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YMM

Full Truck Alliance Co. Ltd.
CIK 0001838413 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
85.6
composite ยท 4 signals ยท TRIGGERED

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-01 ยท FY 2025-12-31 ยท TRIGGERED100.0

Earnings quality

Beneish M-Score 2.87 exceeds the -1.78 manipulation threshold
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-14) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": 2.869,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 3.442,
    "GMI": 0.867,
    "AQI": 1.411,
    "SGI": 1.16,
    "DEPI": 1.182,
    "SGAI": 1,
    "LVGI": 0.879,
    "TATA": 0.599
  },
  "defaulted_to_neutral": [
    "SGAI"
  ],
  "sloan_accruals": 0.6332,
  "inputs": {
    "revenue_t": 1786026000,
    "revenue_t1": 1539687000,
    "total_assets_t": 6337965000,
    "net_income_t": 4459076000,
    "cfo_t": 661635000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1838413/000119312526153778/0001193125-26-153778-index.htm",
    "form": "20-F",
    "filed": "2026-04-14"
  }
}
P-05 ยท FY 2025-12-31 ยท ELEVATED65.4

Tax arbitrage

ETR 17.2% vs 21% statutory โ€” gap persistent across 2 of 3 years
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-14) โ†—
Evidence โ€” inputs and thresholds
{
  "etr_by_year": {
    "2025-12-31": 0.1724,
    "2024-12-31": 0.0712,
    "2023-12-31": 0.0458
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2025-12-31": 0.0376,
    "2024-12-31": 0.1388,
    "2023-12-31": 0.1642
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1838413/000119312526153778/0001193125-26-153778-index.htm",
    "form": "20-F",
    "filed": "2026-04-14"
  }
}
P-13 ยท FY 2022-12-31 ยท ELEVATED70.0

Zombie / distress

[FY2022 data, stale โ€” no more recent EBIT figure in XBRL] Interest coverage -939.52x below 1.0
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2023-04-19) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": null,
    "2024-12-31": null,
    "2023-12-31": null,
    "2022-12-31": -939.52
  },
  "consecutive_years_below_1": 1,
  "altman_z_double_prime": 15.78,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": -23488000,
    "interest_expense_t": 25000
  },
  "stale": true,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1838413/000119312523106426/0001193125-23-106426-index.htm",
    "form": "20-F",
    "filed": "2023-04-19"
  }
}
P-12 ยท FY 2025-12-31 ยท CLEAN26.8

Restatement predictor

F-Score 0.80 โ€” at or below the population base rate
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-04-14) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 0.803,
  "probability": 0.00297,
  "components": {
    "rsst": 0.6332,
    "drec": 0.0013,
    "dinv": null,
    "soft": 0.8528,
    "dcs": 0.1548,
    "droa": 0.1513,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1838413/000119312526153778/0001193125-26-153778-index.htm",
    "form": "20-F",
    "filed": "2026-04-14"
  }
}