SPHL (Springview Holdings) Beneish M-Score: -3.25 (As of Jul. 16, 2026)

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SPHL Springview Holdings Ltd SPHL
18 GF Score
Price $2.72
! 2 Warning Signs
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What is Springview Holdings Beneish M-Score?

Springview Holdings SPHL -3.56% 18 Beneish M-Score is -3.25 as of Jul. 16, 2026. GuruFocus rates SPHL with a GF Score™ of 18/100. The stock has 2 warning signs investors should review. Among 89 Homebuilding & Construction companies, Springview Holdings ranks better than 92.13% 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 -3.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SPHL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25   Med: -2.08   Max: -0.91
Current: -3.25

During the past 4 years, the highest Beneish M-Score of Springview Holdings was -0.91. The lowest was -3.25. And the median was -2.08.

Springview Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Springview 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.

Springview Holdings Beneish M-Score Chart

Springview Holdings Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -0.91 -3.25

Springview Holdings Semi-Annual Data
Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -0.91 0.00 -3.25

SPHL vs DREM, BDCC, DHI: Beneish M-Score Comparison

For the Residential Construction subindustry, Springview 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.

Springview Holdings Beneish M-Score vs Homebuilding & Construction Industry

For the Homebuilding & Construction industry and Consumer Cyclical sector, Springview Holdings's Beneish M-Score distribution charts can be found below:

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


SPHL
18GF Score
Springview Holdings Ltd SPHL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Springview 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 Springview 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 * 0.9016+0.528 * 0.7501+0.404 * 0.4334+0.892 * 0.9272+0.115 * 0.8409
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.9975+4.679 * -0.02957-0.327 * 0.7814
=-3.25

* 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 $4.54 Mil.
Revenue was $6.05 Mil.
Gross Profit was $0.83 Mil.
Total Current Assets was $7.69 Mil.
Total Assets was $8.18 Mil.
Property, Plant and Equipment(Net PPE) was $0.37 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.29 Mil.
Selling, General, & Admin. Expense(SGA) was $2.73 Mil.
Total Current Liabilities was $2.28 Mil.
Long-Term Debt & Capital Lease Obligation was $0.36 Mil.
Net Income was $-1.82 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $-1.58 Mil.
 Total Receivables was $5.43 Mil.
Revenue was $6.53 Mil.
Gross Profit was $0.67 Mil.
Total Current Assets was $7.95 Mil.
Total Assets was $8.54 Mil.
Property, Plant and Equipment(Net PPE) was $0.29 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.17 Mil.
Selling, General, & Admin. Expense(SGA) was $1.47 Mil.
Total Current Liabilities was $2.96 Mil.
Long-Term Debt & Capital Lease Obligation was $0.56 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)
=(4.54 / 6.05) / (5.431 / 6.525)
=0.750413 / 0.832337
=0.9016

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)
=(0.669 / 6.525) / (0.827 / 6.05)
=0.102529 / 0.136694
=0.7501

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 - (7.685 + 0.374) / 8.184) / (1 - (7.947 + 0.292) / 8.54)
=0.015274 / 0.035246
=0.4334

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
=6.05 / 6.525
=0.9272

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))
=(0.17 / (0.17 + 0.292)) / (0.291 / (0.291 + 0.374))
=0.367965 / 0.437594
=0.8409

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)
=(2.73 / 6.05) / (1.474 / 6.525)
=0.45124 / 0.2259
=1.9975

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)
=((0.362 + 2.277) / 8.184) / ((0.56 + 2.964) / 8.54)
=0.322458 / 0.412646
=0.7814

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
=(-1.823 - 0 - -1.581) / 8.184
=-0.02957

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.

Springview Holdings has a M-score of -3.25 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 -3.25 mean?
Springview Holdings (SPHL) has a Beneish M-Score of -3.25 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Springview Holdings and its competitors. According to the industry distribution chart, Springview Holdings ranks #7 out of 89 companies in the Homebuilding & Construction industry, placing it in the top 7.9%.
Is Springview Holdings' Beneish M-Score too high?
Springview Holdings' current Beneish M-Score is -3.25. Based on the distribution chart, Springview Holdings ranks #7 out of 89 companies in the Homebuilding & Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Springview Holdings has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Springview Holdings' Beneish M-Score compare to DREM and BDCC?
According to the Homebuilding & Construction industry distribution chart, Springview Holdings ranks #7 out of 89 companies for Beneish M-Score. This places Springview Holdings in the top 8% 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 Homebuilding & Construction company?
A good Beneish M-Score depends on the Homebuilding & Construction 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 Springview Holdings and its competitors. Springview Holdings's current Beneish M-Score is -3.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Springview Holdings stock overvalued right now?
Springview Holdings (SPHL) has a current Beneish M-Score of -3.25. The current Beneish M-Score is -3.25. Springview Holdings' overall GF Score™ is 18/100 with 2 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 Springview Holdings (SPHL), the current Beneish M-Score is -3.25 as of Jul. 16, 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.

Springview Holdings Business Description

Address 203 Henderson Road, No. 06-01, Henderson Industrial Park, Singapore, SGP, 159546
Springview Holdings Ltd conducts its operations through its indirect wholly-owned subsidiary, which designs and constructs residential and commercial buildings in Singapore. It also provides four main types of work, including new construction, reconstruction, Additions and Alterations (A&A), and other general contracting services such as renovation and design consultation. The company operates and manages its business as a single segment in the development of construction projects. It derives maximum revenue from its Residential Customers.
18GF Score

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

$2.72
Price