Aichi Electric (NGO:6623) Beneish M-Score: -2.54 (As of Jun. 26, 2026)

What is Aichi Electric Beneish M-Score?

Aichi Electric NGO:6623 -1.30% 67 Beneish M-Score is -2.54 as of Jun. 26, 2026. GuruFocus rates NGO:6623 with a GF Score™ of 67/100 and a GF Value™ of 円4,869.52 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,926 Industrial Products companies, Aichi Electric ranks better than 58.54% 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:6623' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.52 Max: -2.15
Current: -2.54

During the past 13 years, the highest Beneish M-Score of Aichi Electric was -2.15. The lowest was -2.83. And the median was -2.52.

Aichi Electric Beneish M-Score Related Terms

Aichi Electric Beneish M-Score Historical Data

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The historical data trend for Aichi Electric'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.

Aichi Electric Beneish M-Score Chart

Aichi Electric Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.15

-2.38

-2.83

-2.63

-2.54

Aichi Electric Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.83	0.00	-2.63	0.00	-2.54

NGO:6623 vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, Aichi Electric'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 Electric Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Aichi Electric's Beneish M-Score distribution charts can be found below:

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

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67GF Score

Aichi Electric NGO:6623

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

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Aichi Electric 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 Aichi Electric 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 * 0.9558

0.528 * 0.9007

0.404 * 1.16

0.892 * 1.0758

0.115 * 0.8135

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.022709

0.327 * 0.9151

-2.54

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円30,300 Mil.
Revenue was 円129,382 Mil.
Gross Profit was 円21,533 Mil.
Total Current Assets was 円91,480 Mil.
Total Assets was 円146,636 Mil.
Property, Plant and Equipment(Net PPE) was 円41,976 Mil.
Depreciation, Depletion and Amortization(DDA) was 円7,589 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円42,603 Mil.
Long-Term Debt & Capital Lease Obligation was 円11,087 Mil.
Net Income was 円8,527 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円11,857 Mil.

Total Receivables was 円29,470 Mil.
Revenue was 円120,270 Mil.
Gross Profit was 円18,028 Mil.
Total Current Assets was 円89,307 Mil.
Total Assets was 円141,849 Mil.
Property, Plant and Equipment(Net PPE) was 円41,551 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,912 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円42,434 Mil.
Long-Term Debt & Capital Lease Obligation was 円14,320 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)
	=	(30300 / 129382)	/	(29470 / 120270)
	=	0.23419	/	0.245032
	=	0.9558

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)
	=	(18028 / 120270)	/	(21533 / 129382)
	=	0.149896	/	0.16643
	=	0.9007

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 - (91480 + 41976) / 146636)	/	(1 - (89307 + 41551) / 141849)
	=	0.089882	/	0.077484
	=	1.16

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
	=	129382	/	120270
	=	1.0758

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))
	=	(5912 / (5912 + 41551))	/	(7589 / (7589 + 41976))
	=	0.12456	/	0.153112
	=	0.8135

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 / 129382)	/	(0 / 120270)
	=	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)
	=	((11087 + 42603) / 146636)	/	((14320 + 42434) / 141849)
	=	0.366145	/	0.400102
	=	0.9151

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
	=	(8527 - 0	-	11857)	/	146636
	=	-0.022709

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 Electric has a M-score of -2.54 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 -2.54 mean?

Aichi Electric (NGO:6623) has a Beneish M-Score of -2.54 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aichi Electric and its competitors. According to the industry distribution chart, Aichi Electric ranks #1213 out of 2926 companies in the Industrial Products industry, placing it in the top 41.5%.

Is Aichi Electric's Beneish M-Score too high?

Aichi Electric's current Beneish M-Score is -2.54. Based on the distribution chart, Aichi Electric ranks #1213 out of 2926 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Aichi Electric has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Aichi Electric's Beneish M-Score compare to VRT and BE?

According to the Industrial Products industry distribution chart, Aichi Electric ranks #1213 out of 2926 companies for Beneish M-Score. This puts Aichi Electric 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 an Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Electric and its competitors. Aichi Electric's current Beneish M-Score is -2.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Aichi Electric stock overvalued right now?

Based on GuruFocus' analysis, Aichi Electric (NGO:6623) is currently considered Significantly Overvalued. The stock's GF Value™ is 円4,869.52, compared to a current price of 円9,090.00 — trading 86.7% above its estimated fair value. The current Beneish M-Score is -2.54. Aichi Electric's overall GF Score™ is 67/100 with 5 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 Electric (NGO:6623), the current Beneish M-Score is -2.54 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 Aichi Electric (NGO:6623) Overvalued in 2026?

Based on GuruFocus' analysis, Aichi Electric stock appears to be overvalued. The current stock price of 円9,090.00 is trading 86.7% above its estimated GF Value™ of 円4,869.52. GuruFocus considers Aichi Electric to be Significantly Overvalued.

Key valuation signals for NGO:6623:

Beneish M-Score: -2.54
GF Value™: 円4,869.52 vs. price of 円9,090.00 (86.7% above fair value)
GF Score™: 67/100 with 5 warning signs

No single metric tells the full story. See the NGO:6623 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Aichi Electric Business Description

Industry Industrials Industrial Products

Comparable Companies TSE:6946 TSE:6905 TSE:6741 TSE:6652 TSE:7931 TSE:6637 TSE:6231 TSE:6994 TSE:7711 TSE:6617 SZSE:300750 XSWX:ABBN BKK:DELTA VRT TSE:6503 BE XKRX:373220 SZSE:300274 MIL:PRY XPAR:LR

Address 1,Aichi-cho, Kasugai, JPN, 486-8666

Website http://www.aichidenki.jp

Aichi Electric Co., Ltd is engaged in providing electric power products in Japan. The company's products offerings are A transformer, Motor, Applied equipment, Plant equipment, Power conversion equipment, and others. Its segments include: Power Equipment; and Rotating Machines.

67GF Score

Get the complete analysis for NGO:6623

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

円9,090.00

Price

円4,869.52

GF Value

View NGO:6623 Analysis

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