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 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for The Japan Steel Works's Beneish M-Score or its related term are showing as below:
JPSWY'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.55 Max: -2
Current: -2
During the past 13 years, the highest Beneish M-Score of The Japan Steel Works was -2.00. The lowest was -2.86. And the median was -2.55.
The Japan Steel Works Beneish M-Score Related Terms
The Japan Steel Works Beneish M-Score Historical Data
* Premium members only.
The historical data trend for The Japan Steel Works'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 Specialty Industrial Machinery subindustry, The Japan Steel Works'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.
The Japan Steel Works Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, The Japan Steel Works's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Japan Steel Works'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 The Japan Steel Works 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 * 0.9555
+
0.528 * 1.0496
+
0.404 * 0.9599
+
0.892 * 1.0387
+
0.115 * 1.0914
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9039
+
4.679 * 0.084031
-
0.327 * 1.0084
=
-2.06
* 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))
=
(53.503 / (53.503 + 373.158))
/
(57.064 / (57.064 + 439.582))
=
0.125399
/
0.114899
=
1.0914
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
=
(121.242 - 0
-
-106.458)
/
2709.703
=
0.084031
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 Japan Steel Works has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
The Japan Steel Works (JPSWY) has a Beneish M-Score of -2.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on The Japan Steel Works and its competitors. According to the industry distribution chart, The Japan Steel Works ranks #2276 out of 2926 companies in the Industrial Products industry, placing it in the top 77.8%.
Is The Japan Steel Works' Beneish M-Score too high?
The Japan Steel Works' current Beneish M-Score is -2.00. Based on the distribution chart, The Japan Steel Works ranks #2276 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, The Japan Steel Works has a GF Score™ of 80/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Japan Steel Works' Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, The Japan Steel Works ranks #2276 out of 2926 companies for Beneish M-Score. This places The Japan Steel Works 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Japan Steel Works and its competitors. The Japan Steel Works's current Beneish M-Score is -2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Japan Steel Works stock overvalued right now?
Based on GuruFocus' analysis, The Japan Steel Works (JPSWY) is currently considered Modestly Overvalued. The stock's GF Value™ is $20.33, compared to a current price of $24.89 — trading 22.4% above its estimated fair value. The current Beneish M-Score is -2.00. The Japan Steel Works' overall GF Score™ is 80/100 with 2 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 Japan Steel Works (JPSWY), the current Beneish M-Score is -2.00 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 Japan Steel Works (JPSWY) Overvalued in 2026?
Based on GuruFocus' analysis, The Japan Steel Works stock appears to be overvalued.
The current stock price of $24.89 is trading 22.4% above its estimated GF Value™ of $20.33.
GuruFocus considers The Japan Steel Works to be Modestly Overvalued.
Key valuation signals for JPSWY:
Beneish M-Score: -2.00
GF Value™: $20.33 vs. price of $24.89 (22.4% above fair value)
No single metric tells the full story. See the JPSWY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The Japan Steel Works Ltd provides industrial machinery as well as materials and engineering solutions in Japan and internationally. The company operates through two segments. The Industrial Machinery segment provides resin manufacturing and processing machinery, molding machines, defense-related equipment, and other industrial machinery. The Materials and Engineering segment covers raw material products and engineering operations. The Other segment includes the film deposition business, crystal business, and related activities. It generates the majority of its revenue from the Industrial machinery business segment.
80GF Score
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