Vinh Hoan (STC:VHC) Beneish M-Score: -2.48 (As of Jun. 28, 2026)

What is Vinh Hoan Beneish M-Score?

Vinh Hoan STC:VHC -1.64% 98 Beneish M-Score is -2.48 as of Jun. 28, 2026. GuruFocus rates STC:VHC with a GF Score™ of 98/100 and a GF Value™ of ₫71,720.87 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,849 Consumer Packaged Goods companies, Vinh Hoan ranks worse than 53.7% 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

STC:VHC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.4 Max: -1.18
Current: -2.48

During the past 13 years, the highest Beneish M-Score of Vinh Hoan was -1.18. The lowest was -3.08. And the median was -2.40.

Vinh Hoan Beneish M-Score Related Terms

Vinh Hoan Beneish M-Score Historical Data

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The historical data trend for Vinh Hoan'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.

Vinh Hoan Beneish M-Score Chart

Vinh Hoan Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.82

-2.31

-2.30

-2.58

-2.88

Vinh Hoan 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															-2.89	-2.47	-2.88	-2.88	-2.48

STC:VHC vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, Vinh Hoan'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.

Vinh Hoan Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Vinh Hoan's Beneish M-Score distribution charts can be found below:

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

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98GF Score

Vinh Hoan Corp STC:VHC

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

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Vinh Hoan 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 Vinh Hoan 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 * 1.1068

0.528 * 0.9533

0.404 * 1.0049

0.892 * 1.0024

0.115 * 0.9181

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8901

4.679 * -0.025962

0.327 * 0.8817

-2.48

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was ₫2,083,068 Mil.
Revenue was 2954597.338 + 2714953.08 + 3471037.41 + 3193505.18 = ₫12,334,093 Mil.
Gross Profit was 431450.49 + 428864.95 + 583862.683 + 623051.244 = ₫2,067,229 Mil.
Total Current Assets was ₫9,682,982 Mil.
Total Assets was ₫13,755,884 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,813,549 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫489,170 Mil.
Selling, General, & Admin. Expense(SGA) was ₫535,778 Mil.
Total Current Liabilities was ₫3,372,748 Mil.
Long-Term Debt & Capital Lease Obligation was ₫0 Mil.
Net Income was 266164.835 + 222216.531 + 432997.806 + 498582.591 = ₫1,419,962 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was -388990.019 + 425282.093 + 1256323.784 + 484471.66 = ₫1,777,088 Mil.

Total Receivables was ₫1,877,597 Mil.
Revenue was 2647813.676 + 3183458.453 + 3277906.461 + 3195660.084 = ₫12,304,839 Mil.
Gross Profit was 337240.736 + 581514.732 + 578592.925 + 468709.061 = ₫1,966,057 Mil.
Total Current Assets was ₫8,680,596 Mil.
Total Assets was ₫12,822,194 Mil.
Property, Plant and Equipment(Net PPE) was ₫2,973,400 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫467,979 Mil.
Selling, General, & Admin. Expense(SGA) was ₫600,496 Mil.
Total Current Liabilities was ₫3,565,548 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)
	=	(2083068.201 / 12334093.008)	/	(1877596.56 / 12304838.674)
	=	0.168887	/	0.15259
	=	1.1068

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)
	=	(1966057.454 / 12304838.674)	/	(2067229.367 / 12334093.008)
	=	0.159779	/	0.167603
	=	0.9533

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 - (9682981.517 + 2813548.865) / 13755884.215)	/	(1 - (8680595.737 + 2973400.459) / 12822194.183)
	=	0.09155	/	0.091107
	=	1.0049

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
	=	12334093.008	/	12304838.674
	=	1.0024

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))
	=	(467979.223 / (467979.223 + 2973400.459))	/	(489169.502 / (489169.502 + 2813548.865))
	=	0.135986	/	0.148111
	=	0.9181

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)
	=	(535777.8 / 12334093.008)	/	(600496.316 / 12304838.674)
	=	0.043439	/	0.048802
	=	0.8901

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 + 3372748.217) / 13755884.215)	/	((0 + 3565547.705) / 12822194.183)
	=	0.245186	/	0.278076
	=	0.8817

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
	=	(1419961.763 - 0	-	1777087.518)	/	13755884.215
	=	-0.025962

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.

Vinh Hoan has a M-score of -2.48 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 -2.48 mean?

Vinh Hoan (STC:VHC) has a Beneish M-Score of -2.48 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vinh Hoan and its competitors. According to the industry distribution chart, Vinh Hoan ranks #993 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 53.7%.

Is Vinh Hoan's Beneish M-Score too high?

Vinh Hoan's current Beneish M-Score is -2.48. Based on the distribution chart, Vinh Hoan ranks #993 out of 1849 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Vinh Hoan has a GF Score™ of 98/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Vinh Hoan's Beneish M-Score compare to KHC and GIS?

According to the Consumer Packaged Goods industry distribution chart, Vinh Hoan ranks #993 out of 1849 companies for Beneish M-Score. This places Vinh Hoan 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 Consumer Packaged Goods company?

A good Beneish M-Score depends on the Consumer Packaged Goods 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 Vinh Hoan and its competitors. Vinh Hoan's current Beneish M-Score is -2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Vinh Hoan stock overvalued right now?

Based on GuruFocus' analysis, Vinh Hoan (STC:VHC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₫71,720.87, compared to a current price of ₫60,100.00 — trading 16.2% below its estimated fair value. The current Beneish M-Score is -2.48. Vinh Hoan's overall GF Score™ is 98/100 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 Vinh Hoan (STC:VHC), the current Beneish M-Score is -2.48 as of Jun. 28, 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 Vinh Hoan (STC:VHC) Overvalued in 2026?

Based on GuruFocus' analysis, Vinh Hoan stock appears to be undervalued. The current stock price of ₫60,100.00 is trading 16.2% below its estimated GF Value™ of ₫71,720.87. GuruFocus considers Vinh Hoan to be Modestly Undervalued.

Key valuation signals for STC:VHC:

Beneish M-Score: -2.48
GF Value™: ₫71,720.87 vs. price of ₫60,100.00 (16.2% below fair value)
GF Score™: 98/100 with 2 warning signs

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

Vinh Hoan Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies HSTC:IDP HSTC:AIG STC:VCF HSTC:MPC HSTC:SEA STC:FMC STC:IDI HSTC:NCG HSTC:GCF HSTC:BNA XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 SHSE:603288 NSE:NESTLEIND KHC SHSE:600887 SZSE:300999 GIS

Address National Highway 30, Ward 11, My Ngai Ward, Dong Thap Province, Cao Lanh City, VNM

Website https://www.vinhhoan.com

Vinh Hoan Corp is Vietnam-based seafood exporters. The group along with its subsidiary operates in the business divison of VINH Foods, VINH Wellness, VINH Agriculture, VINH Technology, and others. The Group's operations include the purchase and sale of aquatic products and raw materials for production and processing, as well as the manufacture of aquatic feed. In addition, the Group produces and sells food products such as shrimp crackers, rice noodles, and pho noodles, along with processing and preserving fruits and vegetables, and others.

98GF Score

Get the complete analysis for STC:VHC

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

₫60,100.00

Price

₫71,720.87

GF Value

View STC:VHC Analysis

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