Shenzhen Dobot (HKSE:02432) Beneish M-Score: -2.23 (As of Jul. 22, 2026)

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HKSE:02432 Shenzhen Dobot Corp Ltd HKSE:02432
11 GF Score
Price HK$25.22
! 3 Warning Signs
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What is Shenzhen Dobot Beneish M-Score?

Shenzhen Dobot HKSE:02432 -1.71% 11 Beneish M-Score is -2.23 as of Jul. 22, 2026. GuruFocus rates HKSE:02432 with a GF Score™ of 11/100. The stock has 3 warning signs investors should review. Among 2,909 Industrial Products companies, Shenzhen Dobot ranks worse than 67.34% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02432' s Beneish M-Score Range Over the Past 10 Years
Min: -2.23   Med: -1.97   Max: -1.33
Current: -2.23

During the past 5 years, the highest Beneish M-Score of Shenzhen Dobot was -1.33. The lowest was -2.23. And the median was -1.97.

Shenzhen Dobot Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Shenzhen Dobot'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.

Shenzhen Dobot Beneish M-Score Chart

Shenzhen Dobot Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.97 -1.33 -2.23

Shenzhen Dobot Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -1.97 0.00 -1.33 0.00 -2.23

HKSE:02432 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Shenzhen Dobot'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.

Shenzhen Dobot Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Shenzhen Dobot's Beneish M-Score distribution charts can be found below:

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


HKSE:02432
11GF Score
Shenzhen Dobot Corp Ltd HKSE:02432
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Shenzhen Dobot 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 Shenzhen Dobot 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 * 0.8338+0.528 * 1.0108+0.404 * 0.8342+0.892 * 1.3629+0.115 * 0.939
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8433+4.679 * -0.013195-0.327 * 0.4276
=-2.23

* 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$125.9 Mil.
Revenue was HK$543.8 Mil.
Gross Profit was HK$250.5 Mil.
Total Current Assets was HK$3,145.7 Mil.
Total Assets was HK$3,427.7 Mil.
Property, Plant and Equipment(Net PPE) was HK$224.7 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$37.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$272.7 Mil.
Total Current Liabilities was HK$342.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2.6 Mil.
Net Income was HK$-92.3 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-47.1 Mil.
 Total Receivables was HK$110.8 Mil.
Revenue was HK$399.0 Mil.
Gross Profit was HK$185.8 Mil.
Total Current Assets was HK$1,336.8 Mil.
Total Assets was HK$1,596.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$227.6 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$35.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$237.3 Mil.
Total Current Liabilities was HK$355.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$21.2 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)
=(125.948 / 543.756) / (110.826 / 398.966)
=0.231626 / 0.277783
=0.8338

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)
=(185.753 / 398.966) / (250.452 / 543.756)
=0.465586 / 0.460596
=1.0108

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 - (3145.748 + 224.683) / 3427.72) / (1 - (1336.768 + 227.642) / 1596.392)
=0.016713 / 0.020034
=0.8342

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
=543.756 / 398.966
=1.3629

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))
=(35.733 / (35.733 + 227.642)) / (37.944 / (37.944 + 224.683))
=0.135673 / 0.144479
=0.939

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)
=(272.705 / 543.756) / (237.271 / 398.966)
=0.501521 / 0.594715
=0.8433

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)
=((2.617 + 342.808) / 3427.72) / ((21.162 + 355.027) / 1596.392)
=0.100774 / 0.23565
=0.4276

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
=(-92.283 - 0 - -47.055) / 3427.72
=-0.013195

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.

Shenzhen Dobot has a M-score of -2.23 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 -2.23 mean?
Shenzhen Dobot (HKSE:02432) has a Beneish M-Score of -2.23 as of Jul. 22, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Shenzhen Dobot and its competitors. According to the industry distribution chart, Shenzhen Dobot ranks #1959 out of 2909 companies in the Industrial Products industry, placing it in the top 67.3%.
Is Shenzhen Dobot's Beneish M-Score too high?
Shenzhen Dobot's current Beneish M-Score is -2.23. Based on the distribution chart, Shenzhen Dobot ranks #1959 out of 2909 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Shenzhen Dobot has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Shenzhen Dobot's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Shenzhen Dobot ranks #1959 out of 2909 companies for Beneish M-Score. This places Shenzhen Dobot 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial 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 Shenzhen Dobot and its competitors. Shenzhen Dobot's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shenzhen Dobot stock overvalued right now?
Shenzhen Dobot (HKSE:02432) has a current Beneish M-Score of -2.23. The current Beneish M-Score is -2.23. Shenzhen Dobot's overall GF Score™ is 11/100 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 Shenzhen Dobot (HKSE:02432), the current Beneish M-Score is -2.23 as of Jul. 22, 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.

Shenzhen Dobot Business Description

Address No. 3370 Liuxian Avenue, Room 1003, Building 2, Chongwen Park, Nanshan Smart Park, Fuguang Community, Taoyuan Sub-district Nanshan District, Shenzhen, CHN
Shenzhen Dobot Corp Ltd is engaged in the development, manufacturing and commercialization of collaborative robots, or commonly known as cobots. It has a focus on industry innovation, particularly in cobot safety measures and AI capabilities, by introducing the flexible e-skin technology, SafeSkin, and launching AI-empowered cobots underpinned by an AI-cobot empowering platform, X-Trainer. It has nearly 27 cobot models in four series, catering to numerous use cases in manufacturing, retail, healthcare, STEAM education, scientific research settings, and many more. The company's products include CRA Series, Nova Series, CR Series, etc.
11GF Score

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

HK$25.22
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