Li Auto Beneish M-Score Historical Data
The historical data trend for Li Auto'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.
Li Auto Beneish M-Score Chart
|
Li Auto Annual Data
|
|
Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
- |
- |
-2.57 |
-2.94 |
-0.58 |
|
Li Auto Quarterly Data
|
|
Dec18 |
Mar19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
-2.94 |
-3.54 |
-3.70 |
-3.54 |
-0.58 |
Competitive Comparison of Li Auto's Beneish M-Score
For the Auto Manufacturers subindustry, Li Auto'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.
Li Auto's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Li Auto's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Li Auto's Beneish M-Score falls into.
Li Auto 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 Li Auto 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 * 1.1154 | + | 0.528 * 0.8787 | + | 0.404 * 0.8803 | + | 0.892 * 2.5958 | + | 0.115 * 2.2435 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6136 | + | 4.679 * 0.074124 | - | 0.327 * 1.2231 |
| = | -0.58 |
* 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 $20 Mil.
Revenue was 5844.668 + 4751.977 + 4000.995 + 2726.357 = $17,324 Mil.
Gross Profit was 1370.674 + 1047.491 + 870.679 + 555.821 = $3,845 Mil.
Total Current Assets was $16,040 Mil.
Total Assets was $20,093 Mil.
Property, Plant and Equipment(Net PPE) was $2,862 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $1,368 Mil.
Total Current Liabilities was $10,188 Mil.
Long-Term Debt & Capital Lease Obligation was $760 Mil.
Net Income was 792.426 + 386.855 + 320.21 + 134.912 = $1,634 Mil.
Non Operating Income was 50.254 + 25.156 + 45.283 + 26.337 = $147 Mil.
Cash Flow from Operations was -4670.541 + 1987.768 + 1551.707 + 1129.078 = $-2 Mil.
|
Total Receivables was $7 Mil.
Revenue was 2531.646 + 1330.905 + 1304.311 + 1507.114 = $6,674 Mil.
Gross Profit was 511.544 + 168.384 + 280.544 + 341.055 = $1,302 Mil.
Total Current Assets was $9,609 Mil.
Total Assets was $12,413 Mil.
Property, Plant and Equipment(Net PPE) was $1,967 Mil.
Depreciation, Depletion and Amortization(DDA) was $178 Mil.
Selling, General, & Admin. Expense(SGA) was $859 Mil.
Total Current Liabilities was $3,926 Mil.
Long-Term Debt & Capital Lease Obligation was $1,603 Mil.
|
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) |
| = | (20.101 / 17323.997) | / | (6.94 / 6673.976) |
| = | 0.00116 | / | 0.00104 |
| | = | 1.1154 |
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) |
| = | (1301.527 / 6673.976) | / | (3844.665 / 17323.997) |
| = | 0.195015 | / | 0.221927 |
| | = | 0.8787 |
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 - (16039.548 + 2861.922) / 20092.921) | / | (1 - (9609.204 + 1967.407) / 12412.747) |
| = | 0.059297 | / | 0.067361 |
| | = | 0.8803 |
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 |
| = | 17323.997 | / | 6673.976 |
| | = | 2.5958 |
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)) |
| = | (177.807 / (177.807 + 1967.407)) | / | (109.788 / (109.788 + 2861.922)) |
| = | 0.082885 | / | 0.036944 |
| | = | 2.2435 |
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) |
| = | (1367.703 / 17323.997) | / | (858.743 / 6673.976) |
| = | 0.078948 | / | 0.12867 |
| | = | 0.6136 |
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) |
| = | ((759.787 + 10187.769) / 20092.921) | / | ((1603.221 + 3926.245) / 12412.747) |
| = | 0.544846 | / | 0.445467 |
| | = | 1.2231 |
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 |
| = | (1634.403 - 147.03 | - | -1.988) | / | 20092.921 |
| | = | 0.074124 |
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.
Li Auto has a M-score of -0.58 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
LI has been successfully added to your