LGNRF (Legend Holdings) Beneish M-Score: -2.32 (As of Jun. 26, 2026)

What is Legend Holdings Beneish M-Score?

Legend Holdings LGNRF 78 Beneish M-Score is -2.32 as of Jun. 26, 2026. GuruFocus rates LGNRF with a GF Score™ of 78/100 and a GF Value™ of $0.79. The stock has 7 warning signs investors should review. Among 2,404 Hardware companies, Legend Holdings ranks worse than 61.94% 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LGNRF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.53 Max: -1.82
Current: -2.32

During the past 12 years, the highest Beneish M-Score of Legend Holdings was -1.82. The lowest was -2.83. And the median was -2.53.

Legend Holdings Beneish M-Score Related Terms

Legend Holdings Beneish M-Score Historical Data

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The historical data trend for Legend Holdings'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.

Legend Holdings Beneish M-Score Chart

Legend Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.53

-2.83

-2.79

-2.57

-2.32

Legend Holdings 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															-2.79	0.00	-2.57	0.00	-2.32

LGNRF vs DELL, SNDK, ANET: Beneish M-Score Comparison

For the Computer Hardware subindustry, Legend Holdings'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.

Legend Holdings Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Legend Holdings's Beneish M-Score distribution charts can be found below:

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

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78GF Score

Legend Holdings Ltd LGNRF

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

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Legend Holdings 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 Legend Holdings 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 * 1.0862

0.528 * 1.0474

0.404 * 0.9543

0.892 * 1.2141

0.115 * 1.1729

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9404

4.679 * -0.032094

0.327 * 1.0046

-2.32

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $23,180 Mil.
Revenue was $87,062 Mil.
Gross Profit was $13,650 Mil.
Total Current Assets was $53,535 Mil.
Total Assets was $109,968 Mil.
Property, Plant and Equipment(Net PPE) was $6,614 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,737 Mil.
Selling, General, & Admin. Expense(SGA) was $10,790 Mil.
Total Current Liabilities was $73,727 Mil.
Long-Term Debt & Capital Lease Obligation was $12,607 Mil.
Net Income was $151 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $3,680 Mil.

Total Receivables was $17,578 Mil.
Revenue was $71,711 Mil.
Gross Profit was $11,776 Mil.
Total Current Assets was $45,057 Mil.
Total Assets was $95,591 Mil.
Property, Plant and Equipment(Net PPE) was $5,155 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,663 Mil.
Selling, General, & Admin. Expense(SGA) was $9,451 Mil.
Total Current Liabilities was $64,472 Mil.
Long-Term Debt & Capital Lease Obligation was $10,230 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)
	=	(23179.849 / 87061.898)	/	(17577.923 / 71710.581)
	=	0.266246	/	0.245123
	=	1.0862

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)
	=	(11775.676 / 71710.581)	/	(13649.746 / 87061.898)
	=	0.164211	/	0.156782
	=	1.0474

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 - (53534.686 + 6613.917) / 109967.694)	/	(1 - (45057.205 + 5154.779) / 95590.808)
	=	0.453034	/	0.47472
	=	0.9543

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
	=	87061.898	/	71710.581
	=	1.2141

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))
	=	(1663.17 / (1663.17 + 5154.779))	/	(1736.834 / (1736.834 + 6613.917))
	=	0.24394	/	0.207985
	=	1.1729

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)
	=	(10789.5 / 87061.898)	/	(9450.63 / 71710.581)
	=	0.123929	/	0.131789
	=	0.9404

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)
	=	((12607.173 + 73726.792) / 109967.694)	/	((10229.641 + 64472.418) / 95590.808)
	=	0.785085	/	0.781477
	=	1.0046

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
	=	(150.613 - 0	-	3679.915)	/	109967.694
	=	-0.032094

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.

Legend Holdings has a M-score of -2.32 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 -2.32 mean?

Legend Holdings (LGNRF) has a Beneish M-Score of -2.32 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Legend Holdings and its competitors. According to the industry distribution chart, Legend Holdings ranks #1489 out of 2404 companies in the Hardware industry, placing it in the top 61.9%.

Is Legend Holdings' Beneish M-Score too high?

Legend Holdings' current Beneish M-Score is -2.32. Based on the distribution chart, Legend Holdings ranks #1489 out of 2404 companies in the Hardware industry, which is below the industry midpoint. Overall, Legend Holdings has a GF Score™ of 78/100, reflecting its overall financial health beyond just this single metric.

How does Legend Holdings' Beneish M-Score compare to DELL and SNDK?

According to the Hardware industry distribution chart, Legend Holdings ranks #1489 out of 2404 companies for Beneish M-Score. This places Legend Holdings 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 Legend Holdings and its competitors. Legend Holdings's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Legend Holdings stock overvalued right now?

Legend Holdings (LGNRF) has a current Beneish M-Score of -2.32. The stock's GF Value™ is $0.79, compared to a current price of $1.13 — trading 43% above its estimated fair value. The current Beneish M-Score is -2.32. Legend Holdings' overall GF Score™ is 78/100 with 7 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 Legend Holdings (LGNRF), the current Beneish M-Score is -2.32 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 Legend Holdings (LGNRF) Overvalued in 2026?

Based on GuruFocus' analysis, Legend Holdings stock appears to be overvalued. The current stock price of $1.13 is trading 43% above its estimated GF Value™ of $0.79.

Key valuation signals for LGNRF:

Beneish M-Score: -2.32
GF Value™: $0.79 vs. price of $1.13 (43% above fair value)
GF Score™: 78/100 with 7 warning signs

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

Legend Holdings Business Description

Industry Technology Hardware

Comparable Companies HKSE:06810 HKSE:06600 HKSE:02498 HKSE:02729 HKSE:01236 HKSE:03388 HKSE:02436 HKSE:03336 HKSE:09881 HKSE:06939 DELL SNDK ANET STX WDC SHSE:688041 SHSE:688795 TPE:2382 SZSE:002415 HKSE:00992

Other Exchanges 03396:Hong Kong 1PC:Germany

Address Court No. 2, Ke Xue Yuan Nanlu, Room 1701, 17th Floor, Block 1, Haidian District, Beinjing, CHN, 100190

Website http://www.legendholdings.com.cn

Legend Holdings Ltd is a diversified industrial and investment group in China. It operates businesses through two segments: diversified industries operation, and industrial incubations and investments. The Industrial operations segment includes Lenovo, which is engaged in providing intelligent devices and infrastructure, and creates intelligent solutions, services and software; Levima Group, which is engaged in the research and development, production and sales of material products; Joyvio Group, which operates mainly to engaged in modern agriculture and food related business; and BIL, which mainly offers integrated banking services, including corporate and institutional banking, retail banking, private banking, capital markets, etc. It derives the majority of its revenue from Lenovo.

78GF Score

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

$1.13

Price

$0.79

GF Value

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