Seyond Holdings (HKSE:02665) Beneish M-Score: -8.45 (As of Aug. 11, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:02665 Seyond Holdings Ltd HKSE:02665
7 GF Score
Price HK$2.69
! 5 Warning Signs
View Full Analysis

What is Seyond Holdings Beneish M-Score?

Seyond Holdings HKSE:02665 -4.78% 7 Beneish M-Score is -8.45 as of Aug. 11, 2026. GuruFocus rates HKSE:02665 with a GF Score™ of 7/100. The stock has 5 warning signs investors should review. Among 2,400 Hardware companies, Seyond Holdings ranks better than 99.37% 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 -8.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02665' s Beneish M-Score Range Over the Past 10 Years
Min: -9.34   Med: -8.9   Max: -8.45
Current: -8.45

During the past 4 years, the highest Beneish M-Score of Seyond Holdings was -8.45. The lowest was -9.34. And the median was -8.90.

Seyond Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Seyond Holdings'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.

Seyond Holdings Beneish M-Score Chart

Seyond Holdings Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -9.34 -8.45

Seyond Holdings Semi-Annual Data
Dec22 Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 -9.34 -8.45

HKSE:02665 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, Seyond Holdings'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.

Seyond Holdings Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Seyond Holdings's Beneish M-Score distribution charts can be found below:

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


HKSE:02665
7GF Score
Seyond Holdings Ltd HKSE:02665
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Seyond Holdings 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 Seyond Holdings 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 * 1.1494+0.528 * -1.0966+0.404 * 0.2727+0.892 * 0.9673+0.115 * 0.7659
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4749+4.679 * -0.976951-0.327 * 0.998
=-8.45

* 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$537 Mil.
Revenue was HK$1,200 Mil.
Gross Profit was HK$95 Mil.
Total Current Assets was HK$1,770 Mil.
Total Assets was HK$2,055 Mil.
Property, Plant and Equipment(Net PPE) was HK$248 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$88 Mil.
Selling, General, & Admin. Expense(SGA) was HK$355 Mil.
Total Current Liabilities was HK$1,575 Mil.
Long-Term Debt & Capital Lease Obligation was HK$15 Mil.
Net Income was HK$-2,552 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-545 Mil.
 Total Receivables was HK$483 Mil.
Revenue was HK$1,240 Mil.
Gross Profit was HK$-108 Mil.
Total Current Assets was HK$985 Mil.
Total Assets was HK$1,373 Mil.
Property, Plant and Equipment(Net PPE) was HK$300 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$75 Mil.
Selling, General, & Admin. Expense(SGA) was HK$249 Mil.
Total Current Liabilities was HK$974 Mil.
Long-Term Debt & Capital Lease Obligation was HK$91 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)
=(536.618 / 1199.862) / (482.643 / 1240.44)
=0.447233 / 0.38909
=1.1494

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)
=(-108.097 / 1240.44) / (95.346 / 1199.862)
=-0.087144 / 0.079464
=-1.0966

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 - (1770.404 + 248.099) / 2054.512) / (1 - (984.944 + 300.123) / 1373.327)
=0.017527 / 0.064267
=0.2727

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
=1199.862 / 1240.44
=0.9673

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))
=(75.006 / (75.006 + 300.123)) / (87.651 / (87.651 + 248.099))
=0.199947 / 0.26106
=0.7659

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)
=(355.497 / 1199.862) / (249.176 / 1240.44)
=0.296282 / 0.200877
=1.4749

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)
=((15.383 + 1574.958) / 2054.512) / ((91.174 + 973.999) / 1373.327)
=0.774072 / 0.775615
=0.998

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
=(-2552.491 - 0 - -545.333) / 2054.512
=-0.976951

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.

Seyond Holdings has a M-score of -8.45 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 -8.45 mean?
Seyond Holdings (HKSE:02665) has a Beneish M-Score of -8.45 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Seyond Holdings and its competitors. According to the industry distribution chart, Seyond Holdings ranks #15 out of 2400 companies in the Hardware industry, placing it in the top 0.59999999999999%.
Is Seyond Holdings' Beneish M-Score too high?
Seyond Holdings' current Beneish M-Score is -8.45. Based on the distribution chart, Seyond Holdings ranks #15 out of 2400 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Seyond Holdings has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Seyond Holdings' Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Seyond Holdings ranks #15 out of 2400 companies for Beneish M-Score. This places Seyond Holdings in the top 1% 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Seyond Holdings and its competitors. Seyond Holdings's current Beneish M-Score is -8.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Seyond Holdings stock overvalued right now?
Seyond Holdings (HKSE:02665) has a current Beneish M-Score of -8.45. The current Beneish M-Score is -8.45. Seyond Holdings' overall GF Score™ is 7/100 with 5 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 Seyond Holdings (HKSE:02665), the current Beneish M-Score is -8.45 as of Aug. 11, 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.

Seyond Holdings Business Description

Address 160 San Gabriel Drive, Sunnyvale, CA, USA, 94086
Seyond Holdings Ltd is a provider of image-grade LiDAR solutions. The company is a robust R&D and manufacturing ecosystem dedicated to advancing a safer, smarter, and more efficient mobility future. The company's core product lines are the Falcon, Robin, and fully solid-state Hummingbird platforms. Driven by forward-looking product strategies and deep application insights, the solutions are widely deployed in intelligent vehicles, autonomous driving, robotics, smart infrastructure, including highways, ports, railways, and mining. The company has achieved large-scale commercial deployment across multiple continents, empowering a smarter world through hardware and software integration. Geographically, the company operates in the PRC and other regions.
7GF Score

Get the complete analysis for HKSE:02665

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

HK$2.69
Price