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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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Welltend Technology's Beneish M-Score or its related term are showing as below:
TPE:3021'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.55 Max: -1.86
Current: -2.9
During the past 13 years, the highest Beneish M-Score of Welltend Technology was -1.86. The lowest was -3.17. And the median was -2.55.
Welltend Technology Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Welltend Technology'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.
TPE:3021 vs DELL, ANET, SNDK: Beneish M-Score Comparison
For the Computer Hardware subindustry, Welltend Technology'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.
Welltend Technology Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, Welltend Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Welltend Technology'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 Welltend Technology 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 * 0.9538
+
0.528 * 0.9724
+
0.404 * 0.9798
+
0.892 * 0.9732
+
0.115 * 1.0116
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1146
+
4.679 * -0.067427
-
0.327 * 0.9807
=
-2.90
* 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))
=
(79.65 / (79.65 + 541.033))
/
(81.674 / (81.674 + 562.186))
=
0.128326
/
0.126851
=
1.0116
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
=
(54.911 - 0
-
267.526)
/
3153.257
=
-0.067427
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.
Welltend Technology has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
Welltend Technology (TPE:3021) has a Beneish M-Score of -2.90 as of Aug. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Welltend Technology and its competitors. According to the industry distribution chart, Welltend Technology ranks #483 out of 2401 companies in the Hardware industry, placing it in the top 20.1%.
Is Welltend Technology's Beneish M-Score too high?
Welltend Technology's current Beneish M-Score is -2.90. Based on the distribution chart, Welltend Technology ranks #483 out of 2401 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Welltend Technology has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Welltend Technology's Beneish M-Score compare to DELL and ANET?
According to the Hardware industry distribution chart, Welltend Technology ranks #483 out of 2401 companies for Beneish M-Score. This places Welltend Technology in the top 20% 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Welltend Technology and its competitors. Welltend Technology's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Welltend Technology stock overvalued right now?
Based on GuruFocus' analysis, Welltend Technology (TPE:3021) is currently considered Fairly Valued. The stock's GF Value™ is NT$21.17, compared to a current price of NT$21.05 — trading 0.6% below its estimated fair value. The current Beneish M-Score is -2.90. Welltend Technology's overall GF Score™ is 72/100 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 Welltend Technology (TPE:3021), the current Beneish M-Score is -2.90 as of Aug. 05, 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 Welltend Technology (TPE:3021) Overvalued in 2026?
Based on GuruFocus' analysis, Welltend Technology stock appears to be undervalued.
The current stock price of NT$21.05 is trading 0.6% below its estimated GF Value™ of NT$21.17.
GuruFocus considers Welltend Technology to be Fairly Valued.
Key valuation signals for TPE:3021:
Beneish M-Score: -2.90
GF Value™: NT$21.17 vs. price of NT$21.05 (0.6% below fair value)
No single metric tells the full story. See the TPE:3021 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Welltend Technology Corp is engaged in manufacturing and selling electronic components and wire connectors, and providing information system integration and consulting services. Its product portfolio includes connectors, wires, and cable assemblies used in printers, copiers, USB cables, wire harnesses, automotive infotainment systems, and home appliances, among other products. The Group's system integration and consulting services business offers database prevention, database upgrade, server virtualization, BPM flow system, and other IT-related products and services. Its operating segments are: Wire and connectors, which generate maximum revenue, and Information services. Geographically, the Group derives maximum revenue from Taiwan, followed by Mainland China, Philippines, and Thailand.
72GF Score
Get the complete analysis for TPE:3021
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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