momo.com Beneish M-Score Historical Data
The historical data trend for momo.com'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.
momo.com Beneish M-Score Chart
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momo.com Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.89 |
-2.61 |
-2.40 |
-2.29 |
-3.02 |
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momo.com Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.29 |
-2.36 |
-2.41 |
-2.77 |
-3.02 |
Competitive Comparison of momo.com's Beneish M-Score
For the Internet Retail subindustry, momo.com'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.
momo.com's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, momo.com's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where momo.com's Beneish M-Score falls into.
momo.com 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 momo.com 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 * 0.7817 | + | 0.528 * 1.0329 | + | 0.404 * 1.0909 | + | 0.892 * 1.0304 | + | 0.115 * 0.978 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9554 | + | 4.679 * -0.090092 | - | 0.327 * 1.0222 |
| = | -3.02 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was NT$2,795 Mil.
Revenue was 33475.883 + 25552.937 + 26656.946 + 26877.869 = NT$112,564 Mil.
Gross Profit was 3273.462 + 2279.376 + 2427.237 + 2537.315 = NT$10,517 Mil.
Total Current Assets was NT$14,203 Mil.
Total Assets was NT$29,098 Mil.
Property, Plant and Equipment(Net PPE) was NT$12,935 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,344 Mil.
Selling, General, & Admin. Expense(SGA) was NT$5,942 Mil.
Total Current Liabilities was NT$16,127 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,467 Mil.
Net Income was 1110.677 + 666.148 + 768.255 + 908.955 = NT$3,454 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 3163.55 + 209.671 + 1412.902 + 1289.364 = NT$6,075 Mil.
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Total Receivables was NT$3,470 Mil.
Revenue was 32835.788 + 25074.675 + 26212.415 + 25120.04 = NT$109,243 Mil.
Gross Profit was 3057.086 + 2322.345 + 2607.666 + 2555.809 = NT$10,543 Mil.
Total Current Assets was NT$14,653 Mil.
Total Assets was NT$28,322 Mil.
Property, Plant and Equipment(Net PPE) was NT$11,920 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,208 Mil.
Selling, General, & Admin. Expense(SGA) was NT$6,036 Mil.
Total Current Liabilities was NT$14,879 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,826 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) |
| = | (2795.043 / 112563.635) | / | (3470.263 / 109242.918) |
| = | 0.024831 | / | 0.031766 |
| | = | 0.7817 |
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) |
| = | (10542.906 / 109242.918) | / | (10517.39 / 112563.635) |
| = | 0.096509 | / | 0.093435 |
| | = | 1.0329 |
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 - (14202.667 + 12934.901) / 29097.596) | / | (1 - (14652.939 + 11919.776) / 28321.559) |
| = | 0.06736 | / | 0.06175 |
| | = | 1.0909 |
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 |
| = | 112563.635 | / | 109242.918 |
| | = | 1.0304 |
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)) |
| = | (1208.095 / (1208.095 + 11919.776)) | / | (1343.594 / (1343.594 + 12934.901)) |
| = | 0.092025 | / | 0.094099 |
| | = | 0.978 |
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) |
| = | (5941.6 / 112563.635) | / | (6035.61 / 109242.918) |
| = | 0.052784 | / | 0.055249 |
| | = | 0.9554 |
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) |
| = | ((2467.228 + 16127.32) / 29097.596) | / | ((2826.367 + 14878.533) / 28321.559) |
| = | 0.639041 | / | 0.625139 |
| | = | 1.0222 |
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 |
| = | (3454.035 - 0 | - | 6075.487) | / | 29097.596 |
| | = | -0.090092 |
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.
momo.com has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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