SPHXF (SM Prime Holdings) Beneish M-Score: -2.57 (As of Jul. 01, 2026)

What is SM Prime Holdings Beneish M-Score?

SM Prime Holdings SPHXF 49 Beneish M-Score is -2.57 as of Jul. 01, 2026. GuruFocus rates SPHXF with a GF Score™ of 49/100 and a GF Value™ of $0.43 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 1,684 Real Estate companies, SM Prime Holdings ranks better than 63.78% 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SPHXF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.73 Med: -2.51 Max: -1.6
Current: -2.57

During the past 13 years, the highest Beneish M-Score of SM Prime Holdings was -1.60. The lowest was -2.73. And the median was -2.51.

SM Prime Holdings Beneish M-Score Related Terms

SM Prime Holdings Beneish M-Score Historical Data

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The historical data trend for SM Prime 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.

SM Prime Holdings Beneish M-Score Chart

SM Prime Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.34

-2.43

-2.63

-2.38

-2.63

SM Prime Holdings 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															-2.38	-2.29	-2.26	-2.63	-2.57

SM Prime Holdings Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, SM Prime 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.

SM Prime Holdings Beneish M-Score vs Real Estate Industry

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

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

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49GF Score

SM Prime Holdings Inc SPHXF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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SM Prime 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 SM Prime Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0106

0.528 * 0.9787

0.404 * 1.0405

0.892 * 0.9942

0.115 * 1.0049

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9417

4.679 * -0.025363

0.327 * 0.9873

-2.57

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $1,428 Mil.
Revenue was 539.84 + 611.64 + 573.58 + 572.143 = $2,297 Mil.
Gross Profit was 463.704 + 527.433 + 283.529 + 287.892 = $1,563 Mil.
Total Current Assets was $3,584 Mil.
Total Assets was $18,020 Mil.
Property, Plant and Equipment(Net PPE) was $27 Mil.
Depreciation, Depletion and Amortization(DDA) was $257 Mil.
Selling, General, & Admin. Expense(SGA) was $372 Mil.
Total Current Liabilities was $3,109 Mil.
Long-Term Debt & Capital Lease Obligation was $5,564 Mil.
Net Income was 189.155 + 188.285 + 207.402 + 207.673 = $793 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 322.363 + 354.327 + 313.506 + 259.37 = $1,250 Mil.

Total Receivables was $1,421 Mil.
Revenue was 531.645 + 659.046 + 568.986 + 551.034 = $2,311 Mil.
Gross Profit was 454.883 + 548.741 + 269.3 + 265.321 = $1,538 Mil.
Total Current Assets was $3,907 Mil.
Total Assets was $16,985 Mil.
Property, Plant and Equipment(Net PPE) was $25 Mil.
Depreciation, Depletion and Amortization(DDA) was $246 Mil.
Selling, General, & Admin. Expense(SGA) was $397 Mil.
Total Current Liabilities was $3,733 Mil.
Long-Term Debt & Capital Lease Obligation was $4,547 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)
	=	(1428.132 / 2297.203)	/	(1421.465 / 2310.711)
	=	0.621683	/	0.615163
	=	1.0106

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)
	=	(1538.245 / 2310.711)	/	(1562.558 / 2297.203)
	=	0.665702	/	0.6802
	=	0.9787

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 - (3583.989 + 26.985) / 18020.45)	/	(1 - (3907.133 + 24.547) / 16984.983)
	=	0.799618	/	0.76852
	=	1.0405

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
	=	2297.203	/	2310.711
	=	0.9942

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))
	=	(246.401 / (246.401 + 24.547))	/	(256.921 / (256.921 + 26.985))
	=	0.909403	/	0.904951
	=	1.0049

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)
	=	(371.573 / 2297.203)	/	(396.887 / 2310.711)
	=	0.16175	/	0.17176
	=	0.9417

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)
	=	((5564.083 + 3109.16) / 18020.45)	/	((4546.713 + 3733.127) / 16984.983)
	=	0.4813	/	0.48748
	=	0.9873

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
	=	(792.515 - 0	-	1249.566)	/	18020.45
	=	-0.025363

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.

SM Prime Holdings has a M-score of -2.57 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 -2.57 mean?

SM Prime Holdings (SPHXF) has a Beneish M-Score of -2.57 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SM Prime Holdings and its competitors. According to the industry distribution chart, SM Prime Holdings ranks #610 out of 1684 companies in the Real Estate industry, placing it in the top 36.2%.

Is SM Prime Holdings' Beneish M-Score too high?

SM Prime Holdings' current Beneish M-Score is -2.57. Based on the distribution chart, SM Prime Holdings ranks #610 out of 1684 companies in the Real Estate industry, which is above the industry midpoint. Overall, SM Prime Holdings has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does SM Prime Holdings' Beneish M-Score compare to competitors?

According to the Real Estate industry distribution chart, SM Prime Holdings ranks #610 out of 1684 companies for Beneish M-Score. This puts SM Prime Holdings 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 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 SM Prime Holdings and its competitors. SM Prime Holdings's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SM Prime Holdings stock overvalued right now?

Based on GuruFocus' analysis, SM Prime Holdings (SPHXF) is currently considered Possible Value Trap. The stock's GF Value™ is $0.43, compared to a current price of $0.28 — trading 34.9% below its estimated fair value. The current Beneish M-Score is -2.57. SM Prime Holdings' overall GF Score™ is 49/100 with 4 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 SM Prime Holdings (SPHXF), the current Beneish M-Score is -2.57 as of Jul. 01, 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 SM Prime Holdings (SPHXF) Overvalued in 2026?

Based on GuruFocus' analysis, SM Prime Holdings stock appears to be undervalued. The current stock price of $0.28 is trading 34.9% below its estimated GF Value™ of $0.43. GuruFocus considers SM Prime Holdings to be Possible Value Trap.

Key valuation signals for SPHXF:

Beneish M-Score: -2.57
GF Value™: $0.43 vs. price of $0.28 (34.9% below fair value)
GF Score™: 49/100 with 4 warning signs

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

SM Prime Holdings Business Description

Industry Real Estate Real Estate

Comparable Companies PHS:RLC PHS:SHNG PHS:BEL PHS:RCI PHS:ALCO PHS:TFC PHS:KEP PHS:RLT PHS:LAND TSE:8802 TSE:8801 HKSE:00012 XSWX:SPSN BKK:CPN XTAE:MGOR BOM:503100 BOM:533274 SAU:4325 OSTO:BALD B JSE:NRP

Other Exchanges SMPH:Philippines

Address Seashell Lane corner Coral Way, 7th Floor MOA Square, Mall of Asia Complex, Barangay. 76, Zone 10, CBP-1A, Metro Manila, Pasay, PHL, 1300

Website https://www.smprime.com

SM Prime Holdings Inc is an integrated property developer. It is engaged in acquiring and developing real estate, conducting and maintaining commercial shopping centers, and constructing and managing buildings such as condominiums, apartments, hotels, restaurants, stores, and other structures for mixed-use purposes. The company has four business segments, namely, malls, residential, commercial, and integrated property developments and hotels and convention centers. It generates maximum revenue from the Malls segment, which develops, conducts, operates, and maintains the business of commercial shopping centers for rent, amusement centers, or cinema theaters within the compound of the shopping centers.

49GF Score

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

$0.28

Price

$0.43

GF Value

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