HYZNW (Hyzon Motors) Beneish M-Score: 8.59 (As of Jun. 28, 2026) — 96% Above Median

What is Hyzon Motors Beneish M-Score?

Hyzon Motors HYZNW 12 Beneish M-Score is 8.59 as of Jun. 28, 2026, which is 96% above its 10-year median of 4.38. GuruFocus rates HYZNW with a GF Score™ of 12/100. The stock has 4 warning signs investors should review.

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 8.59 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HYZNW' s Beneish M-Score Range Over the Past 10 Years
Min: -4.56 Med: 4.38 Max: 24.49
Current: 8.59

During the past 4 years, the highest Beneish M-Score of Hyzon Motors was 24.49. The lowest was -4.56. And the median was 4.38.

Hyzon Motors Beneish M-Score Related Terms

Hyzon Motors Beneish M-Score Historical Data

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The historical data trend for Hyzon Motors'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.

Hyzon Motors Beneish M-Score Chart

Hyzon Motors Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

0.00

-4.56

Hyzon Motors Quarterly Data
	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial												-3.27	-4.56	16.85	11.27	8.59

HYZNW vs MKDW, SAG, OMTK: Beneish M-Score Comparison

For the Auto Parts subindustry, Hyzon Motors'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.

Hyzon Motors Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Hyzon Motors's Beneish M-Score distribution charts can be found below:

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

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Hyzon Motors Inc HYZNW

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Hyzon Motors 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 Hyzon Motors for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.0113

0.528 * 10.2996

0.404 * 0.674

0.892 * 13.6277

0.115 * 0.3643

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0511

4.679 * -0.767533

0.327 * 2.722

8.59

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $0.28 Mil.
Revenue was 0.134 + 0.313 + 9.983 + 0.295 = $10.73 Mil.
Gross Profit was -0.167 + -18.102 + 2.167 + -8.827 = $-24.93 Mil.
Total Current Assets was $42.42 Mil.
Total Assets was $51.69 Mil.
Property, Plant and Equipment(Net PPE) was $5.09 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.65 Mil.
Selling, General, & Admin. Expense(SGA) was $96.89 Mil.
Total Current Liabilities was $24.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.87 Mil.
Net Income was -41.319 + -50.79 + -34.225 + -49.492 = $-175.83 Mil.
Non Operating Income was -3.402 + 1.893 + -4.112 + -19.029 = $-24.65 Mil.
Cash Flow from Operations was -31.257 + -25.517 + -31.195 + -23.534 = $-111.50 Mil.

Total Receivables was $1.85 Mil.
Revenue was 0 + 0 + 0 + 0.787 = $0.79 Mil.
Gross Profit was -3.286 + -2.41 + -0.838 + -12.307 = $-18.84 Mil.
Total Current Assets was $191.17 Mil.
Total Assets was $245.21 Mil.
Property, Plant and Equipment(Net PPE) was $24.63 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.42 Mil.
Selling, General, & Admin. Expense(SGA) was $139.15 Mil.
Total Current Liabilities was $37.56 Mil.
Long-Term Debt & Capital Lease Obligation was $6.07 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)
	=	(0.284 / 10.725)	/	(1.849 / 0.787)
	=	0.02648	/	2.349428
	=	0.0113

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)
	=	(-18.841 / 0.787)	/	(-24.929 / 10.725)
	=	-23.94028	/	-2.324382
	=	10.2996

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 - (42.421 + 5.089) / 51.689)	/	(1 - (191.168 + 24.631) / 245.213)
	=	0.080849	/	0.119953
	=	0.674

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
	=	10.725	/	0.787
	=	13.6277

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))
	=	(4.419 / (4.419 + 24.631))	/	(3.649 / (3.649 + 5.089))
	=	0.152117	/	0.417601
	=	0.3643

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)
	=	(96.886 / 10.725)	/	(139.152 / 0.787)
	=	9.03366	/	176.813215
	=	0.0511

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)
	=	((0.871 + 24.161) / 51.689)	/	((6.071 + 37.556) / 245.213)
	=	0.484281	/	0.177915
	=	2.722

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
	=	(-175.826 - -24.65	-	-111.503)	/	51.689
	=	-0.767533

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.

Hyzon Motors has a M-score of 8.59 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 8.59 mean?

Hyzon Motors (HYZNW) has a Beneish M-Score of 8.59 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hyzon Motors and its competitors. This is 96% above median its historical median of 4.38.

Is Hyzon Motors' Beneish M-Score too high?

Hyzon Motors' current Beneish M-Score of 8.59 is 96% above median its 10-year median of 4.38. Overall, Hyzon Motors has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.

How does Hyzon Motors' Beneish M-Score compare to MKDW and SAG?

Hyzon Motors' Beneish M-Score of 8.59 can be compared against companies in the Vehicles & Parts 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 Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts 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 Hyzon Motors and its competitors. Hyzon Motors's current Beneish M-Score is 8.59, which is 96% above median its own 10-year median of 4.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Hyzon Motors stock overvalued right now?

Hyzon Motors (HYZNW) has a current Beneish M-Score of 8.59. The current Beneish M-Score is 8.59, which is 96% above median its 10-year median of 4.38. Hyzon Motors' overall GF Score™ is 12/100 with 4 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 Hyzon Motors (HYZNW), the current Beneish M-Score is 8.59 as of Jun. 28, 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.

Hyzon Motors Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies MKDW SAG OMTK NCNCF WKSP GTEC TSE:6902 TSE:5108 XPAR:ML SHSE:600660 XKRX:012330 GPC XTER:KBX XTER:CON SHSE:601689 APTV TSE:5802 MBLY NSE:MOTHERSON LKQ

Address 475 Quaker Meeting House Road, Honeoye Falls, New York, NY, USA, 14472

Website https://www.hyzonmotors.com

Hyzon Motors Inc assembles and supplies hydrogen fuel cell-powered commercial vehicles across North America, Europe, China, and Australasia. In addition, it builds and fosters a clean hydrogen supply ecosystem with partners from feedstocks through production, dispensing and financing. The company intends to meet its customers' zero-emission vehicle needs by electrifying proven vehicle platforms utilizing its industry- leading fuel cell and electric propulsion technologies. It expects to deploy these technologies in various vehicle classes, including heavy-duty and medium-duty trucks and buses with the potential for future expansion into light-duty commercial vehicles, additional mobility use cases and stationary power applications.

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