Uber Technologies Beneish M-Score Historical Data
The historical data trend for Uber Technologies'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.
Uber Technologies Beneish M-Score Chart
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Uber Technologies Annual Data
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Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.96 |
-2.79 |
-2.02 |
-2.39 |
-2.60 |
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Uber Technologies Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.58 |
-2.64 |
-2.50 |
-2.60 |
Competitive Comparison of Uber Technologies's Beneish M-Score
For the Software - Application subindustry, Uber Technologies'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.
Uber Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Uber Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Uber Technologies's Beneish M-Score falls into.
Uber Technologies 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 Uber Technologies 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 * 0.9749 | + | 0.528 * 0.9634 | + | 0.404 * 1.034 | + | 0.892 * 1.1318 | + | 0.115 * 1.0305 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7673 | + | 4.679 * -0.080478 | - | 0.327 * 0.8579 |
| = | -2.68 |
* 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 R$20,192 Mil.
Revenue was 48684.413 + 45890.4 + 44799.651 + 45955.478 = R$185,330 Mil.
Gross Profit was 19006.324 + 18105.274 + 18031.496 + 18563.45 = R$73,707 Mil.
Total Current Assets was R$55,353 Mil.
Total Assets was R$189,617 Mil.
Property, Plant and Equipment(Net PPE) was R$16,238 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4,095 Mil.
Selling, General, & Admin. Expense(SGA) was R$35,148 Mil.
Total Current Liabilities was R$46,323 Mil.
Long-Term Debt & Capital Lease Obligation was R$53,942 Mil.
Net Income was 7001.814 + 1091.453 + 1912.358 + -817.75 = R$9,188 Mil.
Non Operating Income was 5737.666 + -898.843 + 805.714 + 1067.763 = R$6,712 Mil.
Cash Flow from Operations was 4032.535 + 4770.784 + 5775.903 + 3156.412 = R$17,736 Mil.
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Total Receivables was R$18,301 Mil.
Revenue was 45147.158 + 43747.355 + 40750.082 + 34108.246 = R$163,753 Mil.
Gross Profit was 17309.82 + 16622.212 + 14739.284 + 14073.259 = R$62,745 Mil.
Total Current Assets was R$48,515 Mil.
Total Assets was R$168,425 Mil.
Property, Plant and Equipment(Net PPE) was R$18,522 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4,851 Mil.
Selling, General, & Admin. Expense(SGA) was R$40,474 Mil.
Total Current Liabilities was R$46,438 Mil.
Long-Term Debt & Capital Lease Obligation was R$57,374 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) |
| = | (20192.076 / 185329.942) | / | (18301.201 / 163752.841) |
| = | 0.108952 | / | 0.111761 |
| | = | 0.9749 |
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) |
| = | (62744.575 / 163752.841) | / | (73706.544 / 185329.942) |
| = | 0.383166 | / | 0.397704 |
| | = | 0.9634 |
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 - (55353.041 + 16237.937) / 189617.36) | / | (1 - (48514.705 + 18521.507) / 168424.549) |
| = | 0.622445 | / | 0.601981 |
| | = | 1.034 |
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 |
| = | 185329.942 | / | 163752.841 |
| | = | 1.1318 |
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)) |
| = | (4850.618 / (4850.618 + 18521.507)) | / | (4094.843 / (4094.843 + 16237.937)) |
| = | 0.207539 | / | 0.201391 |
| | = | 1.0305 |
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) |
| = | (35148.336 / 185329.942) | / | (40474.191 / 163752.841) |
| = | 0.189653 | / | 0.247166 |
| | = | 0.7673 |
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) |
| = | ((53941.898 + 46322.709) / 189617.36) | / | ((57374.185 + 46437.526) / 168424.549) |
| = | 0.528773 | / | 0.616369 |
| | = | 0.8579 |
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 |
| = | (9187.875 - 6712.3 | - | 17735.634) | / | 189617.36 |
| | = | -0.080478 |
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.
Uber Technologies has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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