Seiyu kogyo Co (NGO:9170) Beneish M-Score: -3.07 (As of Jul. 01, 2026)


NGO:9170 Seiyu kogyo Co Ltd NGO:9170
28 GF Score
Price 円1,700.00
GF Value 円867.19
Valuation Significantly Overvalued
! 8 Warning Signs
View Full Analysis

What is Seiyu kogyo Co Beneish M-Score?

Seiyu kogyo Co NGO:9170 +0.59% 28 Beneish M-Score is -3.07 as of Jul. 01, 2026. GuruFocus rates NGO:9170 with a GF Score™ of 28/100 and a GF Value™ of 円867.19 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,699 Construction companies, Seiyu kogyo Co ranks better than 84.28% 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 -3.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:9170' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07   Med: -2.22   Max: -0.85
Current: -3.07

During the past 5 years, the highest Beneish M-Score of Seiyu kogyo Co was -0.85. The lowest was -3.07. And the median was -2.22.

Seiyu kogyo Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Seiyu kogyo 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.

Seiyu kogyo Co Beneish M-Score Chart

Seiyu kogyo Co Annual Data
Trend Sep21 Sep22 Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 -2.22 -0.85 -3.07

Seiyu kogyo Co Semi-Annual Data
Sep21 Sep22 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 -0.85 0.00 -3.07 0.00

NGO:9170 vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Seiyu kogyo 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.

Seiyu kogyo Co Beneish M-Score vs Construction Industry

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

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


NGO:9170
28GF Score
Seiyu kogyo Co Ltd NGO:9170
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Seiyu kogyo 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 Seiyu kogyo Co 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 * 0.8349+0.528 * 0.7382+0.404 * 0.9373+0.892 * 1.1159+0.115 * 0.585
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.072345-0.327 * 0.9601
=-3.07

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was 円3,020 Mil.
Revenue was 円15,309 Mil.
Gross Profit was 円2,818 Mil.
Total Current Assets was 円6,186 Mil.
Total Assets was 円16,426 Mil.
Property, Plant and Equipment(Net PPE) was 円8,997 Mil.
Depreciation, Depletion and Amortization(DDA) was 円599 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,018 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,467 Mil.
Net Income was 円603 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,792 Mil.
 Total Receivables was 円3,242 Mil.
Revenue was 円13,719 Mil.
Gross Profit was 円1,864 Mil.
Total Current Assets was 円6,153 Mil.
Total Assets was 円15,879 Mil.
Property, Plant and Equipment(Net PPE) was 円8,443 Mil.
Depreciation, Depletion and Amortization(DDA) was 円320 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,556 Mil.
Long-Term Debt & Capital Lease Obligation was 円6,000 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)
=(3020.244 / 15308.721) / (3241.558 / 13718.573)
=0.197289 / 0.23629
=0.8349

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)
=(1863.986 / 13718.573) / (2817.652 / 15308.721)
=0.135873 / 0.184055
=0.7382

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 - (6186.201 + 8996.603) / 16426.234) / (1 - (6153.352 + 8442.997) / 15878.733)
=0.075698 / 0.080761
=0.9373

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
=15308.721 / 13718.573
=1.1159

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))
=(320.209 / (320.209 + 8442.997)) / (599.365 / (599.365 + 8996.603))
=0.03654 / 0.06246
=0.585

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 / 15308.721) / (0 / 13718.573)
=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)
=((5466.56 + 5018.266) / 16426.234) / ((6000.041 + 4556.149) / 15878.733)
=0.638298 / 0.664801
=0.9601

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
=(603.291 - 0 - 1791.645) / 16426.234
=-0.072345

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.

Seiyu kogyo Co has a M-score of -3.07 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 -3.07 mean?
Seiyu kogyo Co (NGO:9170) has a Beneish M-Score of -3.07 as of Jul. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Seiyu kogyo Co and its competitors. According to the industry distribution chart, Seiyu kogyo Co ranks #267 out of 1699 companies in the Construction industry, placing it in the top 15.7%.
Is Seiyu kogyo Co's Beneish M-Score too high?
Seiyu kogyo Co's current Beneish M-Score is -3.07. Based on the distribution chart, Seiyu kogyo Co ranks #267 out of 1699 companies in the Construction industry, which is in the top quartile — a strong position relative to peers. Overall, Seiyu kogyo Co has a GF Score™ of 28/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Seiyu kogyo Co's Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Seiyu kogyo Co ranks #267 out of 1699 companies for Beneish M-Score. This places Seiyu kogyo Co in the top 16% of its industry — outperforming the majority of peers. 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 Seiyu kogyo Co and its competitors. Seiyu kogyo Co's current Beneish M-Score is -3.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Seiyu kogyo Co stock overvalued right now?
Based on GuruFocus' analysis, Seiyu kogyo Co (NGO:9170) is currently considered Significantly Overvalued. The stock's GF Value™ is 円867.19, compared to a current price of 円1,700.00 — trading 96% above its estimated fair value. The current Beneish M-Score is -3.07. Seiyu kogyo Co's overall GF Score™ is 28/100 with 8 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 Seiyu kogyo Co (NGO:9170), the current Beneish M-Score is -3.07 as of Jul. 01, 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 Seiyu kogyo Co (NGO:9170) Overvalued in 2026?

Based on GuruFocus' analysis, Seiyu kogyo Co stock appears to be overvalued. The current stock price of 円1,700.00 is trading 96% above its estimated GF Value™ of 円867.19. GuruFocus considers Seiyu kogyo Co to be Significantly Overvalued.

Key valuation signals for NGO:9170:

  • Beneish M-Score: -3.07
  • GF Value™: 円867.19 vs. price of 円1,700.00 (96% above fair value)
  • GF Score™: 28/100 with 8 warning signs

No single metric tells the full story. See the NGO:9170 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Seiyu kogyo Co Business Description

Address 1141-1 Kusabana, Akiruno City, Tokyo, JPN
Seiyu kogyo Co Ltd is engaged in the business of construction work, Industrial waste treatment, Contaminated soil treatment, Transportation business, and Recycled construction materials production and sales business.
28GF Score

Get the complete analysis for NGO:9170

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

円1,700.00
Price
円867.19
GF Value