Tourism Holdings (NZSE:THL) Beneish M-Score: -2.85 (As of Jun. 26, 2026)


NZSE:THL Tourism Holdings Ltd NZSE:THL
73 GF Score
Price NZ$2.88
GF Value NZ$2.26
Valuation Modestly Overvalued
! 10 Warning Signs
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What is Tourism Holdings Beneish M-Score?

Tourism Holdings NZSE:THL -0.35% 73 Beneish M-Score is -2.85 as of Jun. 26, 2026. GuruFocus rates NZSE:THL with a GF Score™ of 73/100 and a GF Value™ of NZ$2.26 (Modestly Overvalued). The stock has 10 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Tourism Holdings ranks better than 77.63% 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NZSE:THL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85   Med: -2.85   Max: -2.85
Current: -2.85

During the past 3 years, the highest Beneish M-Score of Tourism Holdings was -2.85. The lowest was -2.85. And the median was -2.85.

Tourism Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Tourism 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.

Tourism Holdings Beneish M-Score Chart

Tourism Holdings Annual Data
Trend Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -2.85

Tourism Holdings Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 -2.85 0.00

NZSE:THL vs BC, THO, PII: Beneish M-Score Comparison

For the Recreational Vehicles subindustry, Tourism 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.

Tourism Holdings Beneish M-Score vs Vehicles & Parts Industry

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

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


NZSE:THL
73GF Score
Tourism Holdings Ltd NZSE:THL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Tourism 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 Tourism 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 * 0.6404+0.528 * 0.9757+0.404 * 0.7377+0.892 * 1.0291+0.115 * 1.0291
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0003+4.679 * -0.012886-0.327 * 0.6718
=-2.85

* 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 NZ$36.2 Mil.
Revenue was NZ$939.0 Mil.
Gross Profit was NZ$571.7 Mil.
Total Current Assets was NZ$266.9 Mil.
Total Assets was NZ$1,577.8 Mil.
Property, Plant and Equipment(Net PPE) was NZ$1,164.3 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$112.6 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$112.4 Mil.
Total Current Liabilities was NZ$248.0 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$698.7 Mil.
Net Income was NZ$-25.8 Mil.
Gross Profit was NZ$-34.1 Mil.
Cash Flow from Operations was NZ$28.6 Mil.
 Total Receivables was NZ$55.0 Mil.
Revenue was NZ$912.4 Mil.
Gross Profit was NZ$542.0 Mil.
Total Current Assets was NZ$346.0 Mil.
Total Assets was NZ$1,482.3 Mil.
Property, Plant and Equipment(Net PPE) was NZ$949.7 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$94.8 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$109.2 Mil.
Total Current Liabilities was NZ$435.1 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$888.9 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)
=(36.245 / 938.952) / (55.001 / 912.429)
=0.038602 / 0.06028
=0.6404

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)
=(542.026 / 912.429) / (571.68 / 938.952)
=0.594047 / 0.608849
=0.9757

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 - (266.896 + 1164.302) / 1577.768) / (1 - (345.996 + 949.692) / 1482.347)
=0.092897 / 0.125921
=0.7377

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
=938.952 / 912.429
=1.0291

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))
=(94.808 / (94.808 + 949.692)) / (112.633 / (112.633 + 1164.302))
=0.090769 / 0.088206
=1.0291

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)
=(112.384 / 938.952) / (109.175 / 912.429)
=0.119691 / 0.119653
=1.0003

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)
=((698.703 + 247.989) / 1577.768) / ((888.878 + 435.073) / 1482.347)
=0.60002 / 0.893145
=0.6718

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
=(-25.822 - -34.101 - 28.61) / 1577.768
=-0.012886

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.

Tourism Holdings has a M-score of -2.85 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 -2.85 mean?
Tourism Holdings (NZSE:THL) has a Beneish M-Score of -2.85 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Tourism Holdings and its competitors. According to the industry distribution chart, Tourism Holdings ranks #285 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 22.4%.
Is Tourism Holdings' Beneish M-Score too high?
Tourism Holdings' current Beneish M-Score is -2.85. Based on the distribution chart, Tourism Holdings ranks #285 out of 1274 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Tourism Holdings has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tourism Holdings' Beneish M-Score compare to BC and THO?
According to the Vehicles & Parts industry distribution chart, Tourism Holdings ranks #285 out of 1274 companies for Beneish M-Score. This places Tourism Holdings in the top 22% 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 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 Tourism Holdings and its competitors. Tourism Holdings's current Beneish M-Score is -2.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tourism Holdings stock overvalued right now?
Based on GuruFocus' analysis, Tourism Holdings (NZSE:THL) is currently considered Modestly Overvalued. The stock's GF Value™ is NZ$2.26, compared to a current price of NZ$2.88 — trading 27.4% above its estimated fair value. The current Beneish M-Score is -2.85. Tourism Holdings' overall GF Score™ is 73/100 with 10 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 Tourism Holdings (NZSE:THL), the current Beneish M-Score is -2.85 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 Tourism Holdings (NZSE:THL) Overvalued in 2026?

Based on GuruFocus' analysis, Tourism Holdings stock appears to be overvalued. The current stock price of NZ$2.88 is trading 27.4% above its estimated GF Value™ of NZ$2.26. GuruFocus considers Tourism Holdings to be Modestly Overvalued.

Key valuation signals for NZSE:THL:

  • Beneish M-Score: -2.85
  • GF Value™: NZ$2.26 vs. price of NZ$2.88 (27.4% above fair value)
  • GF Score™: 73/100 with 10 warning signs

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

Tourism Holdings Business Description

Other Exchanges UCH:GermanyTHL:Australia
Address 470 Oruarangi Road, Mangere, Auckland, NTL, NZL, 2022
Tourism Holdings Ltd is a New Zealand-based company engaged in the design, manufacture, rental, and sale of motorhomes and other tourism-related activities. The company operates in the following segments namely New Zealand Rentals; Action Manufacturing; Tourism Group; Australia Rentals, sales and manufacturing; United States Rentals and corporate. It generates maximum revenue from Australia Rentals segment.
73GF Score

Get the complete analysis for NZSE:THL

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

NZ$2.88
Price
NZ$2.26
GF Value