Harbor Star Shipping Services (PHS:TUGS) Beneish M-Score: -2.67 (As of Jun. 27, 2026)


PHS:TUGS Harbor Star Shipping Services Inc PHS:TUGS
56 GF Score
Price ₱0.84
GF Value ₱0.61
Valuation Significantly Overvalued
! 7 Warning Signs
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What is Harbor Star Shipping Services Beneish M-Score?

Harbor Star Shipping Services PHS:TUGS +2.44% 56 Beneish M-Score is -2.67 as of Jun. 27, 2026. GuruFocus rates PHS:TUGS with a GF Score™ of 56/100 and a GF Value™ of ₱0.61 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 966 Transportation companies, Harbor Star Shipping Services ranks better than 57.87% 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Harbor Star Shipping Services's Beneish M-Score or its related term are showing as below:

PHS:TUGS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.25   Med: -2.78   Max: -1.05
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Harbor Star Shipping Services was -1.05. The lowest was -4.25. And the median was -2.78.

Harbor Star Shipping Services Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Harbor Star Shipping Services'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.

Harbor Star Shipping Services Beneish M-Score Chart

Harbor Star Shipping Services 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 -2.80 -2.94 -2.86 -2.83 -2.85

Harbor Star Shipping Services 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 -2.82 -3.17 -3.53 -2.85 -2.67

Harbor Star Shipping Services Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Harbor Star Shipping Services'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.

Harbor Star Shipping Services Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Harbor Star Shipping Services's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Harbor Star Shipping Services's Beneish M-Score falls into.


PHS:TUGS
56GF Score
Harbor Star Shipping Services Inc PHS:TUGS
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Harbor Star Shipping Services 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 Harbor Star Shipping Services 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 * 1.1761+0.528 * 1.184+0.404 * 1.4335+0.892 * 0.8775+0.115 * 0.9104
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0182+4.679 * -0.10993-0.327 * 0.9549
=-2.67

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₱1,235 Mil.
Revenue was 610.671 + 684.99 + 812.216 + 632.789 = ₱2,741 Mil.
Gross Profit was 184.63 + 96.317 + 241.304 + 167.165 = ₱689 Mil.
Total Current Assets was ₱2,068 Mil.
Total Assets was ₱7,173 Mil.
Property, Plant and Equipment(Net PPE) was ₱4,490 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱627 Mil.
Selling, General, & Admin. Expense(SGA) was ₱291 Mil.
Total Current Liabilities was ₱3,094 Mil.
Long-Term Debt & Capital Lease Obligation was ₱1,157 Mil.
Net Income was 27.463 + 1.032 + 37.228 + -35.999 = ₱30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 48.319 + 226.638 + 320.345 + 222.922 = ₱818 Mil.
 Total Receivables was ₱1,197 Mil.
Revenue was 634.087 + 761.505 + 885.651 + 841.944 = ₱3,123 Mil.
Gross Profit was 182.65 + 239.178 + 243.838 + 264.503 = ₱930 Mil.
Total Current Assets was ₱2,198 Mil.
Total Assets was ₱7,332 Mil.
Property, Plant and Equipment(Net PPE) was ₱4,696 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱590 Mil.
Selling, General, & Admin. Expense(SGA) was ₱325 Mil.
Total Current Liabilities was ₱2,131 Mil.
Long-Term Debt & Capital Lease Obligation was ₱2,420 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)
=(1235.21 / 2740.666) / (1196.888 / 3123.187)
=0.450697 / 0.383226
=1.1761

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)
=(930.169 / 3123.187) / (689.416 / 2740.666)
=0.297827 / 0.251551
=1.184

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 - (2067.882 + 4489.517) / 7172.777) / (1 - (2197.504 + 4695.609) / 7331.93)
=0.085794 / 0.05985
=1.4335

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
=2740.666 / 3123.187
=0.8775

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))
=(590.108 / (590.108 + 4695.609)) / (627.488 / (627.488 + 4489.517))
=0.111642 / 0.122628
=0.9104

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)
=(290.595 / 2740.666) / (325.241 / 3123.187)
=0.106031 / 0.104138
=1.0182

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)
=((1156.936 + 3093.595) / 7172.777) / ((2419.648 + 2130.576) / 7331.93)
=0.592592 / 0.620604
=0.9549

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
=(29.724 - 0 - 818.224) / 7172.777
=-0.10993

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.

Harbor Star Shipping Services has a M-score of -2.67 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 -2.67 mean?
Harbor Star Shipping Services (PHS:TUGS) has a Beneish M-Score of -2.67 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Harbor Star Shipping Services and its competitors. According to the industry distribution chart, Harbor Star Shipping Services ranks #407 out of 966 companies in the Transportation industry, placing it in the top 42.1%.
Is Harbor Star Shipping Services' Beneish M-Score too high?
Harbor Star Shipping Services' current Beneish M-Score is -2.67. Based on the distribution chart, Harbor Star Shipping Services ranks #407 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, Harbor Star Shipping Services has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Harbor Star Shipping Services' Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, Harbor Star Shipping Services ranks #407 out of 966 companies for Beneish M-Score. This puts Harbor Star Shipping Services 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 Harbor Star Shipping Services and its competitors. Harbor Star Shipping Services's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harbor Star Shipping Services stock overvalued right now?
Based on GuruFocus' analysis, Harbor Star Shipping Services (PHS:TUGS) is currently considered Significantly Overvalued. The stock's GF Value™ is ₱0.61, compared to a current price of ₱0.84 — trading 37.7% above its estimated fair value. The current Beneish M-Score is -2.67. Harbor Star Shipping Services' overall GF Score™ is 56/100 with 7 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 Harbor Star Shipping Services (PHS:TUGS), the current Beneish M-Score is -2.67 as of Jun. 27, 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 Harbor Star Shipping Services (PHS:TUGS) Overvalued in 2026?

Based on GuruFocus' analysis, Harbor Star Shipping Services stock appears to be overvalued. The current stock price of ₱0.84 is trading 37.7% above its estimated GF Value™ of ₱0.61. GuruFocus considers Harbor Star Shipping Services to be Significantly Overvalued.

Key valuation signals for PHS:TUGS:

  • Beneish M-Score: -2.67
  • GF Value™: ₱0.61 vs. price of ₱0.84 (37.7% above fair value)
  • GF Score™: 56/100 with 7 warning signs

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

Harbor Star Shipping Services Business Description

Address 2224 A. Bonifacio Street corner Pres. Sergio Osmena Highway, Bangkal, Makati, PHL, 1233
Harbor Star Shipping Services Inc is an integrated maritime service provider. The service lines include harbor assistance, lighterage, towing, ship salvage, marine construction, repair, and maintenance works, wreck removal, firefighting, oil spill abatement and recovery, handling hazardous chemicals, ship and crew management, diving, and underwater marine works. Other marine services include oil and chemical spill response, diving and underwater work, and ship and crew management. The company operates in two segments: Harbor assistance and Renewable energy. It generates maximum revenue from the Harbor assistance segment.
56GF Score

Get the complete analysis for PHS:TUGS

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

₱0.84
Price
₱0.61
GF Value