Techstorm Advanced Material (SHSE:601026) Beneish M-Score: 0.00 (As of Jul. 23, 2026)

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SHSE:601026 Techstorm Advanced Material Corp Ltd SHSE:601026
30 GF Score
Price ¥15.40
! 3 Warning Signs
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What is Techstorm Advanced Material Beneish M-Score?

Techstorm Advanced Material SHSE:601026 +6.35% 30 Beneish M-Score is 0.00 as of Jul. 23, 2026. GuruFocus rates SHSE:601026 with a GF Score™ of 30/100. The stock has 3 warning signs investors should review. Among 1,526 Chemicals companies, Techstorm Advanced Material ranks worse than 65530.73% 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.

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

During the past 6 years, the highest Beneish M-Score of Techstorm Advanced Material was -1.54. The lowest was -4.12. And the median was -3.65.

Techstorm Advanced Material Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Techstorm Advanced Material'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.

Techstorm Advanced Material Beneish M-Score Chart

Techstorm Advanced Material Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 -4.12 -1.54

Techstorm Advanced Material Quarterly Data
Dec20 Dec21 Dec22 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 0.00 -3.65 0.00 -1.54 0.00

SHSE:601026 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Techstorm Advanced Material'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.

Techstorm Advanced Material Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Techstorm Advanced Material's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Techstorm Advanced Material's Beneish M-Score falls into.


SHSE:601026
30GF Score
Techstorm Advanced Material Corp Ltd SHSE:601026
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Techstorm Advanced Material 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 Techstorm Advanced Material 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 ¥1,568 Mil.
Revenue was 675.936 + 797.871 + 912.838 + 950.283 = ¥3,337 Mil.
Gross Profit was 91.793 + 106.073 + 138.522 + 126.385 = ¥463 Mil.
Total Current Assets was ¥3,066 Mil.
Total Assets was ¥4,191 Mil.
Property, Plant and Equipment(Net PPE) was ¥897 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥74 Mil.
Total Current Liabilities was ¥1,148 Mil.
Long-Term Debt & Capital Lease Obligation was ¥318 Mil.
Net Income was 30.915 + 49.153 + 67.171 + 55.245 = ¥202 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -318.242 + 410.744 + -80.388 + 66.783 = ¥79 Mil.
 Total Receivables was ¥0 Mil.
Revenue was 834.521 + 1112.501 + 909.444 + 715.033 = ¥3,571 Mil.
Gross Profit was 95.436 + 99.186 + 909.444 + -342.221 = ¥762 Mil.
Total Current Assets was ¥0 Mil.
Total Assets was ¥3,866 Mil.
Property, Plant and Equipment(Net PPE) was ¥0 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥72 Mil.
Total Current Liabilities was ¥0 Mil.
Long-Term Debt & Capital Lease Obligation was ¥0 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)
=(1568.233 / 3336.928) / (0 / 3571.499)
=0.469963 / 0
=

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)
=(761.845 / 3571.499) / (462.773 / 3336.928)
=0.213312 / 0.138682
=

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 - (3066.036 + 896.97) / 4191.328) / (1 - (0 + 0) / 3866.355)
=0.054475 / 1
=

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
=3336.928 / 3571.499
=

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 / (0 + 0)) / (0 / (0 + 896.97))
= / 0
=

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)
=(74.151 / 3336.928) / (72.335 / 3571.499)
=0.022221 / 0.020253
=

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)
=((318.056 + 1148.247) / 4191.328) / ((0 + 0) / 3866.355)
=0.349842 / 0
=

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
=(202.484 - 0 - 78.897) / 4191.328
=0.029486

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Techstorm Advanced Material (SHSE:601026) has a Beneish M-Score of 0.00 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Techstorm Advanced Material and its competitors. According to the industry distribution chart, Techstorm Advanced Material ranks #999999 out of 1526 companies in the Chemicals industry.
Is Techstorm Advanced Material's Beneish M-Score too high?
Techstorm Advanced Material's current Beneish M-Score is 0.00. Based on the distribution chart, Techstorm Advanced Material ranks #999999 out of 1526 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Techstorm Advanced Material has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does Techstorm Advanced Material's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Techstorm Advanced Material ranks #999999 out of 1526 companies for Beneish M-Score. This places Techstorm Advanced Material 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Techstorm Advanced Material and its competitors. Techstorm Advanced Material's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Techstorm Advanced Material stock overvalued right now?
Techstorm Advanced Material (SHSE:601026) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Techstorm Advanced Material's overall GF Score™ is 30/100 with 3 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 Techstorm Advanced Material (SHSE:601026), the current Beneish M-Score is 0.00 as of Jul. 23, 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.

Techstorm Advanced Material Business Description

Address No.308 Pingda Road, Lin-Gang Special Area of China, Pilot Free Trade Zone, Shanghai, CHN
Techstorm Advanced Material Corp Ltd is engaged in the manufacturing and development of chemical products related to: Wind Energy, Composites, Automotive, Electric, and Photovoltaic. Its products are Adhesives (Onshore, Offshore), Various auxiliary adhesive systems, Gas cylinder wound resin, Cable mandrel pultrusion resin, Silicone sealant for solar photovoltaic modules, and Others.
30GF Score

Get the complete analysis for SHSE:601026

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

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