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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Ajinomoto Co's Beneish M-Score or its related term are showing as below:
MEX:2802N'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.67 Max: -2.47
Current: -2.66
During the past 13 years, the highest Beneish M-Score of Ajinomoto Co was -2.47. The lowest was -2.98. And the median was -2.67.
Ajinomoto Co Beneish M-Score Related Terms
Ajinomoto Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Ajinomoto 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.
For the Packaged Foods subindustry, Ajinomoto 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.
Ajinomoto Co Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Ajinomoto Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ajinomoto Co'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 Ajinomoto 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 * 0.9772
+
0.528 * 0.9534
+
0.404 * 0.9979
+
0.892 * 0.945
+
0.115 * 0.9817
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0307
+
4.679 * -0.06012
-
0.327 * 0.9843
=
-2.86
* 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))
=
(11386.931 / (11386.931 + 79787.716))
/
(10723.047 / (10723.047 + 73568.369))
=
0.124891
/
0.127214
=
0.9817
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
=
(16111.195 - 0
-
28493.143)
/
205954.976
=
-0.06012
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.
Ajinomoto Co has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
Ajinomoto Co (MEX:2802N) has a Beneish M-Score of -2.66 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ajinomoto Co and its competitors. According to the industry distribution chart, Ajinomoto Co ranks #695 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 37.6%.
Is Ajinomoto Co's Beneish M-Score too high?
Ajinomoto Co's current Beneish M-Score is -2.66. Based on the distribution chart, Ajinomoto Co ranks #695 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Ajinomoto Co has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does Ajinomoto Co's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Ajinomoto Co ranks #695 out of 1849 companies for Beneish M-Score. This puts Ajinomoto Co 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 Ajinomoto Co and its competitors. Ajinomoto Co's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ajinomoto Co stock overvalued right now?
Ajinomoto Co (MEX:2802N) has a current Beneish M-Score of -2.66. The stock's GF Value™ is MXN206.37, compared to a current price of MXN316.69 — trading 53.5% above its estimated fair value. The current Beneish M-Score is -2.66. Ajinomoto Co's overall GF Score™ is 79/100 with 6 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 Ajinomoto Co (MEX:2802N), the current Beneish M-Score is -2.66 as of Jun. 24, 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 Ajinomoto Co (MEX:2802N) Overvalued in 2026?
Based on GuruFocus' analysis, Ajinomoto Co stock appears to be overvalued.
The current stock price of MXN316.69 is trading 53.5% above its estimated GF Value™ of MXN206.37.
Key valuation signals for MEX:2802N:
Beneish M-Score: -2.66
GF Value™: MXN206.37 vs. price of MXN316.69 (53.5% above fair value)
No single metric tells the full story. See the MEX:2802N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ajinomoto was founded in 1909, and it began manufacturing the world's first umami seasoning, MSG, made from amino acids. It has since grown to be one of the top manufacturers of sauces and seasonings and has diversified into frozen foods and the manufacture of other amino acid-based materials. Its sauces and seasonings are sold across Southeast Asia, Europe, and the Americas and are found in most supermarkets, making up approximately 60% of its revenue. The remaining 40% is roughly divided into the healthcare and others segment and the frozen food segment. Its healthcare and others segment also includes functional materials, which include an organic resin material, Ajinomoto Build-up Film, which is currently the industry standard for ABF substrates for semiconductors.
79GF Score
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