Maruichi Co (NGO:8228) Beneish M-Score: -2.58 (As of Jul. 12, 2026)

What is Maruichi Co Beneish M-Score?

Maruichi Co NGO:8228 +0.27% 65 Beneish M-Score is -2.58 as of Jul. 12, 2026. GuruFocus rates NGO:8228 with a GF Score™ of 65/100 and a GF Value™ of 円1,485.49 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 294 Retail - Defensive companies, Maruichi Co ranks better than 50.68% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:8228' s Beneish M-Score Range Over the Past 10 Years
Min: -2.62 Med: -2.45 Max: -2.15
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Maruichi Co was -2.15. The lowest was -2.62. And the median was -2.45.

Maruichi Co Beneish M-Score Related Terms

Maruichi Co Beneish M-Score Historical Data

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The historical data trend for Maruichi 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.

Maruichi Co Beneish M-Score Chart

Maruichi Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.55

-2.36

-2.32

-2.15

-2.58

Maruichi Co 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															-2.32	0.00	-2.15	0.00	-2.58

NGO:8228 vs SYY, USFD, PFGC: Beneish M-Score Comparison

For the Food Distribution subindustry, Maruichi 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.

Maruichi Co Beneish M-Score vs Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Maruichi Co's Beneish M-Score distribution charts can be found below:

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

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65GF Score

Maruichi Co Ltd NGO:8228

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

View Full Analysis

Maruichi 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 Maruichi Co 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 * 0.9765

0.528 * 0.964

0.404 * 0.9495

0.892 * 1.1038

0.115 * 0.7024

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.023243

0.327 * 0.9743

-2.58

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円28,767 Mil.
Revenue was 円297,086 Mil.
Gross Profit was 円25,824 Mil.
Total Current Assets was 円51,180 Mil.
Total Assets was 円81,101 Mil.
Property, Plant and Equipment(Net PPE) was 円12,184 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,200 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円41,037 Mil.
Long-Term Debt & Capital Lease Obligation was 円11,068 Mil.
Net Income was 円1,728 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,613 Mil.

Total Receivables was 円26,689 Mil.
Revenue was 円269,141 Mil.
Gross Profit was 円22,553 Mil.
Total Current Assets was 円48,563 Mil.
Total Assets was 円78,533 Mil.
Property, Plant and Equipment(Net PPE) was 円11,881 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,430 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円39,194 Mil.
Long-Term Debt & Capital Lease Obligation was 円12,590 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)
	=	(28767 / 297086)	/	(26689 / 269141)
	=	0.096831	/	0.099164
	=	0.9765

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)
	=	(22553 / 269141)	/	(25824 / 297086)
	=	0.083796	/	0.086924
	=	0.964

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 - (51180 + 12184) / 81101)	/	(1 - (48563 + 11881) / 78533)
	=	0.218703	/	0.230336
	=	0.9495

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
	=	297086	/	269141
	=	1.1038

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))
	=	(1430 / (1430 + 11881))	/	(2200 / (2200 + 12184))
	=	0.10743	/	0.152948
	=	0.7024

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 / 297086)	/	(0 / 269141)
	=	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)
	=	((11068 + 41037) / 81101)	/	((12590 + 39194) / 78533)
	=	0.64247	/	0.659392
	=	0.9743

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
	=	(1728 - 0	-	3613)	/	81101
	=	-0.023243

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.

Maruichi Co has a M-score of -2.58 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 -2.58 mean?

Maruichi Co (NGO:8228) has a Beneish M-Score of -2.58 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Maruichi Co and its competitors. According to the industry distribution chart, Maruichi Co ranks #145 out of 294 companies in the Retail - Defensive industry, placing it in the top 49.3%.

Is Maruichi Co's Beneish M-Score too high?

Maruichi Co's current Beneish M-Score is -2.58. Based on the distribution chart, Maruichi Co ranks #145 out of 294 companies in the Retail - Defensive industry, which is above the industry midpoint. Overall, Maruichi Co has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Maruichi Co's Beneish M-Score compare to SYY and USFD?

According to the Retail - Defensive industry distribution chart, Maruichi Co ranks #145 out of 294 companies for Beneish M-Score. This puts Maruichi Co 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 Retail - Defensive company?

A good Beneish M-Score depends on the Retail - Defensive 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 Maruichi Co and its competitors. Maruichi Co's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Maruichi Co stock overvalued right now?

Based on GuruFocus' analysis, Maruichi Co (NGO:8228) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,485.49, compared to a current price of 円1,122.00 — trading 24.5% below its estimated fair value. The current Beneish M-Score is -2.58. Maruichi Co's overall GF Score™ is 65/100 with 3 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 Maruichi Co (NGO:8228), the current Beneish M-Score is -2.58 as of Jul. 12, 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 Maruichi Co (NGO:8228) Overvalued in 2026?

Based on GuruFocus' analysis, Maruichi Co stock appears to be undervalued. The current stock price of 円1,122.00 is trading 24.5% below its estimated GF Value™ of 円1,485.49. GuruFocus considers Maruichi Co to be Modestly Undervalued.

Key valuation signals for NGO:8228:

Beneish M-Score: -2.58
GF Value™: 円1,485.49 vs. price of 円1,122.00 (24.5% below fair value)
GF Score™: 65/100 with 3 warning signs

No single metric tells the full story. See the NGO:8228 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Maruichi Co Business Description

Industry Consumer Defensive Retail - Defensive

Comparable Companies TSE:7481 NGO:7675 TSE:2294 TSE:8006 TSE:7520 TSE:9996 TSE:8030 TSE:2816 TSE:7686 TSE:2586 SYY USFD PFGC XLIS:JMT LSE:BNZL JSE:BID HKSE:01768 BKK:CPAXT CHEF SGX:VC2

Address 3-38 Nagano City Market, Nagano, JPN, 381-2281

Website http://www.maruichi.com

Maruichi Co Ltd is engaged in the wholesale business of fishery products, dairy foods, and frozen foods, general dry foods, processed foods, livestock products, and processed livestock products, retail store support business, among others. The company has four reportable segments: "Fishery Business", "General Food Business", and "Livestock Business", which are segments by product and service based on business divisions, and "Marusui Nagano Kensui Group", which is a segment by operating company. The company generates the majority of its revenue from Fishery Business segment, which is engaged in seafood, processed seafood products, daily necessities, and frozen foods, and manufactures processed seafood products.

65GF Score

Get the complete analysis for NGO:8228

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

円1,122.00

Price

円1,485.49

GF Value

View NGO:8228 Analysis

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