TOUMEI Co (NGO:4439) Beneish M-Score: -2.33 (As of Jun. 27, 2026)

What is TOUMEI Co Beneish M-Score?

TOUMEI Co NGO:4439 82 Beneish M-Score is -2.33 as of Jun. 27, 2026. GuruFocus rates NGO:4439 with a GF Score™ of 82/100 and a GF Value™ of 円1,343.89. The stock has 1 warning sign investors should review. Among 537 Conglomerates companies, TOUMEI Co ranks worse than 66.29% 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:4439' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6 Med: -2.33 Max: -0.4
Current: -2.33

During the past 9 years, the highest Beneish M-Score of TOUMEI Co was -0.40. The lowest was -3.60. And the median was -2.33.

TOUMEI Co Beneish M-Score Related Terms

TOUMEI Co Beneish M-Score Historical Data

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The historical data trend for TOUMEI 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.

TOUMEI Co Beneish M-Score Chart

TOUMEI Co Annual Data

Trend

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Aug24

Aug25

Beneish M-Score

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-1.57

-0.40

-3.60

-2.93

-2.33

TOUMEI Co Semi-Annual Data
	Aug17	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24	Feb25	Aug25	Feb26
Beneish M-Score	Get a 7-Day Free Trial												0.00	-2.93	0.00	-2.33	0.00

NGO:4439 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, TOUMEI 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.

TOUMEI Co Beneish M-Score vs Conglomerates Industry

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

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

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82GF Score

TOUMEI Co Ltd NGO:4439

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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TOUMEI 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 TOUMEI Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8951

0.528 * 0.9677

0.404 * 1.0758

0.892 * 1.2154

0.115 * 0.9515

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.000892

0.327 * 0.8822

-2.33

This Year (Aug25) TTM:

Last Year (Aug24) TTM:

Total Receivables was 円5,715 Mil.
Revenue was 円29,070 Mil.
Gross Profit was 円9,835 Mil.
Total Current Assets was 円14,712 Mil.
Total Assets was 円16,584 Mil.
Property, Plant and Equipment(Net PPE) was 円249 Mil.
Depreciation, Depletion and Amortization(DDA) was 円221 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円6,645 Mil.
Long-Term Debt & Capital Lease Obligation was 円11 Mil.
Net Income was 円2,433 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,418 Mil.

Total Receivables was 円5,253 Mil.
Revenue was 円23,919 Mil.
Gross Profit was 円7,831 Mil.
Total Current Assets was 円12,653 Mil.
Total Assets was 円14,173 Mil.
Property, Plant and Equipment(Net PPE) was 円230 Mil.
Depreciation, Depletion and Amortization(DDA) was 円186 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円6,126 Mil.
Long-Term Debt & Capital Lease Obligation was 円322 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)
	=	(5714.883 / 29070.434)	/	(5253.281 / 23918.591)
	=	0.196587	/	0.219632
	=	0.8951

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)
	=	(7830.661 / 23918.591)	/	(9835.281 / 29070.434)
	=	0.327388	/	0.338326
	=	0.9677

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 - (14711.856 + 249.4) / 16583.949)	/	(1 - (12653.484 + 230.056) / 14172.599)
	=	0.097847	/	0.090954
	=	1.0758

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
	=	29070.434	/	23918.591
	=	1.2154

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))
	=	(185.742 / (185.742 + 230.056))	/	(220.728 / (220.728 + 249.4))
	=	0.446712	/	0.469506
	=	0.9515

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 / 29070.434)	/	(0 / 23918.591)
	=	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)
	=	((10.976 + 6644.963) / 16583.949)	/	((321.56 + 6125.826) / 14172.599)
	=	0.401348	/	0.454919
	=	0.8822

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
	=	(2432.598 - 0	-	2417.808)	/	16583.949
	=	0.000892

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.

TOUMEI Co has a M-score of -2.33 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 -2.33 mean?

TOUMEI Co (NGO:4439) has a Beneish M-Score of -2.33 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TOUMEI Co and its competitors. According to the industry distribution chart, TOUMEI Co ranks #356 out of 537 companies in the Conglomerates industry, placing it in the top 66.3%.

Is TOUMEI Co's Beneish M-Score too high?

TOUMEI Co's current Beneish M-Score is -2.33. Based on the distribution chart, TOUMEI Co ranks #356 out of 537 companies in the Conglomerates industry, which is below the industry midpoint. Overall, TOUMEI Co has a GF Score™ of 82/100, reflecting its overall financial health beyond just this single metric.

How does TOUMEI Co's Beneish M-Score compare to HON and MMM?

According to the Conglomerates industry distribution chart, TOUMEI Co ranks #356 out of 537 companies for Beneish M-Score. This places TOUMEI 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 Conglomerates company?

A good Beneish M-Score depends on the Conglomerates 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 TOUMEI Co and its competitors. TOUMEI Co's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TOUMEI Co stock overvalued right now?

TOUMEI Co (NGO:4439) has a current Beneish M-Score of -2.33. The stock's GF Value™ is 円1,343.89, compared to a current price of 円906.00 — trading 32.6% below its estimated fair value. The current Beneish M-Score is -2.33. TOUMEI Co's overall GF Score™ is 82/100 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 TOUMEI Co (NGO:4439), the current Beneish M-Score is -2.33 as of Jun. 27, 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 TOUMEI Co (NGO:4439) Overvalued in 2026?

Based on GuruFocus' analysis, TOUMEI Co stock appears to be undervalued. The current stock price of 円906.00 is trading 32.6% below its estimated GF Value™ of 円1,343.89.

Key valuation signals for NGO:4439:

Beneish M-Score: -2.33
GF Value™: 円1,343.89 vs. price of 円906.00 (32.6% below fair value)
GF Score™: 82/100 with 1 warning sign

No single metric tells the full story. See the NGO:4439 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

TOUMEI Co Business Description

Industry Industrials Conglomerates

Comparable Companies TSE:3696 TSE:8070 TSE:8095 TSE:7521 TSE:8920 TSE:7119 TSE:2462 TSE:3512 TSE:7490 TSE:297A ADX:IHC HON TSE:6501 TSE:8058 TSE:8031 TSE:8001 MMM TSE:8002 TSE:8053 TSE:5803

Other Exchanges 4439:Japan

Address 2-1-39, Hatta chome, Mie Prefecture, Yokkaichi, JPN, 510-0001

Website https://www.toumei.co.jp

TOUMEI Co Ltd is engaged in Office light 119 business, Office solution business, and Financial Planning Business. The company's services include provision of fiber-optic services and ancillary services, sales of information and communications equipment and environmental products, and provision of web services. It also offers insurance brokerage services.

82GF Score

Get the complete analysis for NGO:4439

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

円906.00

Price

円1,343.89

GF Value

View NGO:4439 Analysis

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