MGN (Megan Holdings) Beneish M-Score: 3.15 (As of Jun. 26, 2026) — Near Median


MGN Megan Holdings Ltd MGN
24 GF Score
Price $0.19
! 4 Warning Signs
View Full Analysis

What is Megan Holdings Beneish M-Score?

Megan Holdings MGN -12.29% 24 Beneish M-Score is 3.15 as of Jun. 26, 2026, which is at its 10-year median of 3.15. GuruFocus rates MGN with a GF Score™ of 24/100. The stock has 4 warning signs investors should review. Among 1,704 Construction companies, Megan Holdings ranks worse than 98.36% 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 3.15 higher than -1.78, which implies that the company might have manipulated its financial results.

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

MGN' s Beneish M-Score Range Over the Past 10 Years
Min: -1.77   Med: 3.15   Max: 6.31
Current: 3.15

During the past 5 years, the highest Beneish M-Score of Megan Holdings was 6.31. The lowest was -1.77. And the median was 3.15.

Megan Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Megan 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.

Megan Holdings Beneish M-Score Chart

Megan Holdings Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 6.31 -1.77 3.15

Megan Holdings Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 6.31 0.00 -1.77 0.00 3.15

MGN vs OFAL, MSGY, FBGL: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Megan 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.

Megan Holdings Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Megan Holdings's Beneish M-Score distribution charts can be found below:

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


MGN
24GF Score
Megan Holdings Ltd MGN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Megan 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 Megan 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 * 0.6547+0.528 * 11.3569+0.404 * -0.0011+0.892 * 1.5171+0.115 * 0.6228
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.3637+4.679 * 0.071852-0.327 * 0.9452
=3.15

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $7.60 Mil.
Revenue was $20.52 Mil.
Gross Profit was $0.36 Mil.
Total Current Assets was $22.96 Mil.
Total Assets was $23.13 Mil.
Property, Plant and Equipment(Net PPE) was $0.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $0.44 Mil.
Total Current Liabilities was $11.22 Mil.
Long-Term Debt & Capital Lease Obligation was $0.09 Mil.
Net Income was $0.22 Mil.
Gross Profit was $0.90 Mil.
Cash Flow from Operations was $-2.35 Mil.
 Total Receivables was $7.65 Mil.
Revenue was $13.53 Mil.
Gross Profit was $2.67 Mil.
Total Current Assets was $15.25 Mil.
Total Assets was $16.07 Mil.
Property, Plant and Equipment(Net PPE) was $0.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $0.80 Mil.
Total Current Liabilities was $8.21 Mil.
Long-Term Debt & Capital Lease Obligation was $0.10 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)
=(7.595 / 20.519) / (7.646 / 13.525)
=0.370145 / 0.565323
=0.6547

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)
=(2.665 / 13.525) / (0.356 / 20.519)
=0.197043 / 0.01735
=11.3569

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 - (22.956 + 0.176) / 23.131) / (1 - (15.248 + 0.175) / 16.065)
=-4.3E-5 / 0.039963
=-0.0011

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
=20.519 / 13.525
=1.5171

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))
=(0.009 / (0.009 + 0.175)) / (0.015 / (0.015 + 0.176))
=0.048913 / 0.078534
=0.6228

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)
=(0.442 / 20.519) / (0.801 / 13.525)
=0.021541 / 0.059224
=0.3637

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)
=((0.093 + 11.22) / 23.131) / ((0.1 + 8.213) / 16.065)
=0.489084 / 0.51746
=0.9452

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
=(0.215 - 0.899 - -2.346) / 23.131
=0.071852

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.

Megan Holdings has a M-score of 3.15 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 3.15 mean?
Megan Holdings (MGN) has a Beneish M-Score of 3.15 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Megan Holdings and its competitors. This is near median its historical median of 3.15. According to the industry distribution chart, Megan Holdings ranks #1676 out of 1704 companies in the Construction industry, placing it in the top 98.4%.
Is Megan Holdings' Beneish M-Score too high?
Megan Holdings' current Beneish M-Score of 3.15 is near median its 10-year median of 3.15. Based on the distribution chart, Megan Holdings ranks #1676 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Megan Holdings has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.
How does Megan Holdings' Beneish M-Score compare to OFAL and MSGY?
According to the Construction industry distribution chart, Megan Holdings ranks #1676 out of 1704 companies for Beneish M-Score. This places Megan 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Megan Holdings and its competitors. Megan Holdings's current Beneish M-Score is 3.15, which is near median its own 10-year median of 3.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Megan Holdings stock overvalued right now?
Megan Holdings (MGN) has a current Beneish M-Score of 3.15. The current Beneish M-Score is 3.15, which is near median its 10-year median of 3.15. Megan Holdings' overall GF Score™ is 24/100 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 Megan Holdings (MGN), the current Beneish M-Score is 3.15 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.

Megan Holdings Business Description

Address No.1, Jalan Desa Kiara, B-01-07, Gateway Corporate Suites, Gateway Kiaramas, Mont Kiara, Kuala Lumpur, SGR, MYS, 50480
Megan Holdings Ltd is principally engaged in the development, construction and maintenance of aquaculture farms and related works. Its operations are based in Malaysia. The company's operating segments include: Aquaculture and agriculture; Industrial solutions; and Investment in marketable securities. It derives maximum revenue from Aquaculture and agriculture, which involves development, construction, and maintenance of aquaculture and agriculture farms and related works.
24GF Score

Get the complete analysis for MGN

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

$0.19
Price