DM Wenceslao & Associates (PHS:DMW) Beneish M-Score: -2.47 (As of Jun. 26, 2026)

What is DM Wenceslao & Associates Beneish M-Score?

DM Wenceslao & Associates PHS:DMW +3.09% 61 Beneish M-Score is -2.47 as of Jun. 26, 2026. GuruFocus rates PHS:DMW with a GF Score™ of 61/100 and a GF Value™ of ₱5.19 (Fairly Valued). The stock has 6 warning signs investors should review. Among 1,682 Real Estate companies, DM Wenceslao & Associates ranks better than 57.79% 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for DM Wenceslao & Associates's Beneish M-Score or its related term are showing as below:

PHS:DMW' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7 Med: -2.18 Max: -1.03
Current: -2.47

During the past 10 years, the highest Beneish M-Score of DM Wenceslao & Associates was -1.03. The lowest was -2.70. And the median was -2.18.

DM Wenceslao & Associates Beneish M-Score Related Terms

DM Wenceslao & Associates Beneish M-Score Historical Data

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The historical data trend for DM Wenceslao & Associates'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.

DM Wenceslao & Associates Beneish M-Score Chart

DM Wenceslao & Associates Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.32

-2.49

-1.03

-2.20

-2.32

DM Wenceslao & Associates Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.33	-2.01	-2.34	-2.32	-2.47

PHS:DMW vs CBRE, BEKE: Beneish M-Score Comparison

For the Real Estate Services subindustry, DM Wenceslao & Associates'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.

DM Wenceslao & Associates Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, DM Wenceslao & Associates's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where DM Wenceslao & Associates's Beneish M-Score falls into.

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61GF Score

DM Wenceslao & Associates Inc PHS:DMW

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

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DM Wenceslao & Associates 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 DM Wenceslao & Associates 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 * 1.017

0.528 * 0.9708

0.404 * 1.0191

0.892 * 0.9634

0.115 * 0.9475

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0686

4.679 * 0.006926

0.327 * 0.9275

-2.47

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₱4,532 Mil.
Revenue was 945.501 + 932.992 + 980.17 + 829.592 = ₱3,688 Mil.
Gross Profit was 754.885 + 887.277 + 690.286 + 655.984 = ₱2,988 Mil.
Total Current Assets was ₱26,140 Mil.
Total Assets was ₱55,425 Mil.
Property, Plant and Equipment(Net PPE) was ₱717 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱394 Mil.
Selling, General, & Admin. Expense(SGA) was ₱526 Mil.
Total Current Liabilities was ₱7,719 Mil.
Long-Term Debt & Capital Lease Obligation was ₱2,977 Mil.
Net Income was 550.364 + 463.395 + 464.147 + 373.776 = ₱1,852 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 469.387 + 976.744 + 516.067 + -494.384 = ₱1,468 Mil.

Total Receivables was ₱4,625 Mil.
Revenue was 1073.079 + 979.41 + 897.717 + 878.055 = ₱3,828 Mil.
Gross Profit was 798.371 + 842.148 + 701.817 + 668.93 = ₱3,011 Mil.
Total Current Assets was ₱25,976 Mil.
Total Assets was ₱54,111 Mil.
Property, Plant and Equipment(Net PPE) was ₱766 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱388 Mil.
Selling, General, & Admin. Expense(SGA) was ₱511 Mil.
Total Current Liabilities was ₱8,133 Mil.
Long-Term Debt & Capital Lease Obligation was ₱3,124 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)
	=	(4531.942 / 3688.255)	/	(4625.382 / 3828.261)
	=	1.22875	/	1.20822
	=	1.017

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)
	=	(3011.266 / 3828.261)	/	(2988.432 / 3688.255)
	=	0.786588	/	0.810256
	=	0.9708

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 - (26139.652 + 716.618) / 55425.331)	/	(1 - (25976.181 + 766.243) / 54111.14)
	=	0.515451	/	0.505787
	=	1.0191

