Empire East Land Holdings (PHS:ELI) Beneish M-Score: -2.27 (As of Jun. 28, 2026)


What is Empire East Land Holdings Beneish M-Score?

Empire East Land Holdings PHS:ELI Beneish M-Score is -2.27 as of Jun. 28, 2026. The stock has 5 warning signs investors should review. Among 1,682 Real Estate companies, Empire East Land Holdings ranks worse than 56.06% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:ELI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.64   Med: -2.31   Max: -1.82
Current: -2.27

During the past 13 years, the highest Beneish M-Score of Empire East Land Holdings was -1.82. The lowest was -2.64. And the median was -2.31.

Empire East Land Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Empire East Land 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.

Empire East Land Holdings Beneish M-Score Chart

Empire East Land Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.51 -1.82 -2.55 -2.34 -2.27

Empire East Land Holdings 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.27 0.00

Empire East Land Holdings Beneish M-Score Competitor Comparison

For the Real Estate - Development subindustry, Empire East Land 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.

Empire East Land Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Empire East Land Holdings's Beneish M-Score distribution charts can be found below:

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


Empire East Land 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 Empire East Land 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 * 0.9697+0.528 * 1.0587+0.404 * 1.0711+0.892 * 1.0182+0.115 * 1.7576
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2398+4.679 * 0.02311-0.327 * 0.9872
=-2.27

* 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 ₱8,646 Mil.
Revenue was ₱3,568 Mil.
Gross Profit was ₱1,144 Mil.
Total Current Assets was ₱42,460 Mil.
Total Assets was ₱49,930 Mil.
Property, Plant and Equipment(Net PPE) was ₱204 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱37 Mil.
Selling, General, & Admin. Expense(SGA) was ₱159 Mil.
Total Current Liabilities was ₱15,387 Mil.
Long-Term Debt & Capital Lease Obligation was ₱250 Mil.
Net Income was ₱804 Mil.
Gross Profit was ₱0 Mil.
Cash Flow from Operations was ₱-350 Mil.
 Total Receivables was ₱8,757 Mil.
Revenue was ₱3,504 Mil.
Gross Profit was ₱1,190 Mil.
Total Current Assets was ₱42,564 Mil.
Total Assets was ₱49,425 Mil.
Property, Plant and Equipment(Net PPE) was ₱147 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱54 Mil.
Selling, General, & Admin. Expense(SGA) was ₱126 Mil.
Total Current Liabilities was ₱15,230 Mil.
Long-Term Debt & Capital Lease Obligation was ₱450 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)
=(8646.07 / 3567.702) / (8757.221 / 3503.931)
=2.423428 / 2.499256
=0.9697

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)
=(1189.989 / 3503.931) / (1144.472 / 3567.702)
=0.339615 / 0.320787
=1.0587

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 - (42459.697 + 204.23) / 49929.661) / (1 - (42563.721 + 146.641) / 49425.186)
=0.145519 / 0.135858
=1.0711

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
=3567.702 / 3503.931
=1.0182

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))
=(54.217 / (54.217 + 146.641)) / (37.057 / (37.057 + 204.23))
=0.269927 / 0.153581
=1.7576

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)
=(158.735 / 3567.702) / (125.743 / 3503.931)
=0.044492 / 0.035886
=1.2398

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)
=((250 + 15387.414) / 49929.661) / ((450 + 15229.768) / 49425.186)
=0.313189 / 0.317242
=0.9872

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
=(803.803 - 0 - -350.065) / 49929.661
=0.02311

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.

Empire East Land Holdings has a M-score of -2.27 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 -2.27 mean?
Empire East Land Holdings (PHS:ELI) has a Beneish M-Score of -2.27 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Empire East Land Holdings and its competitors. According to the industry distribution chart, Empire East Land Holdings ranks #943 out of 1682 companies in the Real Estate industry, placing it in the top 56.1%.
Is Empire East Land Holdings' Beneish M-Score too high?
Empire East Land Holdings' current Beneish M-Score is -2.27. Based on the distribution chart, Empire East Land Holdings ranks #943 out of 1682 companies in the Real Estate industry, which is below the industry midpoint.
How does Empire East Land Holdings' Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Empire East Land Holdings ranks #943 out of 1682 companies for Beneish M-Score. This places Empire East Land 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 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 Empire East Land Holdings and its competitors. Empire East Land Holdings's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Empire East Land Holdings stock overvalued right now?
Based on GuruFocus' analysis, Empire East Land Holdings (PHS:ELI) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱0.12, compared to a current price of ₱0.10 — trading 20% below its estimated fair value. The current Beneish M-Score is -2.27. 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 Empire East Land Holdings (PHS:ELI), the current Beneish M-Score is -2.27 as of Jun. 28, 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.

Empire East Land Holdings Business Description

Address The Paddington Place, 632 Shaw Boulevard, 2nd Floor, Barangay Highway Hills, Metro Manila, Mandaluyong, PHL, 1552
Empire East Land Holdings Inc is engaged in the business of real estate development, mass community housing, townhouses, and row houses development. The Company is engaged in the planning, development, marketing, and sale of residential communities in key growth areas of Metro Manila and select provinces in Luzon. The Company also leases out commercial and industrial properties. The Company's core product offerings include: Mid-rise and high-rise residential condominiums, Transit-Oriented Developments located near rail systems and transportation corridors, Urban resort-themed residential communities, Master-planned townships and micro-city developments, House-and-lot and lot-only subdivisions in growth corridors.