CHBAY (The Chiba Bank) Beneish M-Score: -1.86 (As of Jun. 25, 2026)


CHBAY The Chiba Bank Ltd CHBAY
56 GF Score
Price $74.92
GF Value $53.75
Valuation Significantly Overvalued
! 6 Warning Signs
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What is The Chiba Bank Beneish M-Score?

The Chiba Bank CHBAY +3.96% 56 Beneish M-Score is -1.86 as of Jun. 25, 2026. GuruFocus rates CHBAY with a GF Score™ of 56/100 and a GF Value™ of $53.75 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,396 Banks companies, The Chiba Bank ranks worse than 93.55% 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 -1.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CHBAY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21   Med: -2.59   Max: -1.86
Current: -1.86

During the past 13 years, the highest Beneish M-Score of The Chiba Bank was -1.86. The lowest was -3.21. And the median was -2.59.

CHBAY
56GF Score
The Chiba Bank Ltd CHBAY
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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The Chiba Bank 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 Chiba Bank 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 * 0.9998+0.892 * 1.1494+0.115 * 0.9934
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8967+4.679 * 0.066605-0.327 * 0.7124
=-1.92

* 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 Mil.
Revenue was $1,926 Mil.
Gross Profit was $1,926 Mil.
Total Current Assets was $0 Mil.
Total Assets was $133,674 Mil.
Property, Plant and Equipment(Net PPE) was $801 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $317 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $13,711 Mil.
Net Income was $593 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-8,311 Mil.
 Total Receivables was $0 Mil.
Revenue was $1,676 Mil.
Gross Profit was $1,676 Mil.
Total Current Assets was $0 Mil.
Total Assets was $145,120 Mil.
Property, Plant and Equipment(Net PPE) was $841 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $307 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $20,893 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 / 1925.786) / (0 / 1675.5)
=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)
=(1675.5 / 1675.5) / (1925.786 / 1925.786)
=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 + 801.114) / 133674.188) / (1 - (0 + 840.581) / 145120.356)
=0.994007 / 0.994208
=0.9998

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
=1925.786 / 1675.5
=1.1494

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))
=(70.053 / (70.053 + 840.581)) / (67.247 / (67.247 + 801.114))
=0.076928 / 0.077441
=0.9934

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)
=(316.859 / 1925.786) / (307.452 / 1675.5)
=0.164535 / 0.183499
=0.8967

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)
=((13710.581 + 0) / 133674.188) / ((20892.527 + 0) / 145120.356)
=0.102567 / 0.143967
=0.7124

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
=(592.774 - 0 - -8310.585) / 133674.188
=0.066605

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 Chiba Bank has a M-score of -1.92 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 -1.86 mean?
The Chiba Bank (CHBAY) has a Beneish M-Score of -1.86 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Chiba Bank and its competitors. According to the industry distribution chart, The Chiba Bank ranks #1306 out of 1396 companies in the Banks industry, placing it in the top 93.6%.
Is The Chiba Bank's Beneish M-Score too high?
The Chiba Bank's current Beneish M-Score is -1.86. Based on the distribution chart, The Chiba Bank ranks #1306 out of 1396 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, The Chiba Bank has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Chiba Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, The Chiba Bank ranks #1306 out of 1396 companies for Beneish M-Score. This places The Chiba Bank 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 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 Chiba Bank and its competitors. The Chiba Bank's current Beneish M-Score is -1.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Chiba Bank stock overvalued right now?
Based on GuruFocus' analysis, The Chiba Bank (CHBAY) is currently considered Significantly Overvalued. The stock's GF Value™ is $53.75, compared to a current price of $74.92 — trading 39.4% above its estimated fair value. The current Beneish M-Score is -1.86. The Chiba Bank's overall GF Score™ is 56/100 with 6 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 Chiba Bank (CHBAY), the current Beneish M-Score is -1.86 as of Jun. 25, 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 Chiba Bank (CHBAY) Overvalued in 2026?

Based on GuruFocus' analysis, The Chiba Bank stock appears to be overvalued. The current stock price of $74.92 is trading 39.4% above its estimated GF Value™ of $53.75. GuruFocus considers The Chiba Bank to be Significantly Overvalued.

Key valuation signals for CHBAY:

  • Beneish M-Score: -1.86
  • GF Value™: $53.75 vs. price of $74.92 (39.4% above fair value)
  • GF Score™: 56/100 with 6 warning signs

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

The Chiba Bank Business Description

Other Exchanges 8331:Japan
Address 1-2 Chiba-Minato, Chuo-ku, Chiba-shi, Chiba, JPN, 260-8720
The Chiba Bank Ltd provides banking products and services in Japan. Its only operating segment includes banking. The bank provides a wide range of services, including banking services like deposits, loans, and foreign exchange transactions; financial services such as leasing, securities brokerage, and credit cards; software development services; and business management and staffing services.
56GF Score

Get the complete analysis for CHBAY

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

$74.92
Price
$53.75
GF Value