Property, Plant and Equipment(Net PPE) was $11,487 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $18,786 Mil.
Total Current Liabilities was $49,650 Mil.
Long-Term Debt & Capital Lease Obligation was $42,027 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) |
| = | (6689.655 / 89720.645) | / | (6485.016 / 84580.213) |
| = | 0.074561 | / | 0.076673 |
| | = | 0.9725 |
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) |
| = | (39139.604 / 84580.213) | / | (46902.517 / 89720.645) |
| = | 0.462751 | / | 0.522762 |
| | = | 0.8852 |
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 - (74076.597 + 14157.292) / 243549.604) | / | (1 - (69335.151 + 11487.277) / 211188.561) |
| = | 0.637717 | / | 0.617297 |
| | = | 1.0331 |
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 |
| = | 89720.645 | / | 84580.213 |
| | = | 1.0608 |
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 + 11487.277)) | / | (0 / (0 + 14157.292)) |
| = | 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) |
| = | (20321.882 / 89720.645) | / | (18785.672 / 84580.213) |
| = | 0.226502 | / | 0.222105 |
| | = | 1.0198 |
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) |
| = | ((41394.573 + 57628.18) / 243549.604) | / | ((42026.747 + 49650.447) / 211188.561) |
| = | 0.406581 | / | 0.434101 |
| | = | 0.9366 |
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 |
| = | (23689.624 - 0 | - | 36086.805) | / | 243549.604 |
| | = | -0.050902 |
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.
Tencent Holdings has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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