HWH (HWH International) Beneish M-Score: 1.78 (As of Jul. 12, 2026)


HWH HWH International Inc HWH
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What is HWH International Beneish M-Score?

HWH International HWH -4.72% 10 Beneish M-Score is 1.78 as of Jul. 12, 2026. GuruFocus rates HWH with a GF Score™ of 10/100. The stock has 3 warning signs investors should review. Among 822 Travel & Leisure companies, HWH International ranks worse than 96.47% 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 1.78 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HWH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64   Med: -0.06   Max: 1.78
Current: 1.78

During the past 5 years, the highest Beneish M-Score of HWH International was 1.78. The lowest was -2.64. And the median was -0.06.

HWH International Beneish M-Score Historical Data

* Premium members only.

The historical data trend for HWH 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.

HWH International Beneish M-Score Chart

HWH International Annual Data
Trend Dec21 Nov22 Nov23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 -2.33

HWH International Quarterly Data
Dec21 Nov22 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 0.30 -0.06 -2.64 -2.33 1.78

HWH vs MMA, AVNI, DOGZ: Beneish M-Score Comparison

For the Leisure subindustry, HWH 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.

HWH International Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, HWH International's Beneish M-Score distribution charts can be found below:

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


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HWH 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 HWH 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 * 1.2211+0.528 * 0.8211+0.404 * 18.3866+0.892 * 0.5036+0.115 * 0.381
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.003+4.679 * -0.424703-0.327 * 1.0973
=1.78

* 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 $0.87 Mil.
Revenue was 0.064 + 0.055 + 0.207 + 0.31 = $0.64 Mil.
Gross Profit was 0.047 + 0.04 + 0.124 + 0.149 = $0.36 Mil.
Total Current Assets was $2.45 Mil.
Total Assets was $4.21 Mil.
Property, Plant and Equipment(Net PPE) was $0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $3.54 Mil.
Total Current Liabilities was $1.53 Mil.
Long-Term Debt & Capital Lease Obligation was $0.47 Mil.
Net Income was -0.626 + -1.945 + -0.291 + 0.083 = $-2.78 Mil.
Non Operating Income was 0.007 + 0.007 + -0.062 + 0.445 = $0.40 Mil.
Cash Flow from Operations was -0.193 + -1.022 + -0.2 + 0.027 = $-1.39 Mil.
 Total Receivables was $1.41 Mil.
Revenue was 0.295 + 0.287 + 0.346 + 0.335 = $1.26 Mil.
Gross Profit was 0.148 + 0.114 + 0.16 + 0.165 = $0.59 Mil.
Total Current Assets was $5.91 Mil.
Total Assets was $6.53 Mil.
Property, Plant and Equipment(Net PPE) was $0.48 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.04 Mil.
Selling, General, & Admin. Expense(SGA) was $2.34 Mil.
Total Current Liabilities was $2.66 Mil.
Long-Term Debt & Capital Lease Obligation was $0.18 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)
=(0.867 / 0.636) / (1.41 / 1.263)
=1.363208 / 1.11639
=1.2211

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)
=(0.587 / 1.263) / (0.36 / 0.636)
=0.464766 / 0.566038
=0.8211

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 - (2.449 + 0.078) / 4.21) / (1 - (5.908 + 0.481) / 6.531)
=0.399762 / 0.021742
=18.3866

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
=0.636 / 1.263
=0.5036

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))
=(0.037 / (0.037 + 0.481)) / (0.018 / (0.018 + 0.078))
=0.071429 / 0.1875
=0.381

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)
=(3.54 / 0.636) / (2.341 / 1.263)
=5.566038 / 1.853523
=3.003

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)
=((0.474 + 1.532) / 4.21) / ((0.175 + 2.661) / 6.531)
=0.476485 / 0.434237
=1.0973

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
=(-2.779 - 0.397 - -1.388) / 4.21
=-0.424703

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.

HWH International has a M-score of 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 1.78 mean?
HWH International (HWH) has a Beneish M-Score of 1.78 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HWH International and its competitors. According to the industry distribution chart, HWH International ranks #793 out of 822 companies in the Travel & Leisure industry, placing it in the top 96.5%.
Is HWH International's Beneish M-Score too high?
HWH International's current Beneish M-Score is 1.78. Based on the distribution chart, HWH International ranks #793 out of 822 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, HWH International has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does HWH International's Beneish M-Score compare to MMA and AVNI?
According to the Travel & Leisure industry distribution chart, HWH International ranks #793 out of 822 companies for Beneish M-Score. This places HWH 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 a Travel & Leisure company?
A good Beneish M-Score depends on the Travel & Leisure 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 HWH International and its competitors. HWH International's current Beneish M-Score is 1.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HWH International stock overvalued right now?
HWH International (HWH) has a current Beneish M-Score of 1.78. The current Beneish M-Score is 1.78. HWH International's overall GF Score™ is 10/100 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 HWH International (HWH), the current Beneish M-Score is 1.78 as of Jul. 12, 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.

HWH International Business Description

Address 4800 Montgomery Lane, Suite 210, Bethesda, MD, USA, 20814
HWH International Inc and its consolidated subsidiaries operate a food and beverage business in Singapore and South Korea. The F&B business operates four cafes, two of which are located in South Korea and two in Singapore, as well as an online healthy food store, serving customers in Singapore. The Company is presently developing Hapi Marketplace, a business-to-consumer platform featuring diverse product categories, and Hapi Wealth Builder, an educational program focused on wealth-building strategies.
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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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