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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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Aichi Steel's Beneish M-Score or its related term are showing as below:
NGO:5482'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.59 Max: -1.97
Current: -2.72
During the past 13 years, the highest Beneish M-Score of Aichi Steel was -1.97. The lowest was -3.48. And the median was -2.59.
The historical data trend for Aichi Steel'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.
NGO:5482 vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, Aichi Steel'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.
Aichi Steel Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, Aichi Steel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aichi Steel's Beneish M-Score falls into.
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 Aichi Steel 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 * 1.0309
+
0.528 * 0.9806
+
0.404 * 0.9839
+
0.892 * 1.0278
+
0.115 * 1.0335
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9958
+
4.679 * -0.067843
-
0.327 * 0.8944
=
-2.72
* 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.
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.
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))
=
(18845 / (18845 + 129224))
/
(17985 / (17985 + 128061))
=
0.127272
/
0.123146
=
1.0335
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
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
=
(10852 - 0
-
38419)
/
406337
=
-0.067843
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.
Aichi Steel has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
Aichi Steel (NGO:5482) has a Beneish M-Score of -2.72 as of Aug. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aichi Steel and its competitors. According to the industry distribution chart, Aichi Steel ranks #194 out of 590 companies in the Steel industry, placing it in the top 32.9%.
Is Aichi Steel's Beneish M-Score too high?
Aichi Steel's current Beneish M-Score is -2.72. Based on the distribution chart, Aichi Steel ranks #194 out of 590 companies in the Steel industry, which is above the industry midpoint. Overall, Aichi Steel has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Aichi Steel's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Aichi Steel ranks #194 out of 590 companies for Beneish M-Score. This puts Aichi Steel 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 Steel company?
A good Beneish M-Score depends on the Steel 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 Aichi Steel and its competitors. Aichi Steel's current Beneish M-Score is -2.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aichi Steel stock overvalued right now?
Aichi Steel (NGO:5482) has a current Beneish M-Score of -2.72. The stock's GF Value™ is 円1,362.59, compared to a current price of 円1,965.00 — trading 44.2% above its estimated fair value. The current Beneish M-Score is -2.72. Aichi Steel's overall GF Score™ is 75/100 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 Aichi Steel (NGO:5482), the current Beneish M-Score is -2.72 as of Aug. 10, 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 Aichi Steel (NGO:5482) Overvalued in 2026?
Based on GuruFocus' analysis, Aichi Steel stock appears to be overvalued.
The current stock price of 円1,965.00 is trading 44.2% above its estimated GF Value™ of 円1,362.59.
Key valuation signals for NGO:5482:
Beneish M-Score: -2.72
GF Value™: 円1,362.59 vs. price of 円1,965.00 (44.2% above fair value)
No single metric tells the full story. See the NGO:5482 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aichi Steel Corp is a Japan-based company that manufactures and sells steel, forged products and electro-magnetic products. The company operates through four segments. The steel segment manufactures and sells specialty steel, stainless steel, and titanium. The forged product segment produces a wide variety of forgings. The electromagnetic products segment manufactures electromagnetic components. The steel and forged products segments are the two biggest segments, representing the majority of Aichi Steel's sales. Aichi Steel is a member of Toyota Group. Toyota Motor and Toyota Tsusho are its major customers. The company generates most of its revenue from the Japanese domestic market.
75GF Score
Get the complete analysis for NGO:5482
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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