ITH (TPE:6962) Beneish M-Score: -2.21 (As of Jun. 27, 2026)


TPE:6962 ITH Corp TPE:6962
21 GF Score
Price NT$36.60
! 5 Warning Signs
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What is ITH Beneish M-Score?

ITH TPE:6962 -6.15% 21 Beneish M-Score is -2.21 as of Jun. 27, 2026. GuruFocus rates TPE:6962 with a GF Score™ of 21/100. The stock has 5 warning signs investors should review. Among 2,404 Hardware companies, ITH ranks worse than 69.55% 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 -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:6962' s Beneish M-Score Range Over the Past 10 Years
Min: -2.21   Med: -2.21   Max: -2.21
Current: -2.21

During the past 5 years, the highest Beneish M-Score of ITH was -2.21. The lowest was -2.21. And the median was -2.21.

ITH Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ITH'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.

ITH Beneish M-Score Chart

ITH Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00 -2.21

ITH Quarterly Data
Dec21 Dec22 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.06 -2.21

TPE:6962 vs APH, GLW, TEL: Beneish M-Score Comparison

For the Electronic Components subindustry, ITH'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.

ITH Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, ITH's Beneish M-Score distribution charts can be found below:

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


TPE:6962
21GF Score
ITH Corp TPE:6962
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ITH 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 ITH 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 * 1.0575+0.528 * 0.9879+0.404 * 1.4044+0.892 * 0.8497+0.115 * 0.7219
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3031+4.679 * 0.043521-0.327 * 0.7746
=-2.21

* 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 NT$3,106 Mil.
Revenue was 4729.846 + 5107.649 + 4672.327 + 4575.248 = NT$19,085 Mil.
Gross Profit was 820.774 + 1082.225 + 1137.721 + 2140.196 = NT$5,181 Mil.
Total Current Assets was NT$11,416 Mil.
Total Assets was NT$25,618 Mil.
Property, Plant and Equipment(Net PPE) was NT$855 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$509 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,446 Mil.
Total Current Liabilities was NT$4,938 Mil.
Long-Term Debt & Capital Lease Obligation was NT$47 Mil.
Net Income was 131.282 + 293.714 + 13.256 + 926.035 = NT$1,364 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 578.783 + -113.416 + -382.775 + 166.772 = NT$249 Mil.
 Total Receivables was NT$3,457 Mil.
Revenue was 5342.297 + 5865.818 + 6199.36 + 5054.09 = NT$22,462 Mil.
Gross Profit was 1259.411 + 1384.776 + 2243.969 + 1135.632 = NT$6,024 Mil.
Total Current Assets was NT$16,227 Mil.
Total Assets was NT$27,229 Mil.
Property, Plant and Equipment(Net PPE) was NT$900 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$332 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,306 Mil.
Total Current Liabilities was NT$6,816 Mil.
Long-Term Debt & Capital Lease Obligation was NT$25 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)
=(3105.933 / 19085.07) / (3456.599 / 22461.565)
=0.162742 / 0.153889
=1.0575

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)
=(6023.788 / 22461.565) / (5180.916 / 19085.07)
=0.268182 / 0.271464
=0.9879

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 - (11415.583 + 854.933) / 25618.137) / (1 - (16226.614 + 900.324) / 27228.84)
=0.521022 / 0.371
=1.4044

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
=19085.07 / 22461.565
=0.8497

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))
=(332.155 / (332.155 + 900.324)) / (509.259 / (509.259 + 854.933))
=0.269502 / 0.373304
=0.7219

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)
=(1445.907 / 19085.07) / (1305.89 / 22461.565)
=0.075761 / 0.058139
=1.3031

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)
=((47.351 + 4938.269) / 25618.137) / ((25.218 + 6816.202) / 27228.84)
=0.194613 / 0.251256
=0.7746

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
=(1364.287 - 0 - 249.364) / 25618.137
=0.043521

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.

ITH has a M-score of -2.21 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 -2.21 mean?
ITH (TPE:6962) has a Beneish M-Score of -2.21 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ITH and its competitors. According to the industry distribution chart, ITH ranks #1672 out of 2404 companies in the Hardware industry, placing it in the top 69.6%.
Is ITH's Beneish M-Score too high?
ITH's current Beneish M-Score is -2.21. Based on the distribution chart, ITH ranks #1672 out of 2404 companies in the Hardware industry, which is below the industry midpoint. Overall, ITH has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does ITH's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, ITH ranks #1672 out of 2404 companies for Beneish M-Score. This places ITH 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 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 ITH and its competitors. ITH's current Beneish M-Score is -2.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ITH stock overvalued right now?
ITH (TPE:6962) has a current Beneish M-Score of -2.21. The current Beneish M-Score is -2.21. ITH's overall GF Score™ is 21/100 with 5 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 ITH (TPE:6962), the current Beneish M-Score is -2.21 as of Jun. 27, 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.

ITH Business Description

Address Taiyuan 2nd Street, 10th Floor, No. 1, Hsinchu County, Zhubei City, TWN
ITH Corp is engaged in investment holdings. It is mainly engaged in the IC design industry and operates mainly in Hsinchu, Taiwan. It is a professional panel driver and touch IC design company possessing two core technologies of display and touch, focusing on the integration of panel display and touch-related technologies and expanding into diverse product applications. It specializes in display driver and touch IC design for Smart Mobile Devices, and Industrial Control & Automotive products. Its main customers are panel suppliers in Taiwan, China, Japan, and South Korea, as well as globally renowned brands. Its product lines cover mobile phones, tablets, laptops, industrial controls, e-sports, wearables, TVs, and automotive applications. It generates majority of its revenue from China.
21GF Score

Get the complete analysis for TPE:6962

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

NT$36.60
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