HealthyWay (HKSE:02587) Beneish M-Score: -1.85 (As of Aug. 07, 2026)

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HKSE:02587 HealthyWay Inc HKSE:02587
13 GF Score
Price HK$2.11
! 1 Warning Sign
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What is HealthyWay Beneish M-Score?

HealthyWay HKSE:02587 +3.43% 13 Beneish M-Score is -1.85 as of Aug. 07, 2026. GuruFocus rates HKSE:02587 with a GF Score™ of 13/100. The stock has 1 warning sign investors should review. Among 625 Healthcare Providers & Services companies, HealthyWay ranks worse than 83.04% 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 -1.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02587' s Beneish M-Score Range Over the Past 10 Years
Min: -4.65   Med: -4.62   Max: -1.85
Current: -1.85

During the past 5 years, the highest Beneish M-Score of HealthyWay was -1.85. The lowest was -4.65. And the median was -4.62.

HealthyWay Beneish M-Score Historical Data

* Premium members only.

The historical data trend for HealthyWay'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.

HealthyWay Beneish M-Score Chart

HealthyWay Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -4.62 -4.65 -1.85

HealthyWay Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -4.62 0.00 -4.65 0.00 -1.85

HKSE:02587 vs VEEV, BTSG, HQY: Beneish M-Score Comparison

For the Health Information Services subindustry, HealthyWay'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.

HealthyWay Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, HealthyWay's Beneish M-Score distribution charts can be found below:

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


HKSE:02587
13GF Score
HealthyWay Inc HKSE:02587
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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HealthyWay 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 HealthyWay 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 * 1.5707+0.528 * 0.9997+0.404 * 0.7019+0.892 * 1.3464+0.115 * 1.0485
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7477+4.679 * -0.02742-0.327 * 0.9991
=-1.85

* 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$317 Mil.
Revenue was HK$1,726 Mil.
Gross Profit was HK$526 Mil.
Total Current Assets was HK$651 Mil.
Total Assets was HK$777 Mil.
Property, Plant and Equipment(Net PPE) was HK$20 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$68 Mil.
Selling, General, & Admin. Expense(SGA) was HK$276 Mil.
Total Current Liabilities was HK$458 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7 Mil.
Net Income was HK$62 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$83 Mil.
 Total Receivables was HK$150 Mil.
Revenue was HK$1,282 Mil.
Gross Profit was HK$391 Mil.
Total Current Assets was HK$486 Mil.
Total Assets was HK$616 Mil.
Property, Plant and Equipment(Net PPE) was HK$9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$41 Mil.
Selling, General, & Admin. Expense(SGA) was HK$275 Mil.
Total Current Liabilities was HK$363 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5 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)
=(316.842 / 1726.153) / (149.818 / 1282.034)
=0.183554 / 0.11686
=1.5707

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)
=(390.673 / 1282.034) / (526.173 / 1726.153)
=0.304729 / 0.304824
=0.9997

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 - (650.686 + 19.514) / 777.459) / (1 - (485.557 + 9.246) / 615.861)
=0.137961 / 0.196567
=0.7019

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
=1726.153 / 1282.034
=1.3464

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))
=(40.863 / (40.863 + 9.246)) / (68.293 / (68.293 + 19.514))
=0.815482 / 0.777763
=1.0485

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)
=(276.493 / 1726.153) / (274.646 / 1282.034)
=0.160179 / 0.214227
=0.7477

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)
=((7.018 + 457.604) / 777.459) / ((4.942 + 363.445) / 615.861)
=0.597616 / 0.598166
=0.9991

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
=(61.513 - 0 - 82.831) / 777.459
=-0.02742

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.

HealthyWay has a M-score of -1.85 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 -1.85 mean?
HealthyWay (HKSE:02587) has a Beneish M-Score of -1.85 as of Aug. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HealthyWay and its competitors. According to the industry distribution chart, HealthyWay ranks #519 out of 625 companies in the Healthcare Providers & Services industry, placing it in the top 83%.
Is HealthyWay's Beneish M-Score too high?
HealthyWay's current Beneish M-Score is -1.85. Based on the distribution chart, HealthyWay ranks #519 out of 625 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, HealthyWay has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does HealthyWay's Beneish M-Score compare to VEEV and BTSG?
According to the Healthcare Providers & Services industry distribution chart, HealthyWay ranks #519 out of 625 companies for Beneish M-Score. This places HealthyWay 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 HealthyWay and its competitors. HealthyWay's current Beneish M-Score is -1.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HealthyWay stock overvalued right now?
HealthyWay (HKSE:02587) has a current Beneish M-Score of -1.85. The current Beneish M-Score is -1.85. HealthyWay's overall GF Score™ is 13/100 with 1 warning sign 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 HealthyWay (HKSE:02587), the current Beneish M-Score is -1.85 as of Aug. 07, 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.

HealthyWay Business Description

Address 89 Software Avenue, 22nd Floor, No. 3 Building, F Zone, Fuzhou Software Park, Gulou District, Fujian, Fuzhou, CHN
HealthyWay Inc operates a digital health and medical service platform in China. It has two main business segments: health and medical services; and corporate and digital marketing services. The health and medical services enable It to build an extensive connection between the supply and demand sides of the digital health and wellness market. The corporate services (especially content services) can benefit from its nationwide physician network, because it can develop corporate services that cover a wider range of medical specialties. The company generates the majority of its revenue from the corporate and digital marketing services.
13GF Score

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

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