ShinMaywa IndustriesSHMWF 81 Beneish M-Score is -2.63 as of Jun. 29, 2026. GuruFocus rates SHMWF with a GF Score™ of 81/100 and a GF Value™ of $10.23 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 536 Conglomerates companies, ShinMaywa Industries ranks better than 64.55% 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ShinMaywa Industries's Beneish M-Score or its related term are showing as below:
SHMWF'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.59 Max: -2.33
Current: -2.63
During the past 13 years, the highest Beneish M-Score of ShinMaywa Industries was -2.33. The lowest was -2.95. And the median was -2.59.
ShinMaywa Industries Beneish M-Score Related Terms
ShinMaywa Industries Beneish M-Score Historical Data
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The historical data trend for ShinMaywa 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.
For the Conglomerates subindustry, ShinMaywa 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.
ShinMaywa Industries Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, ShinMaywa Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ShinMaywa Industries's Beneish M-Score falls into.
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 ShinMaywa Industries 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 * 0.9936
+
0.528 * 0.9696
+
0.404 * 1.0387
+
0.892 * 1.0049
+
0.115 * 0.9783
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.043427
-
0.327 * 1.0114
=
-2.69
* 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.
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.
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))
=
(37.891 / (37.891 + 332.422))
/
(38.883 / (38.883 + 332.878))
=
0.102322
/
0.104591
=
0.9783
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
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
=
(72.516 - 0
-
153.539)
/
1865.711
=
-0.043427
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.
ShinMaywa Industries has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
ShinMaywa Industries (SHMWF) has a Beneish M-Score of -2.63 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ShinMaywa Industries and its competitors. According to the industry distribution chart, ShinMaywa Industries ranks #190 out of 536 companies in the Conglomerates industry, placing it in the top 35.4%.
Is ShinMaywa Industries' Beneish M-Score too high?
ShinMaywa Industries' current Beneish M-Score is -2.63. Based on the distribution chart, ShinMaywa Industries ranks #190 out of 536 companies in the Conglomerates industry, which is above the industry midpoint. Overall, ShinMaywa Industries has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ShinMaywa Industries' Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, ShinMaywa Industries ranks #190 out of 536 companies for Beneish M-Score. This puts ShinMaywa 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 ShinMaywa Industries and its competitors. ShinMaywa Industries's current Beneish M-Score is -2.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ShinMaywa Industries stock overvalued right now?
Based on GuruFocus' analysis, ShinMaywa Industries (SHMWF) is currently considered Modestly Overvalued. The stock's GF Value™ is $10.23, compared to a current price of $13.30 — trading 30% above its estimated fair value. The current Beneish M-Score is -2.63. ShinMaywa Industries' overall GF Score™ is 81/100 with 1 warning sign 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 ShinMaywa Industries (SHMWF), the current Beneish M-Score is -2.63 as of Jun. 29, 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 ShinMaywa Industries (SHMWF) Overvalued in 2026?
Based on GuruFocus' analysis, ShinMaywa Industries stock appears to be overvalued.
The current stock price of $13.30 is trading 30% above its estimated GF Value™ of $10.23.
GuruFocus considers ShinMaywa Industries to be Modestly Overvalued.
Key valuation signals for SHMWF:
Beneish M-Score: -2.63
GF Value™: $10.23 vs. price of $13.30 (30% above fair value)
No single metric tells the full story. See the SHMWF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ShinMaywa Industries Ltd manufactures a wide range of products, including parking systems, aircrafts, trucks, and other industrial systems. The company has four operating segments: aircraft, special-purpose truck, industrial machinery and environmental systems, and parking systems. The special-purpose truck segment generates roughly half of total sales and focuses on distributing dump trucks, lifters, compactors, and forestry machinery. The aircraft segment sells amphibian aircraft (capable of open-sea landing and takeoff) and aircraft parts to other manufacturers. Sales to customers located in Japan constitute about three fourths of total revenue.
81GF Score
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