Honda Motor Co., Ltd.
HMC Consumer Cyclical Auto Manufacturers
Honda Motor Co., Ltd.’s revenue for fiscal 2026 (year ended March 2026) was $143.9 billion, roughly unchanged from fiscal 2025. In the quarter to June 2026, revenue grew 4.19%, EPS grew 105.7%, free cash flow grew 20.1% and total debt rose 16.2%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Honda Motor Co., Ltd. (HMC) Beneish M-score
Honda Motor Co., Ltd.'s Beneish M-score for fiscal 2026 is −2.52; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.52 | (0.12) |
| FY2025 | −2.40 | (0.08) |
| FY2024 | −2.32 | 0.49 |
| FY2023 | −2.81 | (0.13) |
| FY2022 | −2.68 | (0.52) |
| FY2021 | −2.15 | 0.48 |
| FY2020 | −2.64 | (0.21) |
| FY2019 | −2.43 | 0.03 |
| FY2018 | −2.46 | (0.02) |
| FY2017 | −2.44 | 0.47 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 1.30 | — | 0.69 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.00 | — | 0.90 | |
| Depreciation index | 0.65 | — | 0.07 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.04) | — | −0.21 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.52 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RIVN Rivian Automotive, Inc. compare | −8.3× |
| RACE Ferrari N.V. compare | −2.8× |
| NIO NIO Inc. compare | −2.6× |
| HMC Honda Motor Co., Ltd. | −2.5× |
| GM General Motors Company compare | −2.4× |
| F Ford Motor Company compare | −2.3× |
| TM Toyota Motor Corporation compare | −2.3× |
| LI Li Auto Inc. Sponsored ADR compare | −2.1× |
| STLA Stellantis N.V. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI