HCWB (HCW Biologics) Beneish M-Score: 1.35 (As of Jun. 25, 2026)

What is HCW Biologics Beneish M-Score?

HCW Biologics HCWB +4.09% 39 Beneish M-Score is 1.35 as of Jun. 25, 2026. GuruFocus rates HCWB with a GF Score™ of 39/100 and a GF Value™ of $7.29 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 831 Biotechnology companies, HCW Biologics ranks worse than 87.85% 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 1.35 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HCWB' s Beneish M-Score Range Over the Past 10 Years
Min: -7.67 Med: -3.18 Max: 4.73
Current: 1.35

During the past 7 years, the highest Beneish M-Score of HCW Biologics was 4.73. The lowest was -7.67. And the median was -3.18.

HCW Biologics Beneish M-Score Related Terms

HCW Biologics Beneish M-Score Historical Data

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The historical data trend for HCW Biologics'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.

HCW Biologics Beneish M-Score Chart

HCW Biologics Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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0.00

3.17

-6.21

-2.95

HCW Biologics Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-5.86	-3.40	-3.66	-2.95	1.35

HCWB vs MTVA, INTI, HOOK: Beneish M-Score Comparison

For the Biotechnology subindustry, HCW Biologics'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.

HCW Biologics Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, HCW Biologics's Beneish M-Score distribution charts can be found below:

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

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HCW Biologics Inc HCWB

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

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HCW Biologics 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 HCW Biologics 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 * 0.1889

0.528 * 0.2407

0.404 * 2.8669

0.892 * 4.5626

0.115 * 1.5868

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0979

4.679 * 0.144942

0.327 * 0.5506

1.35

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $0.08 Mil.
Revenue was 6.543 + 0.027 + 0.016 + 0.007 = $6.59 Mil.
Gross Profit was 6.532 + 0.005 + 0.003 + 0.001 = $6.54 Mil.
Total Current Assets was $1.72 Mil.
Total Assets was $27.34 Mil.
Property, Plant and Equipment(Net PPE) was $20.77 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.77 Mil.
Selling, General, & Admin. Expense(SGA) was $7.23 Mil.
Total Current Liabilities was $19.96 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 3.472 + 0.719 + -4.554 + -1.928 = $-2.29 Mil.
Non Operating Income was 0.676 + 3.893 + -1.135 + 1.765 = $5.20 Mil.
Cash Flow from Operations was -1.575 + -3.356 + -3.24 + -3.282 = $-11.45 Mil.

Total Receivables was $0.09 Mil.
Revenue was 0.005 + 0.395 + 0.426 + 0.619 = $1.45 Mil.
Gross Profit was 0.001 + 0.079 + 0.085 + 0.18 = $0.35 Mil.
Total Current Assets was $1.90 Mil.
Total Assets was $26.29 Mil.
Property, Plant and Equipment(Net PPE) was $22.76 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.36 Mil.
Selling, General, & Admin. Expense(SGA) was $16.19 Mil.
Total Current Liabilities was $27.14 Mil.
Long-Term Debt & Capital Lease Obligation was $7.71 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)
	=	(0.075 / 6.593)	/	(0.087 / 1.445)
	=	0.011376	/	0.060208
	=	0.1889

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)
	=	(0.345 / 1.445)	/	(6.541 / 6.593)
	=	0.238754	/	0.992113
	=	0.2407

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 - (1.721 + 20.766) / 27.342)	/	(1 - (1.895 + 22.762) / 26.285)
	=	0.177566	/	0.061936
	=	2.8669

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
	=	6.593	/	1.445
	=	4.5626

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))
	=	(1.36 / (1.36 + 22.762))	/	(0.765 / (0.765 + 20.766))
	=	0.05638	/	0.03553
	=	1.5868

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)
	=	(7.228 / 6.593)	/	(16.187 / 1.445)
	=	1.096314	/	11.202076
	=	0.0979

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)
	=	((0 + 19.959) / 27.342)	/	((7.705 + 27.142) / 26.285)
	=	0.729976	/	1.325737
	=	0.5506

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
	=	(-2.291 - 5.199	-	-11.453)	/	27.342
	=	0.144942

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.

HCW Biologics has a M-score of 1.35 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 1.35 mean?

HCW Biologics (HCWB) has a Beneish M-Score of 1.35 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HCW Biologics and its competitors. According to the industry distribution chart, HCW Biologics ranks #730 out of 831 companies in the Biotechnology industry, placing it in the top 87.8%.

Is HCW Biologics' Beneish M-Score too high?

HCW Biologics' current Beneish M-Score is 1.35. Based on the distribution chart, HCW Biologics ranks #730 out of 831 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, HCW Biologics has a GF Score™ of 39/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does HCW Biologics' Beneish M-Score compare to MTVA and INTI?

According to the Biotechnology industry distribution chart, HCW Biologics ranks #730 out of 831 companies for Beneish M-Score. This places HCW Biologics 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 Biotechnology company?

A good Beneish M-Score depends on the Biotechnology 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 HCW Biologics and its competitors. HCW Biologics's current Beneish M-Score is 1.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is HCW Biologics stock overvalued right now?

Based on GuruFocus' analysis, HCW Biologics (HCWB) is currently considered Possible Value Trap. The stock's GF Value™ is $7.29, compared to a current price of $1.15 — trading 84.3% below its estimated fair value. The current Beneish M-Score is 1.35. HCW Biologics' overall GF Score™ is 39/100 with 7 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 HCW Biologics (HCWB), the current Beneish M-Score is 1.35 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 HCW Biologics (HCWB) Overvalued in 2026?

Based on GuruFocus' analysis, HCW Biologics stock appears to be undervalued. The current stock price of $1.15 is trading 84.3% below its estimated GF Value™ of $7.29. GuruFocus considers HCW Biologics to be Possible Value Trap.

Key valuation signals for HCWB:

Beneish M-Score: 1.35
GF Value™: $7.29 vs. price of $1.15 (84.3% below fair value)
GF Score™: 39/100 with 7 warning signs

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

HCW Biologics Business Description

Industry Healthcare Biotechnology

Comparable Companies MTVA INTI HOOK LNAI ICU MBRX ZEOX LEXX GDTC CYCN VRTX REGN XBRU:UCB XBRU:ARGX XKRX:207940 ALNY RVMD ASX:CSL ONC XKRX:068270

Address 2929 N. Commerce Parkway, Miramar, FL, USA, 33025

Website https://www.hcwbiologics.com

HCW Biologics Inc is a clinical-stage biopharmaceutical company developing transformative fusion immunotherapeutics to support or treat diseases promoted by chronic inflammation. It has created novel compounds that represent a new class of drugs that it believes has the potential to fundamentally change the treatment of autoimmune disorders and other proinflammatory diseases, cancer and senescence-associated dysplasia. The company has developed two proprietary drug discovery and development platforms which it uses to create novel fusion immunotherapeutics: The TOBI (Tissue factOr-Based fusIon) platform, and The T-cell Receptor Beta Chain constant region (TRBC) platform. It operates and manages its business as one reportable segment.

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$1.15

Price

$7.29

GF Value

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