Topy Industries (NGO:7231) Beneish M-Score: -2.66 (As of Jun. 26, 2026)

What is Topy Industries Beneish M-Score?

Topy Industries NGO:7231 69 Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus rates NGO:7231 with a GF Score™ of 69/100 and a GF Value™ of 円2,523.96. The stock has 4 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Topy Industries ranks better than 61.15% 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:7231' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.48 Max: -2.25
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Topy Industries was -2.25. The lowest was -3.04. And the median was -2.48.

Topy Industries Beneish M-Score Related Terms

Topy Industries Beneish M-Score Historical Data

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The historical data trend for Topy Industries'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.

Topy Industries Beneish M-Score Chart

Topy Industries Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.25

-2.55

-2.63

-2.80

-2.66

Topy Industries Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.80	0.00	0.00	0.00	-2.66

NGO:7231 vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Topy Industries'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.

Topy Industries Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Topy Industries's Beneish M-Score distribution charts can be found below:

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

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69GF Score

Topy Industries Ltd NGO:7231

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

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Topy Industries 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 Topy Industries 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 * 0.9082

0.528 * 0.9074

0.404 * 0.9536

0.892 * 0.9905

0.115 * 1.0068

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.010973

0.327 * 0.9186

-2.66

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円55,851 Mil.
Revenue was 円297,750 Mil.
Gross Profit was 円46,315 Mil.
Total Current Assets was 円150,872 Mil.
Total Assets was 円271,578 Mil.
Property, Plant and Equipment(Net PPE) was 円78,469 Mil.
Depreciation, Depletion and Amortization(DDA) was 円11,901 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円88,407 Mil.
Long-Term Debt & Capital Lease Obligation was 円29,478 Mil.
Net Income was 円10,151 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円13,131 Mil.

Total Receivables was 円62,090 Mil.
Revenue was 円300,610 Mil.
Gross Profit was 円42,429 Mil.
Total Current Assets was 円155,185 Mil.
Total Assets was 円281,751 Mil.
Property, Plant and Equipment(Net PPE) was 円80,616 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12,323 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円95,852 Mil.
Long-Term Debt & Capital Lease Obligation was 円37,285 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)
	=	(55851 / 297750)	/	(62090 / 300610)
	=	0.187577	/	0.206547
	=	0.9082

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)
	=	(42429 / 300610)	/	(46315 / 297750)
	=	0.141143	/	0.15555
	=	0.9074

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 - (150872 + 78469) / 271578)	/	(1 - (155185 + 80616) / 281751)
	=	0.155524	/	0.163087
	=	0.9536

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
	=	297750	/	300610
	=	0.9905

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))
	=	(12323 / (12323 + 80616))	/	(11901 / (11901 + 78469))
	=	0.132592	/	0.131692
	=	1.0068

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 / 297750)	/	(0 / 300610)
	=	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)
	=	((29478 + 88407) / 271578)	/	((37285 + 95852) / 281751)
	=	0.434074	/	0.472534
	=	0.9186

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
	=	(10151 - 0	-	13131)	/	271578
	=	-0.010973

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.

Topy Industries has a M-score of -2.66 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 -2.66 mean?

Topy Industries (NGO:7231) has a Beneish M-Score of -2.66 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Topy Industries and its competitors. According to the industry distribution chart, Topy Industries ranks #495 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 38.9%.

Is Topy Industries' Beneish M-Score too high?

Topy Industries' current Beneish M-Score is -2.66. Based on the distribution chart, Topy Industries ranks #495 out of 1274 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Topy Industries has a GF Score™ of 69/100, reflecting its overall financial health beyond just this single metric.

How does Topy Industries' Beneish M-Score compare to ORLY and AZO?

According to the Vehicles & Parts industry distribution chart, Topy Industries ranks #495 out of 1274 companies for Beneish M-Score. This puts Topy Industries 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 Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts 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 Topy Industries and its competitors. Topy Industries's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Topy Industries stock overvalued right now?

Topy Industries (NGO:7231) has a current Beneish M-Score of -2.66. The stock's GF Value™ is 円2,523.96, compared to a current price of 円2,850.00 — trading 12.9% above its estimated fair value. The current Beneish M-Score is -2.66. Topy Industries' overall GF Score™ is 69/100 with 4 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 Topy Industries (NGO:7231), the current Beneish M-Score is -2.66 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 Topy Industries (NGO:7231) Overvalued in 2026?

Based on GuruFocus' analysis, Topy Industries stock appears to be overvalued. The current stock price of 円2,850.00 is trading 12.9% above its estimated GF Value™ of 円2,523.96.

Key valuation signals for NGO:7231:

Beneish M-Score: -2.66
GF Value™: 円2,523.96 vs. price of 円2,850.00 (12.9% above fair value)
GF Score™: 69/100 with 4 warning signs

No single metric tells the full story. See the NGO:7231 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Topy Industries Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies TSE:7280 TSE:5949 TSE:5184 TSE:5202 TSE:7244 TSE:5985 TSE:7245 TSE:4619 TSE:5989 TSE:4246 ORLY TSE:5802 AZO XKRX:012330 TSE:6902 TSE:5108 XPAR:ML SHSE:600660 XTER:KBX TSX:MG

Other Exchanges 7231:Japan

Address Art Village Osaki Central Tower, 1-2-2 Osaki, Shinagawa-ku, Tokyo, JPN, 141-8634

Website http://www.topy.co.jp

Topy Industries Ltd is a Japanese producer of steel and automotive and industrial machinery components. Topy's largest segment by revenue, automotive and industrial machinery components, produces steel and aluminum wheels for passenger cars, commercial trucks, and buses; ultra-large-diameter wheels for mining dump trucks; industrial spring steel fasteners; and undercarriage components such as track shoes, cutting edges, links, and rollers. In its second- largest segment, the company produces general steel sections, deformed and flat bars, mast rail sections for forklifts, and universal mill plates.

69GF Score

Get the complete analysis for NGO:7231

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

円2,850.00

Price

円2,523.96

GF Value

View NGO:7231 Analysis

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