Full Truck Alliance Co. Ltd. Sponsored ADR
YMM Technology Software Application
Full Truck Alliance Co. Ltd. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 16.0% from fiscal 2024. In the quarter to June 2026, revenue grew 10.2%, EPS grew 11.8% and free cash flow grew 10,172.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Full Truck Alliance Co. Ltd. Sponsored ADR (YMM) Beneish M-score
Full Truck Alliance Co. Ltd. Sponsored ADR's Beneish M-score for fiscal 2025 is 0.07; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 0.07 | 2.60 |
| FY2024 | −2.53 | (1.30) |
| FY2023 | −1.23 | 1.50 |
| FY2022 | −2.73 | (0.27) |
| FY2021 | −2.46 | 1.89 |
| FY2020 | −4.35 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.44 | — | 3.17 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 1.41 | — | 0.57 | |
| Sales growth index | 1.16 | — | 1.03 | |
| Depreciation index | 1.18 | — | 0.14 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | 0.00 | — | −0.02 | |
| Leverage index | 0.88 | — | −0.29 | |
| Beneish M-score | Flagged by the model | 0.07 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RNG Ringcentral, Inc. compare | −4.4× |
| IDCC InterDigital, Inc. compare | −3.3× |
| PCOR Procore Technologies, Inc. compare | −3.2× |
| TTAN ServiceTitan Inc. compare | −2.9× |
| APPF AppFolio, Inc. compare | −2.9× |
| PCTY Paylocity Holding Corporation compare | −2.6× |
| NICE Nice compare | −2.2× |
| DUOL Duolingo, Inc. compare | −1.6× |
| YMM Full Truck Alliance Co. Ltd. Sponsored ADR | 0.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI