Sea Harvest Group (JSE:SHG) Beneish M-Score: -3.30 (As of Jun. 27, 2026)

What is Sea Harvest Group Beneish M-Score?

Sea Harvest Group JSE:SHG 77 Beneish M-Score is -3.30 as of Jun. 27, 2026. GuruFocus rates JSE:SHG with a GF Score™ of 77/100 and a GF Value™ of R7.74 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Sea Harvest Group ranks better than 90.81% 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 -3.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JSE:SHG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3 Med: -2.5 Max: -1.98
Current: -3.3

During the past 12 years, the highest Beneish M-Score of Sea Harvest Group was -1.98. The lowest was -3.30. And the median was -2.50.

Sea Harvest Group Beneish M-Score Related Terms

Sea Harvest Group Beneish M-Score Historical Data

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The historical data trend for Sea Harvest Group'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.

Sea Harvest Group Beneish M-Score Chart

Sea Harvest Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.61

-2.05

-2.41

-2.98

-3.30

Sea Harvest Group Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.41	0.00	-2.98	0.00	-3.30

JSE:SHG vs ADM, BG, TSN: Beneish M-Score Comparison

For the Farm Products subindustry, Sea Harvest Group'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.

Sea Harvest Group Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Sea Harvest Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sea Harvest Group's Beneish M-Score falls into.

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77GF Score

Sea Harvest Group Ltd JSE:SHG

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

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Sea Harvest Group 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 Sea Harvest Group 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 * 0.5633

0.528 * 0.8895

0.404 * 1.007

0.892 * 1.2021

0.115 * 0.7921

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9091

4.679 * -0.119769

0.327 * 0.9163

-3.30

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was R595 Mil.
Revenue was R6,643 Mil.
Gross Profit was R2,263 Mil.
Total Current Assets was R3,217 Mil.
Total Assets was R9,520 Mil.
Property, Plant and Equipment(Net PPE) was R3,091 Mil.
Depreciation, Depletion and Amortization(DDA) was R416 Mil.
Selling, General, & Admin. Expense(SGA) was R365 Mil.
Total Current Liabilities was R1,991 Mil.
Long-Term Debt & Capital Lease Obligation was R2,222 Mil.
Net Income was R276 Mil.
Gross Profit was R0 Mil.
Cash Flow from Operations was R1,416 Mil.

Total Receivables was R879 Mil.
Revenue was R5,526 Mil.
Gross Profit was R1,675 Mil.
Total Current Assets was R3,200 Mil.
Total Assets was R9,847 Mil.
Property, Plant and Equipment(Net PPE) was R3,348 Mil.
Depreciation, Depletion and Amortization(DDA) was R347 Mil.
Selling, General, & Admin. Expense(SGA) was R334 Mil.
Total Current Liabilities was R1,689 Mil.
Long-Term Debt & Capital Lease Obligation was R3,068 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)
	=	(595.275 / 6642.956)	/	(879.051 / 5525.95)
	=	0.08961	/	0.159077
	=	0.5633

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)
	=	(1674.612 / 5525.95)	/	(2263.271 / 6642.956)
	=	0.303045	/	0.340702
	=	0.8895

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 - (3216.934 + 3091.436) / 9519.879)	/	(1 - (3200.01 + 3348.499) / 9847.323)
	=	0.337348	/	0.334996
	=	1.007

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
	=	6642.956	/	5525.95
	=	1.2021

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))
	=	(346.904 / (346.904 + 3348.499))	/	(415.644 / (415.644 + 3091.436))
	=	0.093874	/	0.118516
	=	0.7921

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)
	=	(364.642 / 6642.956)	/	(333.666 / 5525.95)
	=	0.054892	/	0.060382
	=	0.9091

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)
	=	((2222.369 + 1991.225) / 9519.879)	/	((3067.948 + 1688.596) / 9847.323)
	=	0.44261	/	0.483029
	=	0.9163

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
	=	(275.999 - 0	-	1416.189)	/	9519.879
	=	-0.119769

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.

Sea Harvest Group has a M-score of -3.30 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 -3.30 mean?

Sea Harvest Group (JSE:SHG) has a Beneish M-Score of -3.30 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sea Harvest Group and its competitors. According to the industry distribution chart, Sea Harvest Group ranks #170 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 9.2%.

Is Sea Harvest Group's Beneish M-Score too high?

Sea Harvest Group's current Beneish M-Score is -3.30. Based on the distribution chart, Sea Harvest Group ranks #170 out of 1849 companies in the Consumer Packaged Goods industry, which is in the top quartile — a strong position relative to peers. Overall, Sea Harvest Group has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Sea Harvest Group's Beneish M-Score compare to ADM and BG?

According to the Consumer Packaged Goods industry distribution chart, Sea Harvest Group ranks #170 out of 1849 companies for Beneish M-Score. This places Sea Harvest Group in the top 9% of its industry — outperforming the majority of peers. 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Sea Harvest Group and its competitors. Sea Harvest Group's current Beneish M-Score is -3.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sea Harvest Group stock overvalued right now?

Based on GuruFocus' analysis, Sea Harvest Group (JSE:SHG) is currently considered Modestly Overvalued. The stock's GF Value™ is R7.74, compared to a current price of R8.58 — trading 10.9% above its estimated fair value. The current Beneish M-Score is -3.30. Sea Harvest Group's overall GF Score™ is 77/100 with 5 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 Sea Harvest Group (JSE:SHG), the current Beneish M-Score is -3.30 as of Jun. 27, 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 Sea Harvest Group (JSE:SHG) Overvalued in 2026?

Based on GuruFocus' analysis, Sea Harvest Group stock appears to be overvalued. The current stock price of R8.58 is trading 10.9% above its estimated GF Value™ of R7.74. GuruFocus considers Sea Harvest Group to be Modestly Overvalued.

Key valuation signals for JSE:SHG:

Beneish M-Score: -3.30
GF Value™: R7.74 vs. price of R8.58 (10.9% above fair value)
GF Score™: 77/100 with 5 warning signs

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

Sea Harvest Group Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies JSE:QFH JSE:CKS JSE:ARL ADM SZSE:002714 BG TSN SZSE:300498 OSL:MOWI OSL:SALM XZIM:TANGANDA SZSE:300972 SZSE:000876 XPAR:LOUP XKLS:2089 BKK:CPF SZSE:002157 ISX:CPIN SHSE:600598 XKLS:4065

Address Searle Street, 1st Floor, Block C, The Boulevard Office Park, Woodstock, Cape Town, ZAF, 7925

Website https://www.seaharvestgroup.co.za

Sea Harvest Group Ltd is engaged in the fishing of Cape Hake and Shark Bay Prawns along with Horse Mackerel, Pilchards, Anchovies, and a variety of farmed species, processing of the catch into frozen and chilled seafood, and the marketing of these products, locally and internationally. It operates in four segments: South African Fishing, Sea Harvest International, Sea Harvest Aquaculture, and Cape Harvest Foods.

77GF Score

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

R8.58

Price

R7.74

GF Value

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