Greenheart Group (HKSE:00094) Beneish M-Score: -3.73 (As of Sep. 16, 2026)

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What is Greenheart Group Beneish M-Score?

Greenheart Group HKSE:00094 -6.25% Beneish M-Score is -3.73 as of Sep. 16, 2026. The stock has 5 warning signs investors should review. Among 272 Forest Products companies, Greenheart Group ranks better than 92.28% 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.

Good Sign:

Beneish M-Score -3.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00094' s Beneish M-Score Range Over the Past 10 Years
Min: -9.21   Med: -2.47   Max: -0.47
Current: -3.73

During the past 13 years, the highest Beneish M-Score of Greenheart Group was -0.47. The lowest was -9.21. And the median was -2.47.

Greenheart Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Greenheart 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.

Greenheart Group Beneish M-Score Chart

Greenheart Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.62 -2.00 -3.20 -5.37 -3.56

Greenheart Group Semi-Annual Data
Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.05 -3.66 -9.79 -10.66 -3.35

HKSE:00094 vs SSD, UFPI, BCC: Beneish M-Score Comparison

For the Lumber & Wood Production subindustry, Greenheart 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.

Greenheart Group Beneish M-Score vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Greenheart Group's Beneish M-Score distribution charts can be found below:

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


Greenheart 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 Greenheart Group 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 * 0.3974+0.528 * 0.3887+0.404 * 0.8962+0.892 * 1.0801+0.115 * 0.1634
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3167+4.679 * 0.013393-0.327 * 0.9308
=-3.39

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was HK$5.71 Mil.
Revenue was HK$42.36 Mil.
Gross Profit was HK$14.42 Mil.
Total Current Assets was HK$622.77 Mil.
Total Assets was HK$685.86 Mil.
Property, Plant and Equipment(Net PPE) was HK$55.64 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$11.99 Mil.
Selling, General, & Admin. Expense(SGA) was HK$52.58 Mil.
Total Current Liabilities was HK$229.95 Mil.
Long-Term Debt & Capital Lease Obligation was HK$253.79 Mil.
Net Income was HK$-17.82 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-27.00 Mil.
 Total Receivables was HK$13.31 Mil.
Revenue was HK$39.22 Mil.
Gross Profit was HK$5.19 Mil.
Total Current Assets was HK$44.93 Mil.
Total Assets was HK$609.51 Mil.
Property, Plant and Equipment(Net PPE) was HK$557.21 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$16.62 Mil.
Selling, General, & Admin. Expense(SGA) was HK$36.97 Mil.
Total Current Liabilities was HK$37.50 Mil.
Long-Term Debt & Capital Lease Obligation was HK$424.35 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)
=(5.714 / 42.36) / (13.311 / 39.22)
=0.134891 / 0.339393
=0.3974

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)
=(5.19 / 39.22) / (14.421 / 42.36)
=0.13233 / 0.340439
=0.3887

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 - (622.771 + 55.644) / 685.856) / (1 - (44.928 + 557.208) / 609.514)
=0.010849 / 0.012105
=0.8962

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
=42.36 / 39.22
=1.0801

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))
=(16.62 / (16.62 + 557.208)) / (11.991 / (11.991 + 55.644))
=0.028963 / 0.17729
=0.1634

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)
=(52.576 / 42.36) / (36.969 / 39.22)
=1.241171 / 0.942606
=1.3167

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)
=((253.786 + 229.948) / 685.856) / ((424.347 + 37.495) / 609.514)
=0.7053 / 0.757722
=0.9308

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
=(-17.815 - 0 - -27.001) / 685.856
=0.013393

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.

Greenheart Group has a M-score of -3.39 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 -3.73 mean?
Greenheart Group (HKSE:00094) has a Beneish M-Score of -3.73 as of Sep. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Greenheart Group and its competitors. According to the industry distribution chart, Greenheart Group ranks #21 out of 272 companies in the Forest Products industry, placing it in the top 7.7%.
Is Greenheart Group's Beneish M-Score too high?
Greenheart Group's current Beneish M-Score is -3.73. Based on the distribution chart, Greenheart Group ranks #21 out of 272 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers.
How does Greenheart Group's Beneish M-Score compare to SSD and UFPI?
According to the Forest Products industry distribution chart, Greenheart Group ranks #21 out of 272 companies for Beneish M-Score. This places Greenheart Group in the top 8% of its industry — outperforming the majority of peers. 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 Forest Products company?
A good Beneish M-Score depends on the Forest Products 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 Greenheart Group and its competitors. Greenheart Group's current Beneish M-Score is -3.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Greenheart Group stock overvalued right now?
Based on GuruFocus' analysis, Greenheart Group (HKSE:00094) is currently considered Significantly Overvalued. The stock's GF Value™ is HK$0.02, compared to a current price of HK$0.05 — trading 125% above its estimated fair value. The current Beneish M-Score is -3.73. 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 Greenheart Group (HKSE:00094), the current Beneish M-Score is -3.73 as of Sep. 16, 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.

Greenheart Group Business Description

Address No. 77-79 Gloucester Road, 32A, 32th Floor, Fortis Tower, Wanchai, Hong Kong, HKG
Greenheart Group Ltd is investment holding. The principal activities of the Company comprise log harvesting, timber processing, marketing, sales and trading of logs and timber products and provision of forest management services. It has one reporting segment New Zealand which includes Softwood plantation management, log harvesting, marketing, sale and trading of logs and provision of forest management services. The company's products includes Softwood, and Hardwood. the company has geographical presence in New Zealand, and Hong Kong. The company generates majority of revenue from New Zealand.