MGIH (Millennium Group International Holdings) Beneish M-Score: -3.03 (As of Jun. 25, 2026)


MGIH Millennium Group International Holdings Ltd MGIH
32 GF Score
Price $1.50
! 2 Warning Signs
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What is Millennium Group International Holdings Beneish M-Score?

Millennium Group International Holdings MGIH 32 Beneish M-Score is -3.03 as of Jun. 25, 2026. GuruFocus rates MGIH with a GF Score™ of 32/100. The stock has 2 warning signs investors should review. Among 373 Packaging & Containers companies, Millennium Group International Holdings ranks better than 88.2% 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 -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MGIH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -3.03   Max: -2.48
Current: -3.03

During the past 5 years, the highest Beneish M-Score of Millennium Group International Holdings was -2.48. The lowest was -3.58. And the median was -3.03.

Millennium Group International Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Millennium Group International 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.

Millennium Group International Holdings Beneish M-Score Chart

Millennium Group International Holdings Annual Data
Trend Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -3.58 -2.48 -3.03

Millennium Group International Holdings Semi-Annual Data
Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only -3.58 0.00 -2.48 0.00 -3.03

MGIH vs YHGJ, DSS, ENZN: Beneish M-Score Comparison

For the Packaging & Containers subindustry, Millennium Group International 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.

Millennium Group International Holdings Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Millennium Group International Holdings's Beneish M-Score distribution charts can be found below:

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


MGIH
32GF Score
Millennium Group International Holdings Ltd MGIH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Millennium Group International 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 Millennium Group International Holdings 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 * 1.2267+0.528 * 1.1655+0.404 * 1.2591+0.892 * 0.6575+0.115 * 1.3079
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.06+4.679 * -0.13637-0.327 * 1.084
=-3.03

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was $7.91 Mil.
Revenue was $25.33 Mil.
Gross Profit was $4.69 Mil.
Total Current Assets was $20.81 Mil.
Total Assets was $36.25 Mil.
Property, Plant and Equipment(Net PPE) was $10.63 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.98 Mil.
Selling, General, & Admin. Expense(SGA) was $10.28 Mil.
Total Current Liabilities was $11.15 Mil.
Long-Term Debt & Capital Lease Obligation was $0.19 Mil.
Net Income was $-6.32 Mil.
Gross Profit was $0.35 Mil.
Cash Flow from Operations was $-1.72 Mil.
 Total Receivables was $9.81 Mil.
Revenue was $38.53 Mil.
Gross Profit was $8.31 Mil.
Total Current Assets was $27.77 Mil.
Total Assets was $43.64 Mil.
Property, Plant and Equipment(Net PPE) was $11.27 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.40 Mil.
Selling, General, & Admin. Expense(SGA) was $14.75 Mil.
Total Current Liabilities was $12.13 Mil.
Long-Term Debt & Capital Lease Obligation was $0.46 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)
=(7.913 / 25.334) / (9.811 / 38.531)
=0.312347 / 0.254626
=1.2267

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)
=(8.305 / 38.531) / (4.685 / 25.334)
=0.215541 / 0.184929
=1.1655

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 - (20.808 + 10.625) / 36.247) / (1 - (27.766 + 11.268) / 43.637)
=0.132811 / 0.105484
=1.2591

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
=25.334 / 38.531
=0.6575

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))
=(1.399 / (1.399 + 11.268)) / (0.98 / (0.98 + 10.625))
=0.110444 / 0.084446
=1.3079

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)
=(10.279 / 25.334) / (14.749 / 38.531)
=0.405739 / 0.382783
=1.06

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)
=((0.187 + 11.15) / 36.247) / ((0.457 + 12.134) / 43.637)
=0.312771 / 0.28854
=1.084

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
=(-6.315 - 0.347 - -1.719) / 36.247
=-0.13637

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.

Millennium Group International Holdings has a M-score of -3.03 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 -3.03 mean?
Millennium Group International Holdings (MGIH) has a Beneish M-Score of -3.03 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Millennium Group International Holdings and its competitors. According to the industry distribution chart, Millennium Group International Holdings ranks #44 out of 373 companies in the Packaging & Containers industry, placing it in the top 11.8%.
Is Millennium Group International Holdings' Beneish M-Score too high?
Millennium Group International Holdings' current Beneish M-Score is -3.03. Based on the distribution chart, Millennium Group International Holdings ranks #44 out of 373 companies in the Packaging & Containers industry, which is in the top quartile — a strong position relative to peers. Overall, Millennium Group International Holdings has a GF Score™ of 32/100, reflecting its overall financial health beyond just this single metric.
How does Millennium Group International Holdings' Beneish M-Score compare to YHGJ and DSS?
According to the Packaging & Containers industry distribution chart, Millennium Group International Holdings ranks #44 out of 373 companies for Beneish M-Score. This places Millennium Group International Holdings in the top 12% 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 Packaging & Containers company?
A good Beneish M-Score depends on the Packaging & Containers 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 Millennium Group International Holdings and its competitors. Millennium Group International Holdings's current Beneish M-Score is -3.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Millennium Group International Holdings stock overvalued right now?
Millennium Group International Holdings (MGIH) has a current Beneish M-Score of -3.03. The current Beneish M-Score is -3.03. Millennium Group International Holdings' overall GF Score™ is 32/100 with 2 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 Millennium Group International Holdings (MGIH), the current Beneish M-Score is -3.03 as of Jun. 25, 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.

Millennium Group International Holdings Business Description

Address Flat B-C, 1st Floor, Wang Kwong Industrial Buiding, 45 Hung To Road, Kwun Tong, Kowloon, Hong Kong, HKG, 999077
Millennium Group International Holdings Ltd supplies paper-based packaging solutions, including inner packaging boxes produced with offset or flexo printing and outer corrugated boxes used for transportation, storage, pallets, and point-of-purchase displays. The company manufactures corrugated products of different sizes, shapes, thicknesses, and strengths according to customer specifications. It also operates a supply chain management business in Vietnam to service international clients who source their packaging needs from Vietnam and other ASEAN countries. The corrugated paper is durable, versatile, economical, and lightweight.
32GF Score

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