Dada Nexus Beneish M-Score Historical Data
The historical data trend for Dada Nexus'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.
Dada Nexus Beneish M-Score Chart
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Dada Nexus Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.21 |
-4.33 |
-3.67 |
-3.31 |
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Dada Nexus 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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-3.67 |
-3.74 |
-3.42 |
-2.99 |
-3.31 |
Competitive Comparison of Dada Nexus's Beneish M-Score
For the Internet Retail subindustry, Dada Nexus'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.
Dada Nexus's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Dada Nexus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dada Nexus's Beneish M-Score falls into.
Dada Nexus 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 Dada Nexus 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 * 0.9726 | + | 0.528 * 1.0189 | + | 0.404 * 0.6719 | + | 0.892 * 1.0658 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8179 | + | 4.679 * -0.152572 | - | 0.327 * 1.1801 |
| = | -3.31 |
* 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 $290 Mil.
Revenue was 315.621 + 392.792 + 392.465 + 373.754 = $1,475 Mil.
Gross Profit was 116.698 + 124.776 + 152.734 + 165.184 = $559 Mil.
Total Current Assets was $850 Mil.
Total Assets was $1,061 Mil.
Property, Plant and Equipment(Net PPE) was $3 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $665 Mil.
Total Current Liabilities was $280 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was -179.601 + -22.743 + -22.164 + -50.857 = $-275 Mil.
Non Operating Income was -129.76 + 5.926 + 5.212 + 5.096 = $-114 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
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Total Receivables was $279 Mil.
Revenue was 384.56 + 339.076 + 340.706 + 319.22 = $1,384 Mil.
Gross Profit was 158.703 + 130.109 + 126.928 + 119.006 = $535 Mil.
Total Current Assets was $912 Mil.
Total Assets was $1,298 Mil.
Property, Plant and Equipment(Net PPE) was $8 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $763 Mil.
Total Current Liabilities was $288 Mil.
Long-Term Debt & Capital Lease Obligation was $2 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) |
| = | (289.702 / 1474.632) | / | (279.468 / 1383.562) |
| = | 0.196457 | / | 0.201992 |
| | = | 0.9726 |
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) |
| = | (534.746 / 1383.562) | / | (559.392 / 1474.632) |
| = | 0.386499 | / | 0.379343 |
| | = | 1.0189 |
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 - (849.976 + 3.463) / 1060.738) | / | (1 - (912.29 + 7.809) / 1297.503) |
| = | 0.195429 | / | 0.290869 |
| | = | 0.6719 |
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 |
| = | 1474.632 | / | 1383.562 |
| | = | 1.0658 |
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 + 7.809)) | / | (0 / (0 + 3.463)) |
| = | 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) |
| = | (665.415 / 1474.632) | / | (763.306 / 1383.562) |
| = | 0.451241 | / | 0.551696 |
| | = | 0.8179 |
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) |
| = | ((0.058 + 280.044) / 1060.738) | / | ((2.377 + 287.952) / 1297.503) |
| = | 0.264063 | / | 0.22376 |
| | = | 1.1801 |
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 |
| = | (-275.365 - -113.526 | - | 0) | / | 1060.738 |
| | = | -0.152572 |
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.
Dada Nexus has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.
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