MWC (Micware Co) Beneish M-Score: -2.42 (As of Aug. 21, 2026)

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MWC Micware Co Ltd MWC
20 GF Score
Price $1.57
! 1 Warning Sign
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What is Micware Co Beneish M-Score?

Micware Co MWC +3.97% 20 Beneish M-Score is -2.42 as of Aug. 21, 2026. GuruFocus rates MWC with a GF Score™ of 20/100. The stock has 1 warning sign investors should review. Among 1,279 Vehicles & Parts companies, Micware Co ranks worse than 59.11% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MWC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.42   Med: -2.42   Max: -2.42
Current: -2.42

During the past 3 years, the highest Beneish M-Score of Micware Co was -2.42. The lowest was -2.42. And the median was -2.42.

Micware Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Micware 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.

Micware Co Beneish M-Score Chart

Micware Co Annual Data
Trend Feb24 Feb25 Feb26
Beneish M-Score
0.00 0.00 -2.42

Micware Co Semi-Annual Data
Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score 0.00 0.00 0.00 0.00 -2.42

MWC vs CAAS, INVZ, MKDW: Beneish M-Score Comparison

For the Auto Parts subindustry, Micware 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.

Micware Co Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Micware Co's Beneish M-Score distribution charts can be found below:

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


MWC
20GF Score
Micware Co Ltd MWC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Micware 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 Micware 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 * 1.0252+0.528 * 0.9517+0.404 * 1.2735+0.892 * 1.0132+0.115 * 0.8785
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9468+4.679 * -0.01935-0.327 * 0.9021
=-2.42

* 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 (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was $33.5 Mil.
Revenue was $141.2 Mil.
Gross Profit was $51.9 Mil.
Total Current Assets was $93.6 Mil.
Total Assets was $157.6 Mil.
Property, Plant and Equipment(Net PPE) was $36.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.2 Mil.
Selling, General, & Admin. Expense(SGA) was $23.8 Mil.
Total Current Liabilities was $56.5 Mil.
Long-Term Debt & Capital Lease Obligation was $35.1 Mil.
Net Income was $10.3 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $13.4 Mil.
 Total Receivables was $32.3 Mil.
Revenue was $139.3 Mil.
Gross Profit was $48.8 Mil.
Total Current Assets was $92.7 Mil.
Total Assets was $151.6 Mil.
Property, Plant and Equipment(Net PPE) was $38.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.0 Mil.
Selling, General, & Admin. Expense(SGA) was $24.8 Mil.
Total Current Liabilities was $48.3 Mil.
Long-Term Debt & Capital Lease Obligation was $49.4 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)
=(33.527 / 141.171) / (32.279 / 139.335)
=0.237492 / 0.231665
=1.0252

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)
=(48.752 / 139.335) / (51.901 / 141.171)
=0.349891 / 0.367646
=0.9517

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 - (93.606 + 36.648) / 157.569) / (1 - (92.749 + 38.183) / 151.564)
=0.173353 / 0.136127
=1.2735

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
=141.171 / 139.335
=1.0132

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))
=(9.049 / (9.049 + 38.183)) / (10.222 / (10.222 + 36.648))
=0.191586 / 0.218093
=0.8785

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)
=(23.817 / 141.171) / (24.828 / 139.335)
=0.16871 / 0.178189
=0.9468

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)
=((35.109 + 56.505) / 157.569) / ((49.402 + 48.289) / 151.564)
=0.581421 / 0.644553
=0.9021

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
=(10.333 - 0.007 - 13.375) / 157.569
=-0.01935

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.

Micware Co has a M-score of -2.42 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 -2.42 mean?
Micware Co (MWC) has a Beneish M-Score of -2.42 as of Aug. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Micware Co and its competitors. According to the industry distribution chart, Micware Co ranks #756 out of 1279 companies in the Vehicles & Parts industry, placing it in the top 59.1%.
Is Micware Co's Beneish M-Score too high?
Micware Co's current Beneish M-Score is -2.42. Based on the distribution chart, Micware Co ranks #756 out of 1279 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Micware Co has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Micware Co's Beneish M-Score compare to CAAS and INVZ?
According to the Vehicles & Parts industry distribution chart, Micware Co ranks #756 out of 1279 companies for Beneish M-Score. This places Micware 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Micware Co and its competitors. Micware Co's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Micware Co stock overvalued right now?
Micware Co (MWC) has a current Beneish M-Score of -2.42. The current Beneish M-Score is -2.42. Micware Co's overall GF Score™ is 20/100 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 Micware Co (MWC), the current Beneish M-Score is -2.42 as of Aug. 21, 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.

Micware Co Business Description

Address 59 Naniwa-machi, Kobe Asahi Building. 25th Floor.24th Floor, Chuo-ku, Hyogo, Kobe, JPN, 650-0035
Micware Co Ltd is a Japan-based holding company that provides software development services and inventive information technology (IT) solutions mainly focused on the automotive and mobility sectors. Its main focus is the development and sale of in-vehicle infotainment (IVI) systems that cover a broad range of modern car functionality from multimedia to navigation, human-machine interface, telematics, and driver assistance. The group also engaged in the development of navigation software and location information-based smartphone applications. The Company operates its business units in the three operating segments: Software Defined Vehicles (SDV), Location-Based Services (LBS), and Other. The Company operates principally in Japan. All material revenue of the Company is derived from Japan.
20GF Score

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

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