Upcon (NGO:5075) Beneish M-Score: -1.83 (As of Jun. 26, 2026)


NGO:5075 Upcon Corp NGO:5075
66 GF Score
Price 円1,283.00
GF Value 円738.20
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is Upcon Beneish M-Score?

Upcon NGO:5075 -1.69% 66 Beneish M-Score is -1.83 as of Jun. 26, 2026. GuruFocus rates NGO:5075 with a GF Score™ of 66/100 and a GF Value™ of 円738.20 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,704 Construction companies, Upcon ranks worse than 81.04% 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 -1.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:5075' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -1.83   Max: -1.55
Current: -1.83

During the past 7 years, the highest Beneish M-Score of Upcon was -1.55. The lowest was -3.39. And the median was -1.83.

Upcon Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Upcon'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.

Upcon Beneish M-Score Chart

Upcon Annual Data
Trend Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Beneish M-Score
Get a 7-Day Free Trial -1.55 -3.39 -1.55 -2.41 -1.83

Upcon Semi-Annual Data
Jan20 Jan21 Jan22 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -1.55 0.00 -2.41 0.00 -1.83

NGO:5075 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Upcon'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.

Upcon Beneish M-Score vs Construction Industry

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

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


NGO:5075
66GF Score
Upcon Corp NGO:5075
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Upcon 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 Upcon 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 * 0.6324+0.528 * 0.9617+0.404 * 0.9658+0.892 * 1.1613+0.115 * 10.5681
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8578+4.679 * -0.02312-0.327 * 1.4114
=-1.83

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was 円173 Mil.
Revenue was 円1,388 Mil.
Gross Profit was 円911 Mil.
Total Current Assets was 円1,649 Mil.
Total Assets was 円2,323 Mil.
Property, Plant and Equipment(Net PPE) was 円263 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9 Mil.
Selling, General, & Admin. Expense(SGA) was 円75 Mil.
Total Current Liabilities was 円261 Mil.
Long-Term Debt & Capital Lease Obligation was 円203 Mil.
Net Income was 円304 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円358 Mil.
 Total Receivables was 円235 Mil.
Revenue was 円1,195 Mil.
Gross Profit was 円754 Mil.
Total Current Assets was 円1,443 Mil.
Total Assets was 円1,793 Mil.
Property, Plant and Equipment(Net PPE) was 円22 Mil.
Depreciation, Depletion and Amortization(DDA) was 円11 Mil.
Selling, General, & Admin. Expense(SGA) was 円75 Mil.
Total Current Liabilities was 円248 Mil.
Long-Term Debt & Capital Lease Obligation was 円5 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)
=(172.7 / 1387.514) / (235.161 / 1194.781)
=0.124467 / 0.196824
=0.6324

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)
=(754.462 / 1194.781) / (911.022 / 1387.514)
=0.631465 / 0.656586
=0.9617

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 - (1648.916 + 262.917) / 2322.724) / (1 - (1442.564 + 21.83) / 1792.76)
=0.1769 / 0.183162
=0.9658

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
=1387.514 / 1194.781
=1.1613

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))
=(11.034 / (11.034 + 21.83)) / (8.627 / (8.627 + 262.917))
=0.335747 / 0.03177
=10.5681

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)
=(74.715 / 1387.514) / (75.001 / 1194.781)
=0.053848 / 0.062774
=0.8578

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)
=((203.258 + 260.643) / 2322.724) / ((5.315 + 248.379) / 1792.76)
=0.199723 / 0.14151
=1.4114

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
=(304.49 - 0 - 358.191) / 2322.724
=-0.02312

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.

Upcon has a M-score of -1.83 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 -1.83 mean?
Upcon (NGO:5075) has a Beneish M-Score of -1.83 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Upcon and its competitors. According to the industry distribution chart, Upcon ranks #1381 out of 1704 companies in the Construction industry, placing it in the top 81%.
Is Upcon's Beneish M-Score too high?
Upcon's current Beneish M-Score is -1.83. Based on the distribution chart, Upcon ranks #1381 out of 1704 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Upcon has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Upcon's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Upcon ranks #1381 out of 1704 companies for Beneish M-Score. This places Upcon 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Upcon and its competitors. Upcon's current Beneish M-Score is -1.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Upcon stock overvalued right now?
Based on GuruFocus' analysis, Upcon (NGO:5075) is currently considered Significantly Overvalued. The stock's GF Value™ is 円738.20, compared to a current price of 円1,283.00 — trading 73.8% above its estimated fair value. The current Beneish M-Score is -1.83. Upcon's overall GF Score™ is 66/100 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 Upcon (NGO:5075), the current Beneish M-Score is -1.83 as of Jun. 26, 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 Upcon (NGO:5075) Overvalued in 2026?

Based on GuruFocus' analysis, Upcon stock appears to be overvalued. The current stock price of 円1,283.00 is trading 73.8% above its estimated GF Value™ of 円738.20. GuruFocus considers Upcon to be Significantly Overvalued.

Key valuation signals for NGO:5075:

  • Beneish M-Score: -1.83
  • GF Value™: 円738.20 vs. price of 円1,283.00 (73.8% above fair value)
  • GF Score™: 66/100 with 2 warning signs

No single metric tells the full story. See the NGO:5075 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Upcon Business Description

Address 3-2-1 Sakado, 611 KSP East Building, Takatsu-ku, Kanagawa Prefecture, Kawasaki, JPN, 213-0012
Upcon Corp operates in the civil engineering and construction industry predominantly in Japan. The company applies its Upcon method, which uses completely non-freon urethane resin and small machines to repair subsidence, tilt, steps, gaps, etc., in concrete floors, caused by earthquakes or uneven ground settlement. The Upcon method is also used to correct unevenness on roads, ports, and airports, mainly for public works projects. In addition, the company provides gap and cavity filling services, maintains and repairs waterway tunnels, and is working on several projects, including a new construction method using urethane foam resin. It operates in a single segment, the subsidence correction business.
66GF Score

Get the complete analysis for NGO:5075

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

円1,283.00
Price
円738.20
GF Value