Wellex Industries (PHS:WIN) Beneish M-Score: -49.74 (As of Jun. 24, 2026)


PHS:WIN Wellex Industries Inc PHS:WIN
35 GF Score
Price ₱0.30
GF Value ₱0.16
Valuation Significantly Overvalued
! 5 Warning Signs
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What is Wellex Industries Beneish M-Score?

Wellex Industries PHS:WIN -3.23% 35 Beneish M-Score is -49.74 as of Jun. 24, 2026. GuruFocus rates PHS:WIN with a GF Score™ of 35/100 and a GF Value™ of ₱0.16 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,681 Real Estate companies, Wellex Industries ranks better than 99.82% 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 -49.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PHS:WIN' s Beneish M-Score Range Over the Past 10 Years
Min: -124.72   Med: -2.47   Max: 21.38
Current: -49.74

During the past 13 years, the highest Beneish M-Score of Wellex Industries was 21.38. The lowest was -124.72. And the median was -2.47.

Wellex Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Wellex Industries'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.

Wellex Industries Beneish M-Score Chart

Wellex Industries 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 6.90 -2.66 -2.36 -124.72 -2.48

Wellex Industries 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 -2.76 -3.45 4.26 -2.48 -49.74

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

For the Real Estate Services subindustry, Wellex Industries'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.

Wellex Industries Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Wellex Industries's Beneish M-Score distribution charts can be found below:

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


PHS:WIN
35GF Score
Wellex Industries Inc PHS:WIN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Wellex Industries 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 Wellex Industries 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 * -49.8498+0.528 * 1.0322+0.404 * 1.0042+0.892 * 0.6427+0.115 * 0.2848
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.8603+4.679 * -0.004027-0.327 * 0.7804
=-49.74

* 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 ₱-74.68 Mil.
Revenue was 4.263 + 4.565 + 4.999 + 6.698 = ₱20.53 Mil.
Gross Profit was 3.497 + -1.468 + 4.045 + 5.931 = ₱12.01 Mil.
Total Current Assets was ₱57.16 Mil.
Total Assets was ₱1,812.21 Mil.
Property, Plant and Equipment(Net PPE) was ₱0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱0.14 Mil.
Selling, General, & Admin. Expense(SGA) was ₱5.73 Mil.
Total Current Liabilities was ₱12.28 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0.00 Mil.
Net Income was -4.336 + -6.008 + -1.488 + -0.943 = ₱-12.78 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0.00 Mil.
Cash Flow from Operations was -7.892 + 8.189 + -2.713 + -3.061 = ₱-5.48 Mil.
 Total Receivables was ₱2.33 Mil.
Revenue was 7.742 + 8.091 + 7.081 + 9.022 = ₱31.94 Mil.
Gross Profit was 6.902 + -1.651 + 5.774 + 8.256 = ₱19.28 Mil.
Total Current Assets was ₱64.79 Mil.
Total Assets was ₱1,825.77 Mil.
Property, Plant and Equipment(Net PPE) was ₱0.37 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱0.07 Mil.
Selling, General, & Admin. Expense(SGA) was ₱4.80 Mil.
Total Current Liabilities was ₱15.80 Mil.
Long-Term Debt & Capital Lease Obligation was ₱0.05 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)
=(-74.681 / 20.525) / (2.331 / 31.936)
=-3.638538 / 0.07299
=-49.8498

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)
=(19.281 / 31.936) / (12.005 / 20.525)
=0.603739 / 0.584896
=1.0322

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 - (57.156 + 0.109) / 1812.214) / (1 - (64.791 + 0.37) / 1825.77)
=0.968401 / 0.96431
=1.0042

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
=20.525 / 31.936
=0.6427

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))
=(0.07 / (0.07 + 0.37)) / (0.138 / (0.138 + 0.109))
=0.159091 / 0.558704
=0.2848

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)
=(5.733 / 20.525) / (4.795 / 31.936)
=0.279318 / 0.150144
=1.8603

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 + 12.276) / 1812.214) / ((0.047 + 15.801) / 1825.77)
=0.006774 / 0.00868
=0.7804

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
=(-12.775 - 0 - -5.477) / 1812.214
=-0.004027

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.

Wellex Industries has a M-score of -49.74 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 -49.74 mean?
Wellex Industries (PHS:WIN) has a Beneish M-Score of -49.74 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Wellex Industries and its competitors. According to the industry distribution chart, Wellex Industries ranks #3 out of 1681 companies in the Real Estate industry, placing it in the top 0.2%.
Is Wellex Industries' Beneish M-Score too high?
Wellex Industries' current Beneish M-Score is -49.74. Based on the distribution chart, Wellex Industries ranks #3 out of 1681 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Wellex Industries has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Wellex Industries' Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Wellex Industries ranks #3 out of 1681 companies for Beneish M-Score. This places Wellex Industries in the top 0% 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 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 Wellex Industries and its competitors. Wellex Industries's current Beneish M-Score is -49.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wellex Industries stock overvalued right now?
Based on GuruFocus' analysis, Wellex Industries (PHS:WIN) is currently considered Significantly Overvalued. The stock's GF Value™ is ₱0.16, compared to a current price of ₱0.30 — trading 87.5% above its estimated fair value. The current Beneish M-Score is -49.74. Wellex Industries' overall GF Score™ is 35/100 with 5 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 Wellex Industries (PHS:WIN), the current Beneish M-Score is -49.74 as of Jun. 24, 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 Wellex Industries (PHS:WIN) Overvalued in 2026?

Based on GuruFocus' analysis, Wellex Industries stock appears to be overvalued. The current stock price of ₱0.30 is trading 87.5% above its estimated GF Value™ of ₱0.16. GuruFocus considers Wellex Industries to be Significantly Overvalued.

Key valuation signals for PHS:WIN:

  • Beneish M-Score: -49.74
  • GF Value™: ₱0.16 vs. price of ₱0.30 (87.5% above fair value)
  • GF Score™: 35/100 with 5 warning signs

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

Wellex Industries Business Description

Address Dona Julia Vargas Avenue corner Meralco Avenues, 35th Floor, One Corporate Center, Ortigas Center, Pasig City, PHL, 1605
Wellex Industries Inc is a Philippines-based company engaged in the business of development operation of all types of business enterprises, including enterprises engaged in the business of real estate development. The company is also involved in the mining activities and Oil exploration. The group leases its idle properties as warehouses to third parties. Geographically the company offers its services only to the Philippines market.
35GF Score

Get the complete analysis for PHS:WIN

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

₱0.30
Price
₱0.16
GF Value