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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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nisshin Seifun Group's Beneish M-Score or its related term are showing as below:
FRA:NFR'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.71 Med: -2.63 Max: -2.39
Current: -2.63
During the past 13 years, the highest Beneish M-Score of Nisshin Seifun Group was -2.39. The lowest was -2.71. And the median was -2.63.
Nisshin Seifun Group Beneish M-Score Related Terms
Nisshin Seifun Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nisshin Seifun Group'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.
For the Packaged Foods subindustry, Nisshin Seifun Group'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.
Nisshin Seifun Group Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Nisshin Seifun Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nisshin Seifun Group's Beneish M-Score falls into.
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 Nisshin Seifun Group 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 * 1.0162
+
0.528 * 0.9924
+
0.404 * 1.0863
+
0.892 * 0.8924
+
0.115 * 0.9438
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.04308
-
0.327 * 0.9925
=
-2.74
* 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.
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.
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))
=
(154.899 / (154.899 + 1557.619))
/
(151.738 / (151.738 + 1431.499))
=
0.090451
/
0.09584
=
0.9438
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
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
=
(177.647 - 0
-
377.185)
/
4631.852
=
-0.04308
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.
Nisshin Seifun Group has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
Nisshin Seifun Group (FRA:NFR) has a Beneish M-Score of -2.63 as of Aug. 02, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nisshin Seifun Group and its competitors. According to the industry distribution chart, Nisshin Seifun Group ranks #758 out of 1854 companies in the Consumer Packaged Goods industry, placing it in the top 40.9%.
Is Nisshin Seifun Group's Beneish M-Score too high?
Nisshin Seifun Group's current Beneish M-Score is -2.63. Based on the distribution chart, Nisshin Seifun Group ranks #758 out of 1854 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Nisshin Seifun Group has a GF Score™ of 82/100, reflecting its overall financial health beyond just this single metric.
How does Nisshin Seifun Group's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Nisshin Seifun Group ranks #758 out of 1854 companies for Beneish M-Score. This puts Nisshin Seifun Group 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Nisshin Seifun Group and its competitors. Nisshin Seifun Group's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nisshin Seifun Group stock overvalued right now?
Nisshin Seifun Group (FRA:NFR) has a current Beneish M-Score of -2.63. The stock's GF Value™ is €10.48, compared to a current price of €10.80 — trading 3.1% above its estimated fair value. The current Beneish M-Score is -2.63. Nisshin Seifun Group's overall GF Score™ is 82/100 with 1 warning sign 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 Nisshin Seifun Group (FRA:NFR), the current Beneish M-Score is -2.63 as of Aug. 02, 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 Nisshin Seifun Group (FRA:NFR) Overvalued in 2026?
Based on GuruFocus' analysis, Nisshin Seifun Group stock appears to be overvalued.
The current stock price of €10.80 is trading 3.1% above its estimated GF Value™ of €10.48.
Key valuation signals for FRA:NFR:
Beneish M-Score: -2.63
GF Value™: €10.48 vs. price of €10.80 (3.1% above fair value)
No single metric tells the full story. See the FRA:NFR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nisshin Seifun Group Inc is a Japan-based company mainly engaged in the flour milling business, food business, and prepared meals and prepared foods business. The company operates through four segments. The Flour Milling segment covers flour, bran, and related products. The Food segment includes premixes, household flour, pasta, sauces, frozen foods, baking ingredients, biochemical products, health foods, and drug discovery support. The Ready-made Meals segment provides cooked foods such as bento boxes, side dishes, and noodles. The Others segment includes engineering, cargo handling, storage, and other non-core businesses. It generates the majority of its revenue from the Flour Milling segment.
82GF Score
Get the complete analysis for FRA:NFR
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