ITOEF (ITO EN) Beneish M-Score: -2.45 (As of Jun. 26, 2026)

What is ITO EN Beneish M-Score?

ITO EN ITOEF -11.73% 74 Beneish M-Score is -2.45 as of Jun. 26, 2026. GuruFocus rates ITOEF with a GF Score™ of 74/100 and a GF Value™ of $28.44. The stock has 1 warning sign investors should review. Among 109 Beverages - Non-Alcoholic companies, ITO EN ranks worse than 61.47% 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.

Good Sign:

Beneish M-Score -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ITOEF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.67 Max: -2.41
Current: -2.45

During the past 13 years, the highest Beneish M-Score of ITO EN was -2.41. The lowest was -2.91. And the median was -2.67.

ITO EN Beneish M-Score Related Terms

ITO EN Beneish M-Score Historical Data

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The historical data trend for ITO EN'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.

ITO EN Beneish M-Score Chart

ITO EN Annual Data

Trend

Apr16

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Apr24

Apr25

Beneish M-Score

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-2.76

-2.41

-2.58

-2.53

-2.45

ITO EN Quarterly Data
	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.45	0.00	0.00	0.00

ITOEF vs KO, PEP, MNST: Beneish M-Score Comparison

For the Beverages - Non-Alcoholic subindustry, ITO EN'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.

ITO EN Beneish M-Score vs Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, ITO EN's Beneish M-Score distribution charts can be found below:

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

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74GF Score

ITO EN Ltd ITOEF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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ITO EN 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 ITO EN for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0374

0.528 * 1.0265

0.404 * 1.0025

0.892 * 1.112

0.115 * 1.0629

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.011265

0.327 * 1.0206

-2.38

This Year (Apr25) TTM:

Last Year (Apr24) TTM:

Total Receivables was $541 Mil.
Revenue was $3,280 Mil.
Gross Profit was $1,246 Mil.
Total Current Assets was $1,610 Mil.
Total Assets was $2,391 Mil.
Property, Plant and Equipment(Net PPE) was $537 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $750 Mil.
Long-Term Debt & Capital Lease Obligation was $329 Mil.
Net Income was $98 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $125 Mil.

Total Receivables was $469 Mil.
Revenue was $2,950 Mil.
Gross Profit was $1,151 Mil.
Total Current Assets was $1,584 Mil.
Total Assets was $2,300 Mil.
Property, Plant and Equipment(Net PPE) was $481 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $628 Mil.
Long-Term Debt & Capital Lease Obligation was $389 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)
	=	(540.781 / 3279.821)	/	(468.783 / 2949.503)
	=	0.164881	/	0.158936
	=	1.0374

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)
	=	(1150.608 / 2949.503)	/	(1246.373 / 3279.821)
	=	0.390102	/	0.380013
	=	1.0265

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 - (1609.639 + 536.715) / 2390.906)	/	(1 - (1583.917 + 481.097) / 2299.643)
	=	0.102284	/	0.102028
	=	1.0025

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
	=	3279.821	/	2949.503
	=	1.112

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))
	=	(62.87 / (62.87 + 481.097))	/	(65.483 / (65.483 + 536.715))
	=	0.115577	/	0.10874
	=	1.0629

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 / 3279.821)	/	(0 / 2949.503)
	=	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)
	=	((329.192 + 750.163) / 2390.906)	/	((389.096 + 628.143) / 2299.643)
	=	0.451442	/	0.442346
	=	1.0206

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
	=	(98.218 - 0	-	125.152)	/	2390.906
	=	-0.011265

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.

ITO EN has a M-score of -2.38 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 -2.45 mean?

ITO EN (ITOEF) has a Beneish M-Score of -2.45 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ITO EN and its competitors. According to the industry distribution chart, ITO EN ranks #67 out of 109 companies in the Beverages - Non-Alcoholic industry, placing it in the top 61.5%.

Is ITO EN's Beneish M-Score too high?

ITO EN's current Beneish M-Score is -2.45. Based on the distribution chart, ITO EN ranks #67 out of 109 companies in the Beverages - Non-Alcoholic industry, which is below the industry midpoint. Overall, ITO EN has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.

How does ITO EN's Beneish M-Score compare to KO and PEP?

According to the Beverages - Non-Alcoholic industry distribution chart, ITO EN ranks #67 out of 109 companies for Beneish M-Score. This places ITO EN 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 Beverages - Non-Alcoholic company?

A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 ITO EN and its competitors. ITO EN's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ITO EN stock overvalued right now?

ITO EN (ITOEF) has a current Beneish M-Score of -2.45. The stock's GF Value™ is $28.44, compared to a current price of $18.82 — trading 33.8% below its estimated fair value. The current Beneish M-Score is -2.45. ITO EN's overall GF Score™ is 74/100 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 ITO EN (ITOEF), the current Beneish M-Score is -2.45 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 ITO EN (ITOEF) Overvalued in 2026?

Based on GuruFocus' analysis, ITO EN stock appears to be undervalued. The current stock price of $18.82 is trading 33.8% below its estimated GF Value™ of $28.44.

Key valuation signals for ITOEF:

Beneish M-Score: -2.45
GF Value™: $28.44 vs. price of $18.82 (33.8% below fair value)
GF Score™: 74/100 with 1 warning sign

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

ITO EN Business Description

Industry Consumer Defensive Beverages - Non-Alcoholic

Comparable Companies TSE:2585 TSE:2590 TSE:2573 TSE:2579 TSE:9959 TSE:2267 TSE:2587 KO PEP MNST HKSE:09633 KDP LSE:CCEP COCSF MEX:AC LSE:CCH NSE:VBL SHSE:605499 HKSE:02097 COKE

Other Exchanges 2593:Japan

Address 47-10, Honmachi 3-chome, Shibuya-ku, Tokyo, JPN, 151-8550

Website https://www.itoen.co.jp

ITO EN Ltd makes beverages and other tea and nutritional products that it sells in Japan. Ito En primarily sells green tea products, including ready-to-drink beverages, tea bags, and other tea leaf products, under its Oi Ocha brand. Other beverages the company sells include black tea, Chinese tea, coffee, vegetable beverages, fruit beverages, mineral water, and functional beverages. The Leaf- and Drink-Related business segment makes up roughly 90% of the company's total revenue. Most remaining revenue is generated from Ito En's restaurant business, which operates hundreds of Tully's coffee shops in Japan.

74GF Score

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

$18.82

Price

$28.44

GF Value

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