BNGYF (The Bank of Nagoya) Beneish M-Score: -2.42 (As of Jun. 26, 2026)


BNGYF The Bank of Nagoya Ltd BNGYF
56 GF Score
Price $12.05
GF Value $5.89
! 4 Warning Signs
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What is The Bank of Nagoya Beneish M-Score?

The Bank of Nagoya BNGYF 56 Beneish M-Score is -2.42 as of Jun. 26, 2026. GuruFocus rates BNGYF with a GF Score™ of 56/100 and a GF Value™ of $5.89. The stock has 4 warning signs investors should review. Among 1,397 Banks companies, The Bank of Nagoya ranks better than 53.9% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BNGYF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.33   Med: -2.46   Max: -2.03
Current: -2.42

During the past 13 years, the highest Beneish M-Score of The Bank of Nagoya was -2.03. The lowest was -4.33. And the median was -2.46.

BNGYF
56GF Score
The Bank of Nagoya Ltd BNGYF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The Bank of Nagoya 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 The Bank of Nagoya 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+0.528 * 1+0.404 * 1.0003+0.892 * 1.053+0.115 * 1.0825
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9621+4.679 * -0.019118-0.327 * 0.9192
=-2.48

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $0.0 Mil.
Revenue was $629.9 Mil.
Gross Profit was $629.9 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $39,529.8 Mil.
Property, Plant and Equipment(Net PPE) was $273.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.3 Mil.
Selling, General, & Admin. Expense(SGA) was $211.2 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,387.6 Mil.
Net Income was $127.7 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $883.5 Mil.
 Total Receivables was $0.0 Mil.
Revenue was $598.2 Mil.
Gross Profit was $598.2 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $38,712.3 Mil.
Property, Plant and Equipment(Net PPE) was $279.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.1 Mil.
Selling, General, & Admin. Expense(SGA) was $208.5 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $2,543.8 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 / 629.943) / (0 / 598.218)
=0 / 0
=1

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)
=(598.218 / 598.218) / (629.943 / 629.943)
=1 / 1
=1

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 - (0 + 273.603) / 39529.835) / (1 - (0 + 279.449) / 38712.27)
=0.993079 / 0.992781
=1.0003

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
=629.943 / 598.218
=1.053

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))
=(18.094 / (18.094 + 279.449)) / (16.284 / (16.284 + 273.603))
=0.060811 / 0.056174
=1.0825

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)
=(211.195 / 629.943) / (208.47 / 598.218)
=0.33526 / 0.348485
=0.9621

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)
=((2387.563 + 0) / 39529.835) / ((2543.835 + 0) / 38712.27)
=0.060399 / 0.065711
=0.9192

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
=(127.733 - 0 - 883.461) / 39529.835
=-0.019118

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 Bank of Nagoya 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 -2.42 mean?
The Bank of Nagoya (BNGYF) has a Beneish M-Score of -2.42 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Bank of Nagoya and its competitors. According to the industry distribution chart, The Bank of Nagoya ranks #644 out of 1397 companies in the Banks industry, placing it in the top 46.1%.
Is The Bank of Nagoya's Beneish M-Score too high?
The Bank of Nagoya's current Beneish M-Score is -2.42. Based on the distribution chart, The Bank of Nagoya ranks #644 out of 1397 companies in the Banks industry, which is above the industry midpoint. Overall, The Bank of Nagoya has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does The Bank of Nagoya's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, The Bank of Nagoya ranks #644 out of 1397 companies for Beneish M-Score. This puts The Bank of Nagoya in the upper 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 Banks company?
A good Beneish M-Score depends on the Banks 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 The Bank of Nagoya and its competitors. The Bank of Nagoya's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Bank of Nagoya stock overvalued right now?
The Bank of Nagoya (BNGYF) has a current Beneish M-Score of -2.42. The stock's GF Value™ is $5.89, compared to a current price of $12.05 — trading 104.6% above its estimated fair value. The current Beneish M-Score is -2.42. The Bank of Nagoya's overall GF Score™ is 56/100 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 The Bank of Nagoya (BNGYF), the current Beneish M-Score is -2.42 as of Jun. 26, 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 The Bank of Nagoya (BNGYF) Overvalued in 2026?

Based on GuruFocus' analysis, The Bank of Nagoya stock appears to be overvalued. The current stock price of $12.05 is trading 104.6% above its estimated GF Value™ of $5.89.

Key valuation signals for BNGYF:

  • Beneish M-Score: -2.42
  • GF Value™: $5.89 vs. price of $12.05 (104.6% above fair value)
  • GF Score™: 56/100 with 4 warning signs

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

The Bank of Nagoya Business Description

Other Exchanges 8522:Japan
Address 19-17 Nishiki 3-chome, Naka-ku, Nagoya, JPN, 460-0003
The Bank of Nagoya Ltd is a Japanese regional bank with an operational presence primarily in Nagoya City and the greater Aichi Prefecture. The bank's reporting segments include banking, leasing, and a credit card business. The company's banking business involves loans and deposits, domestic and foreign exchange transactions, securities investments, trading of trading account securities, and the underwriting and registration of corporate bonds. Its leasing business involves mostly comprehensive finance leasing. A plurality of the bank's income comes from loans, followed by leasing.
56GF Score

Get the complete analysis for BNGYF

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

$12.05
Price
$5.89
GF Value