JPPMF (Japan Material Co) Beneish M-Score: -2.34 (As of Jun. 26, 2026)


What is Japan Material Co Beneish M-Score?

Japan Material Co JPPMF 95 Beneish M-Score is -2.34 as of Jun. 26, 2026. GuruFocus rates JPPMF with a GF Score™ of 95/100. The stock has 7 warning signs investors should review. Among 1,704 Construction companies, Japan Material Co ranks worse than 60.56% 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 -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

JPPMF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.16   Max: -1.38
Current: -2.34

During the past 13 years, the highest Beneish M-Score of Japan Material Co was -1.38. The lowest was -3.16. And the median was -2.16.

Japan Material Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Japan Material Co'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.

Japan Material Co Beneish M-Score Chart

Japan Material Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.20 -2.11 -1.77 -3.16 -2.34

Japan Material Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.16 0.00 0.00 0.00 -2.34

JPPMF vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Japan Material Co'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.

Japan Material Co Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Japan Material Co's Beneish M-Score distribution charts can be found below:

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


Japan Material Co 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 Japan Material Co 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 * 1.006+0.528 * 0.9003+0.404 * 1.0693+0.892 * 1.1006+0.115 * 0.927
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.013095-0.327 * 0.9591
=-2.34

* 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 円26,084.00 Mil.
Revenue was 円57,976.00 Mil.
Gross Profit was 円19,755.00 Mil.
Total Current Assets was 円55,882.00 Mil.
Total Assets was 円75,373.00 Mil.
Property, Plant and Equipment(Net PPE) was 円14,984.00 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,396.00 Mil.
Selling, General, & Admin. Expense(SGA) was 円0.00 Mil.
Total Current Liabilities was 円10,624.00 Mil.
Long-Term Debt & Capital Lease Obligation was 円158.00 Mil.
Net Income was 円10,592.00 Mil.
Gross Profit was 円0.00 Mil.
Cash Flow from Operations was 円9,605.00 Mil.
 Total Receivables was 円23,559.00 Mil.
Revenue was 円52,678.00 Mil.
Gross Profit was 円16,160.00 Mil.
Total Current Assets was 円46,990.00 Mil.
Total Assets was 円65,702.00 Mil.
Property, Plant and Equipment(Net PPE) was 円15,038.00 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,290.00 Mil.
Selling, General, & Admin. Expense(SGA) was 円0.00 Mil.
Total Current Liabilities was 円9,694.00 Mil.
Long-Term Debt & Capital Lease Obligation was 円105.00 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)
=(26084 / 57976) / (23559 / 52678)
=0.44991 / 0.447227
=1.006

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)
=(16160 / 52678) / (19755 / 57976)
=0.306769 / 0.340744
=0.9003

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 - (55882 + 14984) / 75373) / (1 - (46990 + 15038) / 65702)
=0.059796 / 0.055919
=1.0693

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
=57976 / 52678
=1.1006

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))
=(1290 / (1290 + 15038)) / (1396 / (1396 + 14984))
=0.079005 / 0.085226
=0.927

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 / 57976) / (0 / 52678)
=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)
=((158 + 10624) / 75373) / ((105 + 9694) / 65702)
=0.143049 / 0.149143
=0.9591

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
=(10592 - 0 - 9605) / 75373
=0.013095

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.

Japan Material Co has a M-score of -2.34 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 -2.34 mean?
Japan Material Co (JPPMF) has a Beneish M-Score of -2.34 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Japan Material Co and its competitors. According to the industry distribution chart, Japan Material Co ranks #1032 out of 1704 companies in the Construction industry, placing it in the top 60.6%.
Is Japan Material Co's Beneish M-Score too high?
Japan Material Co's current Beneish M-Score is -2.34. Based on the distribution chart, Japan Material Co ranks #1032 out of 1704 companies in the Construction industry, which is below the industry midpoint. Overall, Japan Material Co has a GF Score™ of 95/100, reflecting its overall financial health beyond just this single metric.
How does Japan Material Co's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Japan Material Co ranks #1032 out of 1704 companies for Beneish M-Score. This places Japan Material Co 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Japan Material Co and its competitors. Japan Material Co's current Beneish M-Score is -2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Material Co stock overvalued right now?
Japan Material Co (JPPMF) has a current Beneish M-Score of -2.34. The current Beneish M-Score is -2.34. Japan Material Co's overall GF Score™ is 95/100 with 7 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 Japan Material Co (JPPMF), the current Beneish M-Score is -2.34 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.

Japan Material Co Business Description

Other Exchanges 6055:Japan
Address 3098 No. 22 Nagai Komono County, Komono-cho, Mie-gun, Mie, JPN
Japan Material Co Ltd is engaged in manufacturing specialty gas supply devices and providing piping work and other related services. The company operates through two segments namely Electronics and Graphics solutions. Its Electronics segment is involved in the development, manufacture, and sale of gas supply systems for semiconductors and liquid crystal production, and various maintenance services. The Graphics solutions segment import, plan, market, and support multi-monitor compatible graphics products for various systems.