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
	=	3688.255	/	3828.261
	=	0.9634

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))
	=	(388.196 / (388.196 + 766.243))	/	(394.237 / (394.237 + 716.618))
	=	0.336264	/	0.354895
	=	0.9475

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)
	=	(526.319 / 3688.255)	/	(511.206 / 3828.261)
	=	0.142701	/	0.133535
	=	1.0686

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)
	=	((2976.524 + 7718.643) / 55425.331)	/	((3124.242 + 8133.069) / 54111.14)
	=	0.192965	/	0.208041
	=	0.9275

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
	=	(1851.682 - 0	-	1467.814)	/	55425.331
	=	0.006926

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.

DM Wenceslao & Associates has a M-score of -2.47 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 -2.47 mean?

DM Wenceslao & Associates (PHS:DMW) has a Beneish M-Score of -2.47 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DM Wenceslao & Associates and its competitors. According to the industry distribution chart, DM Wenceslao & Associates ranks #710 out of 1682 companies in the Real Estate industry, placing it in the top 42.2%.

Is DM Wenceslao & Associates' Beneish M-Score too high?

DM Wenceslao & Associates' current Beneish M-Score is -2.47. Based on the distribution chart, DM Wenceslao & Associates ranks #710 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, DM Wenceslao & Associates has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does DM Wenceslao & Associates' Beneish M-Score compare to CBRE and BEKE?

According to the Real Estate industry distribution chart, DM Wenceslao & Associates ranks #710 out of 1682 companies for Beneish M-Score. This puts DM Wenceslao & Associates in the upper 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 Real Estate company?

A good Beneish M-Score depends on the Real Estate 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 DM Wenceslao & Associates and its competitors. DM Wenceslao & Associates's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is DM Wenceslao & Associates stock overvalued right now?

Based on GuruFocus' analysis, DM Wenceslao & Associates (PHS:DMW) is currently considered Fairly Valued. The stock's GF Value™ is ₱5.19, compared to a current price of ₱5.00 — trading 3.7% below its estimated fair value. The current Beneish M-Score is -2.47. DM Wenceslao & Associates' overall GF Score™ is 61/100 with 6 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 DM Wenceslao & Associates (PHS:DMW), the current Beneish M-Score is -2.47 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 DM Wenceslao & Associates (PHS:DMW) Overvalued in 2026?

Based on GuruFocus' analysis, DM Wenceslao & Associates stock appears to be undervalued. The current stock price of ₱5.00 is trading 3.7% below its estimated GF Value™ of ₱5.19. GuruFocus considers DM Wenceslao & Associates to be Fairly Valued.

Key valuation signals for PHS:DMW:

Beneish M-Score: -2.47
GF Value™: ₱5.19 vs. price of ₱5.00 (3.7% below fair value)
GF Score™: 61/100 with 6 warning signs

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

DM Wenceslao & Associates Business Description

Industry Real Estate Real Estate

Comparable Companies PHS:DD PHS:STR PHS:UNH PHS:GERI PHS:SUN PHS:ATN PHS:CDC PHS:ABA PHS:CEI PHS:APVI STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE HKSE:01972 ADX:MODON

Address Pres D. Macapagal Boulevard, Corner Asean Avenue, 15th Floor, Aseana 3 Building, Aseana City, Metro Manila, Paranaque, PHL, 1701

Website https://www.dmwai.com

DM Wenceslao & Associates Inc is an integrated property developer specializing in land reclamation, construction, and real estate development. It operates in three business segments: Construction, which refers to the general construction business that involves site development, earthworks, structural and civil works, masonry works, architectural finishes, electrical works, plumbing and sanitary works, fire protection works, and mechanical works; Residential segment involves the development and sale of residential units and land; and Leasing, which includes leasing refers to leasing of real estate properties, including land and building and other structures. The maximum revenue is from Leasing.

61GF Score

Get the complete analysis for PHS:DMW

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

₱5.00

Price

₱5.19

GF Value

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