Yamachuu Co (NGO:391A) Beneish M-Score: -2.44 (As of Jul. 16, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NGO:391A Yamachuu Co Ltd NGO:391A
12 GF Score
Price 円2,474.00
! 4 Warning Signs
View Full Analysis

What is Yamachuu Co Beneish M-Score?

Yamachuu Co NGO:391A +2.15% 12 Beneish M-Score is -2.44 as of Jul. 16, 2026. GuruFocus rates NGO:391A with a GF Score™ of 12/100. The stock has 4 warning signs investors should review. Among 1,682 Real Estate companies, Yamachuu Co ranks better than 55.41% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:391A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.44   Med: -2.2   Max: -1.96
Current: -2.44

During the past 4 years, the highest Beneish M-Score of Yamachuu Co was -1.96. The lowest was -2.44. And the median was -2.20.

Yamachuu Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Yamachuu 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.

Yamachuu Co Beneish M-Score Chart

Yamachuu Co Annual Data
Trend Apr23 Apr24 Apr25 Apr26
Beneish M-Score
0.00 0.00 -1.96 -2.44

Yamachuu Co Semi-Annual Data
Apr23 Apr24 Oct24 Apr25 Oct25 Apr26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -1.96 0.00 -2.44

Yamachuu Co Beneish M-Score Competitor Comparison

For the Real Estate - Diversified subindustry, Yamachuu 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.

Yamachuu Co Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Yamachuu Co's Beneish M-Score distribution charts can be found below:

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


NGO:391A
12GF Score
Yamachuu Co Ltd NGO:391A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Yamachuu 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 Yamachuu 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 * 0.914+0.528 * 0.8738+0.404 * 0.9174+0.892 * 1.0112+0.115 * 1.0953
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.037819-0.327 * 0.9424
=-2.44

* 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 (Apr26) TTM:Last Year (Apr25) TTM:
Total Receivables was 円102 Mil.
Revenue was 円5,499 Mil.
Gross Profit was 円1,766 Mil.
Total Current Assets was 円6,702 Mil.
Total Assets was 円13,316 Mil.
Property, Plant and Equipment(Net PPE) was 円5,770 Mil.
Depreciation, Depletion and Amortization(DDA) was 円193 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,571 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,862 Mil.
Net Income was 円548 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円44 Mil.
 Total Receivables was 円111 Mil.
Revenue was 円5,439 Mil.
Gross Profit was 円1,526 Mil.
Total Current Assets was 円5,988 Mil.
Total Assets was 円12,236 Mil.
Property, Plant and Equipment(Net PPE) was 円5,402 Mil.
Depreciation, Depletion and Amortization(DDA) was 円199 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,637 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,612 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)
=(102.399 / 5499.307) / (110.801 / 5438.646)
=0.01862 / 0.020373
=0.914

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)
=(1526.4 / 5438.646) / (1766.25 / 5499.307)
=0.280658 / 0.321177
=0.8738

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 - (6702.127 + 5769.903) / 13316.449) / (1 - (5988.104 + 5401.819) / 12235.682)
=0.063412 / 0.069122
=0.9174

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
=5499.307 / 5438.646
=1.0112

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))
=(198.556 / (198.556 + 5401.819)) / (193.008 / (193.008 + 5769.903))
=0.035454 / 0.032368
=1.0953

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 / 5499.307) / (0 / 5438.646)
=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)
=((4862.486 + 2571.268) / 13316.449) / ((4611.744 + 2636.542) / 12235.682)
=0.558238 / 0.592389
=0.9424

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
=(547.95 - 0 - 44.339) / 13316.449
=0.037819

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.

Yamachuu Co has a M-score of -2.44 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 -2.44 mean?
Yamachuu Co (NGO:391A) has a Beneish M-Score of -2.44 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Yamachuu Co and its competitors. According to the industry distribution chart, Yamachuu Co ranks #750 out of 1682 companies in the Real Estate industry, placing it in the top 44.6%.
Is Yamachuu Co's Beneish M-Score too high?
Yamachuu Co's current Beneish M-Score is -2.44. Based on the distribution chart, Yamachuu Co ranks #750 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, Yamachuu Co has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Yamachuu Co's Beneish M-Score compare to competitors?
According to the Real Estate industry distribution chart, Yamachuu Co ranks #750 out of 1682 companies for Beneish M-Score. This puts Yamachuu 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 Real Estate company?
A good Beneish M-Score depends on the Real Estate 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 Yamachuu Co and its competitors. Yamachuu Co's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Yamachuu Co stock overvalued right now?
Yamachuu Co (NGO:391A) has a current Beneish M-Score of -2.44. The current Beneish M-Score is -2.44. Yamachuu Co's overall GF Score™ is 12/100 with 4 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 Yamachuu Co (NGO:391A), the current Beneish M-Score is -2.44 as of Jul. 16, 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.

Yamachuu Co Business Description

Address 112-3 Sanbongi Yanagihara, Oji-cho, Kaifu-gun, Aichi Prefecture, Nagoya, JPN, 490-1142
Yamachuu Co Ltd is a real estate company with a focus on urban apartment and commercial building sales, real estate brokerage, and other related services. It is also engage in activities like warehousing and hotel management. The company's Business Areas include: Investment Business; Solutions Business; Management Business; Rental Business; and Business Hotel Business.
12GF Score

Get the complete analysis for NGO:391A

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

円2,474.00
Price