TMH (FSE:280A) Beneish M-Score: 4.90 (As of Jun. 27, 2026) — 266% Above Median


FSE:280A TMH Inc FSE:280A
16 GF Score
Price 円1,843.00
! 4 Warning Signs
View Full Analysis

What is TMH Beneish M-Score?

TMH FSE:280A -10.32% 16 Beneish M-Score is 4.90 as of Jun. 27, 2026, which is 266% above its 10-year median of 1.34. GuruFocus rates FSE:280A with a GF Score™ of 16/100. The stock has 4 warning signs investors should review. Among 987 Semiconductors companies, TMH ranks worse than 98.89% 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.

Warning Sign:

Beneish M-Score 4.9 higher than -1.78, which implies that the company might have manipulated its financial results.

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

FSE:280A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.22   Med: 1.34   Max: 4.9
Current: 4.9

During the past 4 years, the highest Beneish M-Score of TMH was 4.90. The lowest was -2.22. And the median was 1.34.

TMH Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TMH'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.

TMH Beneish M-Score Chart

TMH Annual Data
Trend Nov22 Nov23 Nov24 Nov25
Beneish M-Score
0.00 0.00 -2.22 4.90

TMH Quarterly Data
Nov22 Nov23 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 4.90 0.00

FSE:280A vs LRCX, AMAT, KLAC: Beneish M-Score Comparison

For the Semiconductor Equipment & Materials subindustry, TMH'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.

TMH Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, TMH's Beneish M-Score distribution charts can be found below:

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


FSE:280A
16GF Score
TMH Inc FSE:280A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TMH 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 TMH 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 * 1.8356+0.528 * 1.2771+0.404 * 4.9142+0.892 * 1.3838+0.115 * 0.9097
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.945699-0.327 * 0.6124
=4.90

* 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 (Nov25) TTM:Last Year (Nov24) TTM:
Total Receivables was 円249 Mil.
Revenue was 円8,327 Mil.
Gross Profit was 円935 Mil.
Total Current Assets was 円2,350 Mil.
Total Assets was 円2,745 Mil.
Property, Plant and Equipment(Net PPE) was 円212 Mil.
Depreciation, Depletion and Amortization(DDA) was 円11 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,194 Mil.
Long-Term Debt & Capital Lease Obligation was 円142 Mil.
Net Income was 円226 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-2,370 Mil.
 Total Receivables was 円98 Mil.
Revenue was 円6,017 Mil.
Gross Profit was 円863 Mil.
Total Current Assets was 円3,552 Mil.
Total Assets was 円3,817 Mil.
Property, Plant and Equipment(Net PPE) was 円214 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,862 Mil.
Long-Term Debt & Capital Lease Obligation was 円174 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)
=(249.162 / 8326.946) / (98.089 / 6017.239)
=0.029922 / 0.016301
=1.8356

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)
=(862.647 / 6017.239) / (934.748 / 8326.946)
=0.143363 / 0.112256
=1.2771

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 - (2350.484 + 212.224) / 2744.73) / (1 - (3551.839 + 213.834) / 3817.184)
=0.066317 / 0.013495
=4.9142

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
=8326.946 / 6017.239
=1.3838

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))
=(9.659 / (9.659 + 213.834)) / (10.585 / (10.585 + 212.224))
=0.043218 / 0.047507
=0.9097

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)
=(0 / 8326.946) / (0 / 6017.239)
=0 / 0
=1

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)
=((142.436 + 1194.11) / 2744.73) / ((173.724 + 2861.694) / 3817.184)
=0.48695 / 0.795198
=0.6124

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
=(225.995 - 0 - -2369.693) / 2744.73
=0.945699

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.

TMH has a M-score of 4.90 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 4.90 mean?
TMH (FSE:280A) has a Beneish M-Score of 4.90 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TMH and its competitors. This is 266% above median its historical median of 1.34. According to the industry distribution chart, TMH ranks #976 out of 987 companies in the Semiconductors industry, placing it in the top 98.9%.
Is TMH's Beneish M-Score too high?
TMH's current Beneish M-Score of 4.90 is 266% above median its 10-year median of 1.34. Based on the distribution chart, TMH ranks #976 out of 987 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, TMH has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does TMH's Beneish M-Score compare to LRCX and AMAT?
According to the Semiconductors industry distribution chart, TMH ranks #976 out of 987 companies for Beneish M-Score. This places TMH 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 Semiconductors company?
A good Beneish M-Score depends on the Semiconductors 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 TMH and its competitors. TMH's current Beneish M-Score is 4.90, which is 266% above median its own 10-year median of 1.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TMH stock overvalued right now?
TMH (FSE:280A) has a current Beneish M-Score of 4.90. The current Beneish M-Score is 4.90, which is 266% above median its 10-year median of 1.34. TMH's overall GF Score™ is 16/100 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 TMH (FSE:280A), the current Beneish M-Score is 4.90 as of Jun. 27, 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.

TMH Business Description

Other Exchanges 280A:Japan
Address 3-14-6, Shimogorikita, Oita Prefecture, Oita, JPN, 870-0952
TMH Inc is engaged in Sales and repair services for semiconductor manufacturing equipment parts, and support for the purchase and sale of semiconductor manufacturing equipment.
16GF Score

Get the complete analysis for FSE:280A

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

円1,843.00
Price