HSHP (Himalaya Shipping) Beneish M-Score: -2.37 (As of Jun. 26, 2026)


HSHP Himalaya Shipping Ltd HSHP
57 GF Score
Price $13.30
GF Value $13.47
Valuation Fairly Valued
! 9 Warning Signs
View Full Analysis

What is Himalaya Shipping Beneish M-Score?

Himalaya Shipping HSHP -2.99% 57 Beneish M-Score is -2.37 as of Jun. 26, 2026. GuruFocus rates HSHP with a GF Score™ of 57/100 and a GF Value™ of $13.47 (Fairly Valued). The stock has 9 warning signs investors should review. Among 966 Transportation companies, Himalaya Shipping ranks worse than 67.08% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HSHP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99   Med: -2.65   Max: -1.45
Current: -2.37

During the past 5 years, the highest Beneish M-Score of Himalaya Shipping was -1.45. The lowest was -2.99. And the median was -2.65.

Himalaya Shipping Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Himalaya Shipping'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.

Himalaya Shipping Beneish M-Score Chart

Himalaya Shipping Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 -1.45 -2.93

Himalaya Shipping Quarterly Data
Jun21 Dec21 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.00 0.00 -2.99 -2.93 -2.37

Himalaya Shipping Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Himalaya Shipping'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.

Himalaya Shipping Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Himalaya Shipping's Beneish M-Score distribution charts can be found below:

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


HSHP
57GF Score
Himalaya Shipping Ltd HSHP
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Himalaya Shipping 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 Himalaya Shipping 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 * 1.1974+0.528 * 0.932+0.404 * 1.2108+0.892 * 1.1762+0.115 * 0.941
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9044+4.679 * -0.037665-0.327 * 1.0014
=-2.26

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $1.0 Mil.
Revenue was 33.6 + 42.1 + 37.9 + 29.9 = $143.5 Mil.
Gross Profit was 18.4 + 27.2 + 23.1 + 15.1 = $83.8 Mil.
Total Current Assets was $32.7 Mil.
Total Assets was $849.6 Mil.
Property, Plant and Equipment(Net PPE) was $816.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.2 Mil.
Selling, General, & Admin. Expense(SGA) was $5.0 Mil.
Total Current Liabilities was $34.3 Mil.
Long-Term Debt & Capital Lease Obligation was $659.5 Mil.
Net Income was 5 + 13.5 + 9.5 + 1.1 = $29.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 9.8 + 24.7 + 18.3 + 8.3 = $61.1 Mil.
 Total Receivables was $0.7 Mil.
Revenue was 22 + 29.6 + 39.2 + 31.2 = $122.0 Mil.
Gross Profit was 7.6 + 15 + 25 + 18.8 = $66.4 Mil.
Total Current Assets was $35.1 Mil.
Total Assets was $881.1 Mil.
Property, Plant and Equipment(Net PPE) was $845.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $28.4 Mil.
Selling, General, & Admin. Expense(SGA) was $4.7 Mil.
Total Current Liabilities was $35.0 Mil.
Long-Term Debt & Capital Lease Obligation was $683.6 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)
=(1 / 143.5) / (0.71 / 122)
=0.006969 / 0.00582
=1.1974

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)
=(66.4 / 122) / (83.8 / 143.5)
=0.544262 / 0.583972
=0.932

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 - (32.7 + 816.5) / 849.6) / (1 - (35.071 + 845.683) / 881.097)
=0.000471 / 0.000389
=1.2108

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
=143.5 / 122
=1.1762

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))
=(28.4 / (28.4 + 845.683)) / (29.2 / (29.2 + 816.5))
=0.032491 / 0.034528
=0.941

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)
=(5 / 143.5) / (4.7 / 122)
=0.034843 / 0.038525
=0.9044

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)
=((659.5 + 34.3) / 849.6) / ((683.563 + 34.985) / 881.097)
=0.81662 / 0.815515
=1.0014

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
=(29.1 - 0 - 61.1) / 849.6
=-0.037665

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.

Himalaya Shipping has a M-score of -2.26 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 -2.37 mean?
Himalaya Shipping (HSHP) has a Beneish M-Score of -2.37 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Himalaya Shipping and its competitors. According to the industry distribution chart, Himalaya Shipping ranks #648 out of 966 companies in the Transportation industry, placing it in the top 67.1%.
Is Himalaya Shipping's Beneish M-Score too high?
Himalaya Shipping's current Beneish M-Score is -2.37. Based on the distribution chart, Himalaya Shipping ranks #648 out of 966 companies in the Transportation industry, which is below the industry midpoint. Overall, Himalaya Shipping has a GF Score™ of 57/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Himalaya Shipping's Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, Himalaya Shipping ranks #648 out of 966 companies for Beneish M-Score. This places Himalaya Shipping 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Himalaya Shipping and its competitors. Himalaya Shipping's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Himalaya Shipping stock overvalued right now?
Based on GuruFocus' analysis, Himalaya Shipping (HSHP) is currently considered Fairly Valued. The stock's GF Value™ is $13.47, compared to a current price of $13.30 — trading 1.3% below its estimated fair value. The current Beneish M-Score is -2.37. Himalaya Shipping's overall GF Score™ is 57/100 with 9 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 Himalaya Shipping (HSHP), the current Beneish M-Score is -2.37 as of Jun. 26, 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 Himalaya Shipping (HSHP) Overvalued in 2026?

Based on GuruFocus' analysis, Himalaya Shipping stock appears to be undervalued. The current stock price of $13.30 is trading 1.3% below its estimated GF Value™ of $13.47. GuruFocus considers Himalaya Shipping to be Fairly Valued.

Key valuation signals for HSHP:

  • Beneish M-Score: -2.37
  • GF Value™: $13.47 vs. price of $13.30 (1.3% below fair value)
  • GF Score™: 57/100 with 9 warning signs

No single metric tells the full story. See the HSHP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Himalaya Shipping Business Description

Address 9 Par-la-Ville Road, 2nd Floor, S E Pearman Building, Hamilton, BMU, HM 11
Himalaya Shipping Ltd is engaged in the operation of dry bulk vessels and focuses on operating a fleet of Newcastlemax dry bulk carriers.
57GF Score

Get the complete analysis for HSHP

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

$13.30
Price
$13.47
GF Value