GHI (Greystone Housing Impact Investors LP) Beneish M-Score: -2.26 (As of Jun. 25, 2026)


GHI Greystone Housing Impact Investors LP GHI
43 GF Score
Price $5.86
GF Value $4.21
Valuation Significantly Overvalued
! 3 Warning Signs
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What is Greystone Housing Impact Investors LP Beneish M-Score?

Greystone Housing Impact Investors LP GHI -1.35% 43 Beneish M-Score is -2.26 as of Jun. 25, 2026. GuruFocus rates GHI with a GF Score™ of 43/100 and a GF Value™ of $4.21 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,396 Banks companies, Greystone Housing Impact Investors LP ranks worse than 73.21% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

Good Sign:

Beneish M-Score -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Greystone Housing Impact Investors LP's Beneish M-Score or its related term are showing as below:

GHI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12   Med: -2.37   Max: -0.05
Current: -2.26

During the past 13 years, the highest Beneish M-Score of Greystone Housing Impact Investors LP was -0.05. The lowest was -3.12. And the median was -2.37.

GHI
43GF Score
Greystone Housing Impact Investors LP GHI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Greystone Housing Impact Investors LP 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 Greystone Housing Impact Investors LP 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 * 1.7183+0.528 * 1+0.404 * 0.9977+0.892 * 0.6101+0.115 * 2.2414
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.6898+4.679 * -0.024252-0.327 * 1.0169
=-2.26

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $57.17 Mil.
Revenue was 5.252 + 0.308 + 7.318 + 6.656 = $19.53 Mil.
Gross Profit was 5.252 + 0.308 + 7.318 + 6.656 = $19.53 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,486.98 Mil.
Property, Plant and Equipment(Net PPE) was $3.42 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.75 Mil.
Selling, General, & Admin. Expense(SGA) was $19.89 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $1,096.94 Mil.
Net Income was 1.326 + -5.837 + 1.968 + -7.072 = $-9.62 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.107 + 8.634 + 8.373 + 9.548 = $26.45 Mil.
 Total Receivables was $54.54 Mil.
Revenue was 6.802 + 14.939 + 0.255 + 10.024 = $32.02 Mil.
Gross Profit was 6.802 + 14.939 + 0.255 + 10.024 = $32.02 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,537.48 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $19.29 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $1,115.33 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)
=(57.167 / 19.534) / (54.535 / 32.02)
=2.926538 / 1.703154
=1.7183

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)
=(32.02 / 32.02) / (19.534 / 19.534)
=1 / 1
=1

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 - (0 + 3.415) / 1486.983) / (1 - (0 + 0) / 1537.483)
=0.997703 / 1
=0.9977

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
=19.534 / 32.02
=0.6101

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))
=(0.022 / (0.022 + 0)) / (2.751 / (2.751 + 3.415))
=1 / 0.446156
=2.2414

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)
=(19.887 / 19.534) / (19.292 / 32.02)
=1.018071 / 0.602498
=1.6898

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)
=((1096.938 + 0) / 1486.983) / ((1115.33 + 0) / 1537.483)
=0.737694 / 0.725426
=1.0169

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
=(-9.615 - 0 - 26.448) / 1486.983
=-0.024252

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.

Greystone Housing Impact Investors LP has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.26 mean?
Greystone Housing Impact Investors LP (GHI) has a Beneish M-Score of -2.26 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Greystone Housing Impact Investors LP and its competitors. According to the industry distribution chart, Greystone Housing Impact Investors LP ranks #1022 out of 1396 companies in the Banks industry, placing it in the top 73.2%.
Is Greystone Housing Impact Investors LP's Beneish M-Score too high?
Greystone Housing Impact Investors LP's current Beneish M-Score is -2.26. Based on the distribution chart, Greystone Housing Impact Investors LP ranks #1022 out of 1396 companies in the Banks industry, which is below the industry midpoint. Overall, Greystone Housing Impact Investors LP has a GF Score™ of 43/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Greystone Housing Impact Investors LP's Beneish M-Score compare to IOR and CNF?
According to the Banks industry distribution chart, Greystone Housing Impact Investors LP ranks #1022 out of 1396 companies for Beneish M-Score. This places Greystone Housing Impact Investors LP 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 Banks company?
A good Beneish M-Score depends on the Banks 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 Greystone Housing Impact Investors LP and its competitors. Greystone Housing Impact Investors LP's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Greystone Housing Impact Investors LP stock overvalued right now?
Based on GuruFocus' analysis, Greystone Housing Impact Investors LP (GHI) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.21, compared to a current price of $5.86 — trading 39.2% above its estimated fair value. The current Beneish M-Score is -2.26. Greystone Housing Impact Investors LP's overall GF Score™ is 43/100 with 3 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 Greystone Housing Impact Investors LP (GHI), the current Beneish M-Score is -2.26 as of Jun. 25, 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 Greystone Housing Impact Investors LP (GHI) Overvalued in 2026?

Based on GuruFocus' analysis, Greystone Housing Impact Investors LP stock appears to be overvalued. The current stock price of $5.86 is trading 39.2% above its estimated GF Value™ of $4.21. GuruFocus considers Greystone Housing Impact Investors LP to be Significantly Overvalued.

Key valuation signals for GHI:

  • Beneish M-Score: -2.26
  • GF Value™: $4.21 vs. price of $5.86 (39.2% above fair value)
  • GF Score™: 43/100 with 3 warning signs

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

Greystone Housing Impact Investors LP Business Description

Address 14301 FNB Parkway, Suite 211, Omaha, NE, USA, 68154
Greystone Housing Impact Investors LP engaged in acquiring a portfolio of mortgage revenue bonds (MRBs) that are issued by state and local housing authorities to provide construction and/or permanent financing for affordable multifamily housing, seniors housing, and commercial properties. It has four reportable segments, namely Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, and Market-Rate Joint Venture Investments. It generates the majority of its revenue from the Affordable Multifamily MRB Investments segment.
43GF Score

Get the complete analysis for GHI

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

$5.86
Price
$4.21
GF Value