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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.
Warning Sign:
Beneish M-Score 0.78 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Coupang's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of Coupang was 0.78. The lowest was -3.47. And the median was -2.40.
The historical data trend for Coupang'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.
Coupang Annual Data | |||||||||||||||
Trend | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | -2.03 | -2.71 | -1.91 |
Coupang Quarterly Data | |||||||||||||||||||
Dec18 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.16 | -3.47 | -2.92 | -1.91 | 0.78 |
For the Internet Retail subindustry, Coupang'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.
For the Retail - Cyclical industry and Consumer Cyclical sector, Coupang's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coupang's Beneish M-Score falls into.
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 Coupang 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 * 3.9196 | + | 0.528 * 0.9174 | + | 0.404 * 2.8701 | + | 0.892 * 1.2083 | + | 0.115 * 1.0749 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.066 | + | 4.679 * -0.071402 | - | 0.327 * 0.9604 | |||||||
= | 0.78 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $601 Mil. Revenue was 7114 + 6561.026 + 6183.555 + 5837.889 = $25,696 Mil. Gross Profit was 1929 + 1680.498 + 1565.787 + 1523.788 = $6,699 Mil. Total Current Assets was $8,569 Mil. Total Assets was $14,949 Mil. Property, Plant and Equipment(Net PPE) was $4,421 Mil. Depreciation, Depletion and Amortization(DDA) was $306 Mil. Selling, General, & Admin. Expense(SGA) was $6,293 Mil. Total Current Liabilities was $7,435 Mil. Long-Term Debt & Capital Lease Obligation was $2,730 Mil. Net Income was 5 + 1032.653 + 91.3 + 145.192 = $1,274 Mil. Non Operating Income was -9 + 0.556 + -7.776 + -5.241 = $-21 Mil. Cash Flow from Operations was 212 + 609.307 + 721.639 + 820.054 = $2,363 Mil. |
Total Receivables was $127 Mil. Revenue was 5801 + 5327.159 + 5101.334 + 5037.821 = $21,267 Mil. Gross Profit was 1420 + 1278.913 + 1233.888 + 1153.793 = $5,087 Mil. Total Current Assets was $6,115 Mil. Total Assets was $9,710 Mil. Property, Plant and Equipment(Net PPE) was $3,152 Mil. Depreciation, Depletion and Amortization(DDA) was $236 Mil. Selling, General, & Admin. Expense(SGA) was $4,886 Mil. Total Current Liabilities was $5,174 Mil. Long-Term Debt & Capital Lease Obligation was $1,701 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) |
= | (601 / 25696.47) | / | (126.892 / 21267.314) | |
= | 0.023388 | / | 0.005967 | |
= | 3.9196 |
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) | |
= | (5086.594 / 21267.314) | / | (6699.073 / 25696.47) | |
= | 0.239174 | / | 0.2607 | |
= | 0.9174 |
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 - (8569 + 4421) / 14949) | / | (1 - (6114.682 + 3152.265) / 9710.305) | |
= | 0.131046 | / | 0.045659 | |
= | 2.8701 |
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 | |
= | 25696.47 | / | 21267.314 | |
= | 1.2083 |
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)) |
= | (235.76 / (235.76 + 3152.265)) | / | (306 / (306 + 4421)) | |
= | 0.069586 | / | 0.064735 | |
= | 1.0749 |
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) |
= | (6292.848 / 25696.47) | / | (4885.889 / 21267.314) | |
= | 0.244892 | / | 0.229737 | |
= | 1.066 |
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) |
= | ((2730 + 7435) / 14949) | / | ((1700.941 + 5174.13) / 9710.305) | |
= | 0.679979 | / | 0.708018 | |
= | 0.9604 |
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 | |
= | (1274.145 - -21.461 | - | 2363) | / | 14949 | |
= | -0.071402 |
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.
Coupang has a M-score of 0.78 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Coupang's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tae Jung Kim | officer: See Remarks | 720 OLIVE WAY, SUITE 600, SEATTLE WA 98101 |
Svf Investments (uk) Ltd | 10 percent owner | 69 GROSVENOR STREET, LONDON X0 W1K3JP |
Benjamin Sun | director | C/O COUPANG, INC., TOWER 730, 570, SONGPA-DAERO, SONGPA-GU, SEOUL M5 05510 |
Greenoaks Capital Partners Llc | director, 10 percent owner, other: See Remarks | 4 ORINDA WAY BUILDING C, SUITE 200, ORINDA CA 94563 |
Pedro Franceschi | director | C/O COUPANG, INC., TOWER 730, 570, SONGPA-DAERO,SONGPA-GU, SEOUL M5 05510 |
Hanseung Kang | officer: Rep Director, Business Mngmt | C/O COUPANG, INC., TOWER 730, 570, SONGPA-DAERO, SONGPA-GU, SEOUL M5 05510 |
Ambereen Toubassy | director | 720 OLIVE WAY, SUITE 600, SEATTLE WA 98101 |
Harold Rogers | officer: See Remarks | C/O COUPANG, INC., TOWER 730, 570, SONGPA-DAERO, SONGPA-GU, SEOUL M5 05510 |
Jonathan D. Lee | officer: Chief Accounting Officer | ONE PARK PLACE, SUITE 600, DUBLIN CA 94568 |
Thuan Pham | officer: Chief Technology Officer | 1455 MARKET STREET 4TH FLOOR, SAN FRANCISCO CA 94103 |
Neil Mehta | director | 535 PACIFIC AVENUE, 4TH FLOOR, SAN FRANCISCO CA 94133 |
Kevin M Warsh | director | 55 GLENLAKE PARKWAY, NE, ATLANTA GA 30328 |
Michael Parker | officer: Chief Accounting Officer | C/O COUPANG, INC., TOWER 730, 570, SONGPA-DAERO, SONGPA-GU, SEOUL M5 05510 |
Jason Child | director | C/O SPLUNK INC., 270 BRANNAN ST., SAN FRANCISCO CA 94107 |
Gaurav Anand | officer: Chief Financial Officer | C/O COUPANG, INC., TOWER 730, 570, SONGPA-DAERO, SONGPA-GU, SEOUL M5 05510 |
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