TDCSF (TDC Soft) Beneish M-Score: -2.00 (As of Jul. 13, 2026)

What is TDC Soft Beneish M-Score?

TDC Soft TDCSF 84 Beneish M-Score is -2.00 as of Jul. 13, 2026. GuruFocus rates TDCSF with a GF Score™ of 84/100 and a GF Value™ of $11.55. Among 2,631 Software companies, TDC Soft ranks worse than 76.51% 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 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TDCSF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.65 Med: -2.39 Max: -2
Current: -2

During the past 13 years, the highest Beneish M-Score of TDC Soft was -2.00. The lowest was -2.65. And the median was -2.39.

TDC Soft Beneish M-Score Related Terms

TDC Soft Beneish M-Score Historical Data

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The historical data trend for TDC Soft'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.

TDC Soft Beneish M-Score Chart

TDC Soft Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.43

-2.24

-2.26

-2.36

-2.00

TDC Soft 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															-2.36	0.00	0.00	0.00	-2.00

TDCSF vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, TDC Soft'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.

TDC Soft Beneish M-Score vs Software Industry

For the Software industry and Technology sector, TDC Soft's Beneish M-Score distribution charts can be found below:

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

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84GF Score

TDC Soft Inc TDCSF

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

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TDC Soft 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 TDC Soft 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 * 1.0973

0.528 * 1.0557

0.404 * 1.264

0.892 * 1.0227

0.115 * 0.9795

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.038653

0.327 * 0.9992

-2.06

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $56.3 Mil.
Revenue was $304.8 Mil.
Gross Profit was $61.8 Mil.
Total Current Assets was $156.9 Mil.
Total Assets was $198.5 Mil.
Property, Plant and Equipment(Net PPE) was $5.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.0 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $48.2 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was $24.5 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $16.8 Mil.

Total Receivables was $50.1 Mil.
Revenue was $298.0 Mil.
Gross Profit was $63.8 Mil.
Total Current Assets was $156.0 Mil.
Total Assets was $189.8 Mil.
Property, Plant and Equipment(Net PPE) was $6.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.2 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $46.1 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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)
	=	(56.269 / 304.755)	/	(50.143 / 297.992)
	=	0.184637	/	0.16827
	=	1.0973

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)
	=	(63.769 / 297.992)	/	(61.777 / 304.755)
	=	0.213996	/	0.20271
	=	1.0557

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 - (156.891 + 5.047) / 198.51)	/	(1 - (155.965 + 6.147) / 189.771)
	=	0.184233	/	0.145749
	=	1.264

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
	=	304.755	/	297.992
	=	1.0227

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))
	=	(1.213 / (1.213 + 6.147))	/	(1.021 / (1.021 + 5.047))
	=	0.16481	/	0.16826
	=	0.9795

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 / 304.755)	/	(0 / 297.992)
	=	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)
	=	((0 + 48.175) / 198.51)	/	((0 + 46.092) / 189.771)
	=	0.242683	/	0.242882
	=	0.9992

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
	=	(24.454 - 0	-	16.781)	/	198.51
	=	0.038653

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.

TDC Soft has a M-score of -2.06 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 -2.00 mean?

TDC Soft (TDCSF) has a Beneish M-Score of -2.00 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TDC Soft and its competitors. According to the industry distribution chart, TDC Soft ranks #2013 out of 2631 companies in the Software industry, placing it in the top 76.5%.

Is TDC Soft's Beneish M-Score too high?

TDC Soft's current Beneish M-Score is -2.00. Based on the distribution chart, TDC Soft ranks #2013 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, TDC Soft has a GF Score™ of 84/100, reflecting its overall financial health beyond just this single metric.

How does TDC Soft's Beneish M-Score compare to MSFT and ORCL?

According to the Software industry distribution chart, TDC Soft ranks #2013 out of 2631 companies for Beneish M-Score. This places TDC Soft in the lower 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 Software company?

A good Beneish M-Score depends on the Software 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 TDC Soft and its competitors. TDC Soft's current Beneish M-Score is -2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is TDC Soft stock overvalued right now?

TDC Soft (TDCSF) has a current Beneish M-Score of -2.00. The stock's GF Value™ is $11.55, compared to a current price of $7.99 — trading 30.8% below its estimated fair value. The current Beneish M-Score is -2.00. TDC Soft's overall GF Score™ is 84/100. 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 TDC Soft (TDCSF), the current Beneish M-Score is -2.00 as of Jul. 13, 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 TDC Soft (TDCSF) Overvalued in 2026?

Based on GuruFocus' analysis, TDC Soft stock appears to be undervalued. The current stock price of $7.99 is trading 30.8% below its estimated GF Value™ of $11.55.

Key valuation signals for TDCSF:

Beneish M-Score: -2.00
GF Value™: $11.55 vs. price of $7.99 (30.8% below fair value)
GF Score™: 84/100

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

TDC Soft Business Description

Industry Technology Software

Comparable Companies TSE:135A TSE:147A TSE:3040 TSE:3741 TSE:4475 TSE:2326 TSE:4417 TSE:3915 TSE:4051 TSE:4847 MSFT ORCL PLTR PANW CRWD HKSE:02513 FTNT SNPS NET CRWV

Other Exchanges 4687:Japan

Address Yoyogi 3-22-7 Shibuya Culture Quint Building, Shibuya-ku, Tokyo, JPN, 151-0051

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

TDC Soft Inc is engaged in development, sale, rental, import, and export of computer software. It also provides sales and education training related to information science and information processing systems. The company's products and services include Cloud platform, Amazon web service, HuTaCT, Health management support solution, BP-LINKS, Meeepa, and others.

84GF Score

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

$7.99

Price

$11.55

GF Value

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