DiDi Global (STU:92S) Beneish M-Score : 0.00 (As of Jun. 10, 2024)

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What is DiDi Global Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for DiDi Global's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of DiDi Global was -3.14. The lowest was -3.50. And the median was -3.32.

DiDi Global Beneish M-Score Historical Data

The historical data trend for DiDi Global'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.

* Premium members only.

DiDi Global Beneish M-Score Chart

DiDi Global Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.14

-3.50

DiDi Global Quarterly Data
	Dec18	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Dec22	Mar23	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial											-	-3.50	-2.51	-	-

Competitive Comparison of DiDi Global's Beneish M-Score

For the Software - Application subindustry, DiDi Global'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.

DiDi Global's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, DiDi Global's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where DiDi Global's Beneish M-Score falls into.

DiDi Global 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 DiDi Global for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec23) TTM:

Last Year (Jun22) TTM:

Total Receivables was €1,825 Mil.
Revenue was 6346.772 + 6295.795 + 5789.23 + 4307.219 = €22,739 Mil.
Gross Profit was 999.168 + 956.072 + 842.117 + 770.723 = €3,568 Mil.
Total Current Assets was €8,409 Mil.
Total Assets was €18,471 Mil.
Property, Plant and Equipment(Net PPE) was €753 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €2,430 Mil.
Total Current Liabilities was €3,666 Mil.
Long-Term Debt & Capital Lease Obligation was €206 Mil.
Net Income was 138.445 + -2.707 + -125.782 + -96.002 = €-86 Mil.
Non Operating Income was 315.419 + 64.958 + 56.656 + 217.46 = €654 Mil.
Cash Flow from Operations was 234.124 + 352.759 + 45.135 + -31.278 = €601 Mil.

Total Receivables was €0 Mil.
Revenue was 4522.013 + 5130.345 + 5665.926 + 5618.35 = €20,937 Mil.
Gross Profit was 852.152 + 832.207 + 674.752 + 248.958 = €2,608 Mil.
Total Current Assets was €0 Mil.
Total Assets was €0 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €0 Mil.
Selling, General, & Admin. Expense(SGA) was €4,201 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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)
	=	(1825.013 / 22739.016)	/	(0 / 20936.634)
	=	0.080259	/	0
	=

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)
	=	(2608.069 / 20936.634)	/	(3568.08 / 22739.016)
	=	0.12457	/	0.156914
	=

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 - (8408.834 + 752.619) / 18471.317)	/	(1 - (0 + 0) / 0)
	=	0.504017	/
	=

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
	=	22739.016	/	20936.634
	=

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 + 0))	/	(0 / (0 + 752.619))
	=		/	0
	=

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)
	=	(2429.876 / 22739.016)	/	(4200.624 / 20936.634)
	=	0.106859	/	0.200635
	=

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)
	=	((206.413 + 3665.941) / 18471.317)	/	((0 + 0) / 0)
	=	0.209641	/
	=

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
	=	(-86.046 - 654.493	-	600.74)	/	18471.317
	=	-0.072614

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.

DiDi Global Beneish M-Score Related Terms

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DiDi Global (STU:92S) Business Description

Industry

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DIDIY:USA 92S:Germany

Address

North Ring Road, Tangjialing, Building 1, Yard 6, Haidian District, Beijing, CHN

Website

https://www.didiglobal.com

DiDi Global Inc is a mobility technology platform. It is building four key components of its platform that work together to improve the consumer experience: shared mobility, auto solutions, electric mobility, and autonomous driving. It is a go-to brand in China for shared mobility, providing consumers with a range of safe, affordable, and convenient mobility services, including ride-hailing, taxi-hailing, chauffeur, hitch, and other forms of shared mobility. The company operates in three segments: China Mobility, which mainly includes ride-hailing services to riders, and also acts as an agent by connecting end-users to service providers who provide taxi hailing, chauffeur, hitch, and other services; International; and Other Initiatives.

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