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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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Hillstone Networks Co's Beneish M-Score or its related term are showing as below:
SHSE:688030'
s Beneish M-Score Range Over the Past 10 Years
Min: -6.8 Med: -2.09 Max: 7.89
Current: -2.51
During the past 10 years, the highest Beneish M-Score of Hillstone Networks Co was 7.89. The lowest was -6.80. And the median was -2.09.
Hillstone Networks Co Beneish M-Score Related Terms
Hillstone Networks Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Hillstone Networks Co'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.
SHSE:688030 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison
For the Software - Infrastructure subindustry, Hillstone Networks Co'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.
Hillstone Networks Co Beneish M-Score vs Software Industry
For the Software industry and Technology sector, Hillstone Networks Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hillstone Networks Co's Beneish M-Score falls into.
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 Hillstone Networks Co 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 * 1.1043
+
0.528 * 1.0305
+
0.404 * 1.0342
+
0.892 * 0.931
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1746
+
4.679 * -0.002967
-
0.327 * 1.1398
=
-2.51
* 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.
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.
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 + 228.679))
/
(0 / (0 + 231.187))
=
0
/
0
=
1
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
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
=
(-153.619 - 0
-
-148.046)
/
1878.47
=
-0.002967
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.
Hillstone Networks Co has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
Hillstone Networks Co (SHSE:688030) has a Beneish M-Score of -2.51 as of Jul. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hillstone Networks Co and its competitors. According to the industry distribution chart, Hillstone Networks Co ranks #1369 out of 2630 companies in the Software industry, placing it in the top 52.1%.
Is Hillstone Networks Co's Beneish M-Score too high?
Hillstone Networks Co's current Beneish M-Score is -2.51. Based on the distribution chart, Hillstone Networks Co ranks #1369 out of 2630 companies in the Software industry, which is below the industry midpoint. Overall, Hillstone Networks Co has a GF Score™ of 60/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Hillstone Networks Co's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Hillstone Networks Co ranks #1369 out of 2630 companies for Beneish M-Score. This places Hillstone Networks Co 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 Software company?
A good Beneish M-Score depends on the Software 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 Hillstone Networks Co and its competitors. Hillstone Networks Co's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hillstone Networks Co stock overvalued right now?
Based on GuruFocus' analysis, Hillstone Networks Co (SHSE:688030) is currently considered Possible Value Trap. The stock's GF Value™ is ¥21.97, compared to a current price of ¥14.36 — trading 34.6% below its estimated fair value. The current Beneish M-Score is -2.51. Hillstone Networks Co's overall GF Score™ is 60/100 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 Hillstone Networks Co (SHSE:688030), the current Beneish M-Score is -2.51 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.
Is Hillstone Networks Co (SHSE:688030) Overvalued in 2026?
Based on GuruFocus' analysis, Hillstone Networks Co stock appears to be undervalued.
The current stock price of ¥14.36 is trading 34.6% below its estimated GF Value™ of ¥21.97.
GuruFocus considers Hillstone Networks Co to be Possible Value Trap.
Key valuation signals for SHSE:688030:
Beneish M-Score: -2.51
GF Value™: ¥21.97 vs. price of ¥14.36 (34.6% below fair value)
No single metric tells the full story. See the SHSE:688030 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hillstone Networks Co Ltd is a provider of enterprise network security and risk management solutions. Its customers include financial and educational institutions, government and service providers. The company offers visibility, intelligence and protection to ensure enterprises can comprehensively see, thoroughly understand and rapidly act against cyber-threats.
60GF Score
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