Upper Tamakoshi Hydropower (XNEP:UPPER) Beneish M-Score: 0.00 (As of Jun. 28, 2026)


XNEP:UPPER Upper Tamakoshi Hydropower Ltd XNEP:UPPER
54 GF Score
Price NPR194.00
GF Value NPR201.24
Valuation Fairly Valued
! 2 Warning Signs
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What is Upper Tamakoshi Hydropower Beneish M-Score?

Upper Tamakoshi Hydropower XNEP:UPPER 54 Beneish M-Score is 0.00 as of Jun. 28, 2026. GuruFocus rates XNEP:UPPER with a GF Score™ of 54/100 and a GF Value™ of NPR201.24 (Fairly Valued). The stock has 2 warning signs investors should review. Among 390 Utilities - Independent Power Producers companies, Upper Tamakoshi Hydropower ranks worse than 256410% 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.

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

During the past 7 years, the highest Beneish M-Score of Upper Tamakoshi Hydropower was 346.95. The lowest was 346.95. And the median was 346.95.

Upper Tamakoshi Hydropower Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Upper Tamakoshi Hydropower'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.

Upper Tamakoshi Hydropower Beneish M-Score Chart

Upper Tamakoshi Hydropower Annual Data
Trend Jul18 Jul19 Jul20 Jul21 Jul22 Jul24 Jul25
Beneish M-Score
Get a 7-Day Free Trial 0.00 0.00 0.00 346.95 0.00

Upper Tamakoshi Hydropower Quarterly Data
Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

Upper Tamakoshi Hydropower Beneish M-Score Competitor Comparison

For the Utilities - Renewable subindustry, Upper Tamakoshi Hydropower'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.

Upper Tamakoshi Hydropower Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Upper Tamakoshi Hydropower's Beneish M-Score distribution charts can be found below:

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


XNEP:UPPER
54GF Score
Upper Tamakoshi Hydropower Ltd XNEP:UPPER
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Upper Tamakoshi Hydropower 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 Upper Tamakoshi Hydropower 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jul25) TTM:Last Year (Jul24) TTM:
Total Receivables was NPR0 Mil.
Revenue was NPR6,924 Mil.
Gross Profit was NPR6,745 Mil.
Total Current Assets was NPR5,719 Mil.
Total Assets was NPR84,402 Mil.
Property, Plant and Equipment(Net PPE) was NPR78,683 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR3,592 Mil.
Selling, General, & Admin. Expense(SGA) was NPR759 Mil.
Total Current Liabilities was NPR5,558 Mil.
Long-Term Debt & Capital Lease Obligation was NPR69,242 Mil.
Net Income was NPR-2,573 Mil.
Gross Profit was NPR0 Mil.
Cash Flow from Operations was NPR0 Mil.
 Total Receivables was NPR0 Mil.
Revenue was NPR8,679 Mil.
Gross Profit was NPR8,459 Mil.
Total Current Assets was NPR0 Mil.
Total Assets was NPR0 Mil.
Property, Plant and Equipment(Net PPE) was NPR0 Mil.
Depreciation, Depletion and Amortization(DDA) was NPR3,609 Mil.
Selling, General, & Admin. Expense(SGA) was NPR836 Mil.
Total Current Liabilities was NPR0 Mil.
Long-Term Debt & Capital Lease Obligation was NPR0 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)
=(0 / 6923.882) / (0 / 8678.539)
=0 / 0
=

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)
=(8459.371 / 8678.539) / (6744.664 / 6923.882)
=0.974746 / 0.974116
=

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 - (5718.933 + 78683.243) / 84402.176) / (1 - (0 + 0) / 0)
=0 /
=

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
=6923.882 / 8678.539
=

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))
=(3608.842 / (3608.842 + 0)) / (3591.628 / (3591.628 + 78683.243))
=1 / 0.043654
=

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)
=(759.169 / 6923.882) / (836.383 / 8678.539)
=0.109645 / 0.096374
=

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)
=((69241.716 + 5557.742) / 84402.176) / ((0 + 0) / 0)
=0.886227 /
=

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
=(-2572.539 - 0 - 0) / 84402.176
=-0.03048

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Upper Tamakoshi Hydropower (XNEP:UPPER) has a Beneish M-Score of 0.00 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Upper Tamakoshi Hydropower and its competitors. Over the past decade, Upper Tamakoshi Hydropower's Beneish M-Score has ranged from 346.95 to 346.95. According to the industry distribution chart, Upper Tamakoshi Hydropower ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry.
Is Upper Tamakoshi Hydropower's Beneish M-Score too high?
Upper Tamakoshi Hydropower's current Beneish M-Score is 0.00. Over the past 10 years, this metric has ranged from a low of 346.95 to a high of 346.95. Based on the distribution chart, Upper Tamakoshi Hydropower ranks #999999 out of 390 companies in the Utilities - Independent Power Producers industry, which is in the bottom quartile relative to peers. Overall, Upper Tamakoshi Hydropower has a GF Score™ of 54/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Upper Tamakoshi Hydropower's Beneish M-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Upper Tamakoshi Hydropower ranks #999999 out of 390 companies for Beneish M-Score. This places Upper Tamakoshi Hydropower in the lower half of its industry. Historically, Upper Tamakoshi Hydropower's own Beneish M-Score has ranged from 346.95 to 346.95 over the past decade. 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 an Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Upper Tamakoshi Hydropower and its competitors. Upper Tamakoshi Hydropower's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Upper Tamakoshi Hydropower stock overvalued right now?
Based on GuruFocus' analysis, Upper Tamakoshi Hydropower (XNEP:UPPER) is currently considered Fairly Valued. The stock's GF Value™ is NPR201.24, compared to a current price of NPR194.00 — trading 3.6% below its estimated fair value. The current Beneish M-Score is 0.00. Upper Tamakoshi Hydropower's overall GF Score™ is 54/100 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 Upper Tamakoshi Hydropower (XNEP:UPPER), the current Beneish M-Score is 0.00 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 Upper Tamakoshi Hydropower (XNEP:UPPER) Overvalued in 2026?

Based on GuruFocus' analysis, Upper Tamakoshi Hydropower stock appears to be undervalued. The current stock price of NPR194.00 is trading 3.6% below its estimated GF Value™ of NPR201.24. GuruFocus considers Upper Tamakoshi Hydropower to be Fairly Valued.

Key valuation signals for XNEP:UPPER:

  • Beneish M-Score: 0.00
  • GF Value™: NPR201.24 vs. price of NPR194.00 (3.6% below fair value)
  • GF Score™: 54/100 with 2 warning signs

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

Upper Tamakoshi Hydropower Business Description

Address Annapurna Marg, Gyaneswor, Kathmandu, NPL
Upper Tamakoshi Hydropower Ltd operates in the utilities sector in Nepal. Its main line of business involves the development of hydropower projects, including detailed feasibility, construction, and operation. The company has developed and is developing the following hydropower projects in the Tamakoshi River basin as follows: the Upper Tamakoshi Hydroelectric Project (UTKHEP), a 456 MW plant already under operation; the Rolwaling Khola Hydroelectric Project; and the diversion of the Rolwaling River to the UTKHEP intake pond. It is engaged in only one business activity: the generation and sale of electricity.
54GF Score

Get the complete analysis for XNEP:UPPER

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

NPR194.00
Price
NPR201.24
GF Value