HNOI (HNO International) Beneish M-Score: 9.70 (As of Jul. 08, 2026)


What is HNO International Beneish M-Score?

HNO International HNOI +64.67% Beneish M-Score is 9.70 as of Jul. 08, 2026. The stock has 4 warning signs investors should review. Among 2,916 Industrial Products companies, HNO International ranks worse than 99.11% 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 9.7 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HNOI' s Beneish M-Score Range Over the Past 10 Years
Min: -24.01   Med: -4.22   Max: 144.03
Current: 9.7

During the past 9 years, the highest Beneish M-Score of HNO International was 144.03. The lowest was -24.01. And the median was -4.22.

HNO International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for HNO International'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.

HNO International Beneish M-Score Chart

HNO International Annual Data
Trend Oct06 Oct07 Oct08 Oct09 Oct10 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only 0.00 -24.01 144.03 -9.48 -4.22

HNO International Quarterly Data
Oct10 Jan11 Apr11 Jul11 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
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 0.00 -15.31 -4.22 9.70 0.00

HNOI vs NEWH, NGTF, AUSI: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, HNO International'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.

HNO International Beneish M-Score vs Industrial Products Industry

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

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


HNO International 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 HNO International 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was $0.00 Mil.
Revenue was 0.034 + 0 + 0.022 + 0 = $0.06 Mil.
Gross Profit was 0.034 + 0 + 0.022 + 0 = $0.06 Mil.
Total Current Assets was $0.15 Mil.
Total Assets was $1.39 Mil.
Property, Plant and Equipment(Net PPE) was $1.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.26 Mil.
Selling, General, & Admin. Expense(SGA) was $0.90 Mil.
Total Current Liabilities was $2.76 Mil.
Long-Term Debt & Capital Lease Obligation was $0.59 Mil.
Net Income was -0.401 + -0.182 + -0.186 + -0.498 = $-1.27 Mil.
Non Operating Income was -0.009 + 0.012 + -0.009 + 0 = $-0.01 Mil.
Cash Flow from Operations was -0.212 + -0.126 + -0.083 + -0.207 = $-0.63 Mil.
 Total Receivables was $0.01 Mil.
Revenue was 0.044 + 0 + 0 + 0.004 = $0.05 Mil.
Gross Profit was 0.044 + 0 + 0 + 0.001 = $0.05 Mil.
Total Current Assets was $0.08 Mil.
Total Assets was $1.64 Mil.
Property, Plant and Equipment(Net PPE) was $1.56 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.21 Mil.
Selling, General, & Admin. Expense(SGA) was $7.88 Mil.
Total Current Liabilities was $2.71 Mil.
Long-Term Debt & Capital Lease Obligation was $0.63 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 / 0.056) / (0.008 / 0.048)
=0 / 0.166667
=

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)
=(0.045 / 0.048) / (0.056 / 0.056)
=0.9375 / 1
=

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 - (0.146 + 1.243) / 1.389) / (1 - (0.081 + 1.56) / 1.641)
=0 / 0
=

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
=0.056 / 0.048
=

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))
=(0.213 / (0.213 + 1.56)) / (0.261 / (0.261 + 1.243))
=0.120135 / 0.173537
=

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)
=(0.897 / 0.056) / (7.875 / 0.048)
=16.017857 / 164.0625
=

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)
=((0.59 + 2.76) / 1.389) / ((0.626 + 2.709) / 1.641)
=2.411807 / 2.032297
=

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
=(-1.267 - -0.006 - -0.628) / 1.389
=-0.455724

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 9.70 mean?
HNO International (HNOI) has a Beneish M-Score of 9.70 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HNO International and its competitors. According to the industry distribution chart, HNO International ranks #2890 out of 2916 companies in the Industrial Products industry, placing it in the top 99.1%.
Is HNO International's Beneish M-Score too high?
HNO International's current Beneish M-Score is 9.70. Based on the distribution chart, HNO International ranks #2890 out of 2916 companies in the Industrial Products industry, which is in the bottom quartile relative to peers.
How does HNO International's Beneish M-Score compare to NEWH and NGTF?
According to the Industrial Products industry distribution chart, HNO International ranks #2890 out of 2916 companies for Beneish M-Score. This places HNO International 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 HNO International and its competitors. HNO International's current Beneish M-Score is 9.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HNO International stock overvalued right now?
HNO International (HNOI) has a current Beneish M-Score of 9.70. The current Beneish M-Score is 9.70. 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 HNO International (HNOI), the current Beneish M-Score is 9.70 as of Jul. 08, 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.

HNO International Business Description

Address 41558 Eastman Drive, Suite B, Murrieta, CA, USA, 92562
HNO International Inc is engaged in providing custom engineering and green hydrogen technologies to help the world transition from fossil fuels to clean energy. The Company focuses on systems engineering design, integration, and product development of green hydrogen-based clean energy technologies for the generation of green hydrogen-based solutions to help businesses and communities decarbonize in the near term. The Company offers multiple products, including the Compact Hydrogen Refueling Station, Hydrogen Carbon Cleaner (HCC), and Scalable Hydrogen Energy Platform (SHEP).