Japan Systembank (NGO:5530) Beneish M-Score: -2.64 (As of Jul. 09, 2026)


NGO:5530 Japan Systembank Corp NGO:5530
28 GF Score
Price 円1,029.00
! 6 Warning Signs
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What is Japan Systembank Beneish M-Score?

Japan Systembank NGO:5530 -0.39% 28 Beneish M-Score is -2.64 as of Jul. 09, 2026. GuruFocus rates NGO:5530 with a GF Score™ of 28/100. The stock has 6 warning signs investors should review. Among 1,700 Construction companies, Japan Systembank ranks better than 62.12% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:5530' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67   Med: -2.64   Max: -2.52
Current: -2.64

During the past 5 years, the highest Beneish M-Score of Japan Systembank was -2.52. The lowest was -2.67. And the median was -2.64.

Japan Systembank Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Japan Systembank'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.

Japan Systembank Beneish M-Score Chart

Japan Systembank Annual Data
Trend Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -2.67 -2.52 -2.64

Japan Systembank Quarterly Data
Jun21 Jun22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.64 0.00 0.00 0.00

Japan Systembank Beneish M-Score Competitor Comparison

For the Infrastructure Operations subindustry, Japan Systembank'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.

Japan Systembank Beneish M-Score vs Construction Industry

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

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


NGO:5530
28GF Score
Japan Systembank Corp NGO:5530
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Japan Systembank 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 Japan Systembank 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 * 0.9904+0.528 * 1.0541+0.404 * 1.0472+0.892 * 1.0342+0.115 * 0.8638
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.048312-0.327 * 0.9634
=-2.64

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was 円473 Mil.
Revenue was 円7,877 Mil.
Gross Profit was 円2,067 Mil.
Total Current Assets was 円2,383 Mil.
Total Assets was 円7,112 Mil.
Property, Plant and Equipment(Net PPE) was 円4,299 Mil.
Depreciation, Depletion and Amortization(DDA) was 円435 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,920 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,063 Mil.
Net Income was 円247 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円591 Mil.
 Total Receivables was 円462 Mil.
Revenue was 円7,617 Mil.
Gross Profit was 円2,107 Mil.
Total Current Assets was 円2,238 Mil.
Total Assets was 円6,985 Mil.
Property, Plant and Equipment(Net PPE) was 円4,344 Mil.
Depreciation, Depletion and Amortization(DDA) was 円375 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,960 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,102 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)
=(473.023 / 7876.897) / (461.857 / 7616.755)
=0.060052 / 0.060637
=0.9904

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)
=(2107.166 / 7616.755) / (2067.271 / 7876.897)
=0.276649 / 0.262447
=1.0541

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 - (2383.138 + 4298.664) / 7111.668) / (1 - (2237.671 + 4344.031) / 6984.888)
=0.060445 / 0.057723
=1.0472

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
=7876.897 / 7616.755
=1.0342

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))
=(374.589 / (374.589 + 4344.031)) / (435.06 / (435.06 + 4298.664))
=0.079385 / 0.091906
=0.8638

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 / 7876.897) / (0 / 7616.755)
=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)
=((2063.284 + 1920.394) / 7111.668) / ((2101.668 + 1959.723) / 6984.888)
=0.560161 / 0.581454
=0.9634

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
=(247.048 - 0 - 590.628) / 7111.668
=-0.048312

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.

Japan Systembank has a M-score of -2.64 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 -2.64 mean?
Japan Systembank (NGO:5530) has a Beneish M-Score of -2.64 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Japan Systembank and its competitors. According to the industry distribution chart, Japan Systembank ranks #644 out of 1700 companies in the Construction industry, placing it in the top 37.9%.
Is Japan Systembank's Beneish M-Score too high?
Japan Systembank's current Beneish M-Score is -2.64. Based on the distribution chart, Japan Systembank ranks #644 out of 1700 companies in the Construction industry, which is above the industry midpoint. Overall, Japan Systembank has a GF Score™ of 28/100, reflecting its overall financial health beyond just this single metric.
How does Japan Systembank's Beneish M-Score compare to competitors?
According to the Construction industry distribution chart, Japan Systembank ranks #644 out of 1700 companies for Beneish M-Score. This puts Japan Systembank 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 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 Japan Systembank and its competitors. Japan Systembank's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Systembank stock overvalued right now?
Japan Systembank (NGO:5530) has a current Beneish M-Score of -2.64. The current Beneish M-Score is -2.64. Japan Systembank's overall GF Score™ is 28/100 with 6 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 Japan Systembank (NGO:5530), the current Beneish M-Score is -2.64 as of Jul. 09, 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.

Japan Systembank Business Description

Address 3-5-21 Chuo, Fukui Prefecture, Fukui, JPN, 910-0006
Japan Systembank Corp is engaged in the operation of coin parking, sales and maintenance of parking lot equipment.
28GF 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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