Harworth Group (CHIX:HWGL) Beneish M-Score: -1.39 (As of Jun. 26, 2026)

What is Harworth Group Beneish M-Score?

Harworth Group CHIX:HWGL +5.12% 73 Beneish M-Score is -1.39 as of Jun. 26, 2026. GuruFocus rates CHIX:HWGL with a GF Score™ of 73/100 and a GF Value™ of £1.15 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,682 Real Estate companies, Harworth Group ranks worse than 80.92% on this metric.

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 -1.39 higher than -1.78, which implies that the company might have manipulated its financial results.

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

CHIX:HWGl' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -1.5 Max: -0.87
Current: -1.39

During the past 13 years, the highest Beneish M-Score of Harworth Group was -0.87. The lowest was -2.81. And the median was -1.50.

Harworth Group Beneish M-Score Related Terms

Harworth Group Beneish M-Score Historical Data

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The historical data trend for Harworth Group'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.

Harworth Group Beneish M-Score Chart

Harworth Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.32

-2.36

-1.28

-1.39

Harworth Group Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-1.28	0.00	-1.28	0.00	-1.39

Harworth Group Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Harworth Group'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.

Harworth Group Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Harworth Group's Beneish M-Score distribution charts can be found below:

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

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73GF Score

Harworth Group PLC CHIX:HWGL

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Harworth Group 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 Harworth Group 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 * 1.6468

0.528 * 1.7691

0.404 * 1.093

0.892 * 0.7145

0.115 * 1.9598

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5378

4.679 * 0.059025

0.327 * 0.96

-1.39

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was £84.7 Mil.
Revenue was £129.7 Mil.
Gross Profit was £12.6 Mil.
Total Current Assets was £335.1 Mil.
Total Assets was £1,042.2 Mil.
Property, Plant and Equipment(Net PPE) was £9.3 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.6 Mil.
Selling, General, & Admin. Expense(SGA) was £11.7 Mil.
Total Current Liabilities was £120.5 Mil.
Long-Term Debt & Capital Lease Obligation was £174.0 Mil.
Net Income was £9.5 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £-52.0 Mil.

Total Receivables was £72.0 Mil.
Revenue was £181.6 Mil.
Gross Profit was £31.1 Mil.
Total Current Assets was £404.9 Mil.
Total Assets was £1,052.5 Mil.
Property, Plant and Equipment(Net PPE) was £3.0 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.4 Mil.
Selling, General, & Admin. Expense(SGA) was £10.6 Mil.
Total Current Liabilities was £144.4 Mil.
Long-Term Debt & Capital Lease Obligation was £165.3 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)
	=	(84.735 / 129.749)	/	(72.012 / 181.585)
	=	0.653069	/	0.396575
	=	1.6468

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)
	=	(31.077 / 181.585)	/	(12.552 / 129.749)
	=	0.171143	/	0.096741
	=	1.7691

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 - (335.147 + 9.306) / 1042.243)	/	(1 - (404.857 + 2.972) / 1052.509)
	=	0.669508	/	0.612517
	=	1.093

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
	=	129.749	/	181.585
	=	0.7145

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))
	=	(0.406 / (0.406 + 2.972))	/	(0.608 / (0.608 + 9.306))
	=	0.120189	/	0.061327
	=	1.9598

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)
	=	(11.68 / 129.749)	/	(10.63 / 181.585)
	=	0.09002	/	0.05854
	=	1.5378

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)
	=	((173.959 + 120.483) / 1042.243)	/	((165.321 + 144.399) / 1052.509)
	=	0.282508	/	0.294268
	=	0.96

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
	=	(9.472 - 0	-	-52.046)	/	1042.243
	=	0.059025

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.

Harworth Group has a M-score of -1.39 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.39 mean?

Harworth Group (CHIX:HWGL) has a Beneish M-Score of -1.39 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Harworth Group and its competitors. According to the industry distribution chart, Harworth Group ranks #1361 out of 1682 companies in the Real Estate industry, placing it in the top 80.9%.

Is Harworth Group's Beneish M-Score too high?

Harworth Group's current Beneish M-Score is -1.39. Based on the distribution chart, Harworth Group ranks #1361 out of 1682 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Harworth Group has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Harworth Group's Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, Harworth Group ranks #1361 out of 1682 companies for Beneish M-Score. This places Harworth Group in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Real Estate company?

A good Beneish M-Score depends on the Real Estate industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Harworth Group and its competitors. Harworth Group's current Beneish M-Score is -1.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Harworth Group stock overvalued right now?

Based on GuruFocus' analysis, Harworth Group (CHIX:HWGL) is currently considered Modestly Overvalued. The stock's GF Value™ is £1.15, compared to a current price of £1.27 — trading 10.6% above its estimated fair value. The current Beneish M-Score is -1.39. Harworth Group's overall GF Score™ is 73/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Harworth Group (CHIX:HWGL), the current Beneish M-Score is -1.39 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Harworth Group (CHIX:HWGL) Overvalued in 2026?

Based on GuruFocus' analysis, Harworth Group stock appears to be overvalued. The current stock price of £1.27 is trading 10.6% above its estimated GF Value™ of £1.15. GuruFocus considers Harworth Group to be Modestly Overvalued.

Key valuation signals for CHIX:HWGL:

Beneish M-Score: -1.39
GF Value™: £1.15 vs. price of £1.27 (10.6% above fair value)
GF Score™: 73/100 with 8 warning signs

No single metric tells the full story. See the CHIX:HWGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Harworth Group Business Description

Industry Real Estate Real Estate

Comparable Companies LSE:ROAD LSE:DCI LSE:CIC LSE:TRAF LSE:PLAZ LSE:DAR HKSE:00016 HKSE:01109 DFM:EMAAR STC:VHM HKSE:00688 HKSE:01113 TSE:1925 ADX:ALDAR SGX:H78 DFM:EMAARDEV BOM:532868 HKSE:00083 SZSE:001979 SHSE:600048

Other Exchanges HWG:UK

Address Poplar Way, Advantage House, Catcliffe, Rotherham, South Yorkshire, GBR, S60 5TR

Website https://www.harworthgroup.com

Harworth Group PLC operates as a brownfield regeneration company in the North of England and the Midlands. It is organized into two operating segments: The Income Generation segment focuses on generating rental returns from the business space portfolio, rental returns and royalties from energy generation, environmental technologies, and the agricultural portfolio, and income-generating streams from recycled aggregates and secondary coal products. The Capital Growth segment focuses on delivering value by developing the underlying portfolio and includes planning and development activity, value engineering, proactive asset management, and strategic land acquisitions. It generates a vast majority of its revenues from the sale of development properties.

73GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

£1.27

Price

£1.15

GF Value

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