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Hanwa CoHNWAF -1.55%57 Beneish M-Score is -2.57 as of Jul. 14, 2026. GuruFocus rates HNWAF with a GF Score™ of 57/100 and a GF Value™ of $7.60 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 542 Conglomerates companies, Hanwa Co ranks better than 59.96% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Hanwa Co's Beneish M-Score or its related term are showing as below:
HNWAF'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.56 Med: -2.39 Max: -1.14
Current: -2.57
During the past 13 years, the highest Beneish M-Score of Hanwa Co was -1.14. The lowest was -3.56. And the median was -2.39.
Hanwa Co Beneish M-Score Related Terms
Hanwa Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Hanwa Co'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.
For the Conglomerates subindustry, Hanwa Co'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.
Hanwa Co Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Hanwa Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hanwa Co's Beneish M-Score falls into.
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 Hanwa Co 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 * 0.9355
+
0.528 * 1.0386
+
0.404 * 1.1014
+
0.892 * 0.9791
+
0.115 * 0.9879
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.029741
-
0.327 * 0.958
=
-2.62
* 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.
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.
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))
=
(67.424 / (67.424 + 603.424))
/
(61.897 / (61.897 + 546.537))
=
0.100506
/
0.101732
=
0.9879
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
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
=
(241.142 - 0
-
468.425)
/
7642.055
=
-0.029741
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.
Hanwa Co has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Hanwa Co (HNWAF) has a Beneish M-Score of -2.57 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hanwa Co and its competitors. According to the industry distribution chart, Hanwa Co ranks #217 out of 542 companies in the Conglomerates industry, placing it in the top 40%.
Is Hanwa Co's Beneish M-Score too high?
Hanwa Co's current Beneish M-Score is -2.57. Based on the distribution chart, Hanwa Co ranks #217 out of 542 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Hanwa Co has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hanwa Co's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Hanwa Co ranks #217 out of 542 companies for Beneish M-Score. This puts Hanwa Co in the upper 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Hanwa Co and its competitors. Hanwa Co's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hanwa Co stock overvalued right now?
Based on GuruFocus' analysis, Hanwa Co (HNWAF) is currently considered Significantly Overvalued. The stock's GF Value™ is $7.60, compared to a current price of $10.79 — trading 42% above its estimated fair value. The current Beneish M-Score is -2.57. Hanwa Co's overall GF Score™ is 57/100 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 Hanwa Co (HNWAF), the current Beneish M-Score is -2.57 as of Jul. 14, 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.
Is Hanwa Co (HNWAF) Overvalued in 2026?
Based on GuruFocus' analysis, Hanwa Co stock appears to be overvalued.
The current stock price of $10.79 is trading 42% above its estimated GF Value™ of $7.60.
GuruFocus considers Hanwa Co to be Significantly Overvalued.
Key valuation signals for HNWAF:
Beneish M-Score: -2.57
GF Value™: $7.60 vs. price of $10.79 (42% above fair value)
No single metric tells the full story. See the HNWAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hanwa Co Ltd is a Japan-based trading company with seven segments. The steel segment handles steel products and building materials. The metals and alloys segment supplies chromium, manganese, and other metals. The nonferrous metals segment recycles aluminum, copper, nickel, and chromium. The food products segment handles seafood. The petroleum and chemicals segment trades petroleum products and others. The overseas sales subsidiaries segment comprises Hanwa's overseas subsidiaries in North America and Asia. The other business segment imports forest products and handles amusement facilities and industrial machinery. Steel, petroleum and chemicals, and metals and alloys are the three largest segments by revenue contribution. Hanwa generates most of its revenue from Japanese domestic market.
57GF Score
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