Nihon Office Automation Research Co (NGO:5241) Beneish M-Score: -2.27 (As of Jul. 14, 2026)

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NGO:5241 Nihon Office Automation Research Co Ltd NGO:5241
20 GF Score
Price 円742.00
! 1 Warning Sign
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What is Nihon Office Automation Research Co Beneish M-Score?

Nihon Office Automation Research Co NGO:5241 +1.92% 20 Beneish M-Score is -2.27 as of Jul. 14, 2026. GuruFocus rates NGO:5241 with a GF Score™ of 20/100. The stock has 1 warning sign investors should review. Among 2,631 Software companies, Nihon Office Automation Research Co ranks worse than 66.4% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:5241' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.54   Max: -2.27
Current: -2.27

During the past 5 years, the highest Beneish M-Score of Nihon Office Automation Research Co was -2.27. The lowest was -2.61. And the median was -2.54.

Nihon Office Automation Research Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nihon Office Automation Research 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.

Nihon Office Automation Research Co Beneish M-Score Chart

Nihon Office Automation Research Co Annual Data
Trend Dec20 Dec21 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.61 -2.54 -2.27

Nihon Office Automation Research Co Semi-Annual Data
Dec20 Dec21 Jun22 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.61 0.00 -2.54 0.00 -2.27

NGO:5241 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Nihon Office Automation Research 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.

Nihon Office Automation Research Co Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Nihon Office Automation Research Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nihon Office Automation Research Co's Beneish M-Score falls into.


NGO:5241
20GF Score
Nihon Office Automation Research Co Ltd NGO:5241
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Nihon Office Automation Research 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 Nihon Office Automation Research 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 * 1.0173+0.528 * 0.9237+0.404 * 0.958+0.892 * 1.0138+0.115 * 1.1495
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.03318-0.327 * 0.7845
=-2.27

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was 円471 Mil.
Revenue was 円2,991 Mil.
Gross Profit was 円559 Mil.
Total Current Assets was 円1,106 Mil.
Total Assets was 円1,258 Mil.
Property, Plant and Equipment(Net PPE) was 円18 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円377 Mil.
Long-Term Debt & Capital Lease Obligation was 円104 Mil.
Net Income was 円108 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円66 Mil.
 Total Receivables was 円457 Mil.
Revenue was 円2,950 Mil.
Gross Profit was 円510 Mil.
Total Current Assets was 円1,168 Mil.
Total Assets was 円1,336 Mil.
Property, Plant and Equipment(Net PPE) was 円20 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円457 Mil.
Long-Term Debt & Capital Lease Obligation was 円194 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)
=(471.46 / 2990.619) / (457.156 / 2950.027)
=0.157646 / 0.154967
=1.0173

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)
=(509.509 / 2950.027) / (559.169 / 2990.619)
=0.172713 / 0.186974
=0.9237

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 - (1105.849 + 18.141) / 1257.705) / (1 - (1167.833 + 20.174) / 1336.303)
=0.106317 / 0.110975
=0.958

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
=2990.619 / 2950.027
=1.0138

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))
=(6.108 / (6.108 + 20.174)) / (4.597 / (4.597 + 18.141))
=0.232402 / 0.202173
=1.1495

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 / 2990.619) / (0 / 2950.027)
=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)
=((104 + 376.605) / 1257.705) / ((194 + 456.887) / 1336.303)
=0.382129 / 0.48708
=0.7845

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
=(108.108 - 0 - 66.377) / 1257.705
=0.03318

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.

Nihon Office Automation Research Co has a M-score of -2.27 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 -2.27 mean?
Nihon Office Automation Research Co (NGO:5241) has a Beneish M-Score of -2.27 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nihon Office Automation Research Co and its competitors. According to the industry distribution chart, Nihon Office Automation Research Co ranks #1747 out of 2631 companies in the Software industry, placing it in the top 66.4%.
Is Nihon Office Automation Research Co's Beneish M-Score too high?
Nihon Office Automation Research Co's current Beneish M-Score is -2.27. Based on the distribution chart, Nihon Office Automation Research Co ranks #1747 out of 2631 companies in the Software industry, which is below the industry midpoint. Overall, Nihon Office Automation Research Co has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Nihon Office Automation Research Co's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Nihon Office Automation Research Co ranks #1747 out of 2631 companies for Beneish M-Score. This places Nihon Office Automation Research 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 Software company?
A good Beneish M-Score depends on the Software 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 Nihon Office Automation Research Co and its competitors. Nihon Office Automation Research Co's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nihon Office Automation Research Co stock overvalued right now?
Nihon Office Automation Research Co (NGO:5241) has a current Beneish M-Score of -2.27. The current Beneish M-Score is -2.27. Nihon Office Automation Research 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 Nihon Office Automation Research Co (NGO:5241), the current Beneish M-Score is -2.27 as of Jul. 14, 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.

Nihon Office Automation Research Co Business Description

Address 3-2-1 Nishikanda, First Building South Wing, 4th Floor, Tokyo Sumitomo Real Estate, Chiyoda, Chiyoda-ku, Tokyo, JPN, 101-0065
Nihon Office Automation Research Co Ltd is involved in system development, continuous maintenance, support, system modifications, and related services. The company provides high-value-added IT services by participating in the development of central government office systems.
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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