Vrain Solution (TSE:135A) Beneish M-Score: 0.26 (As of Jun. 28, 2026) — Near Median


TSE:135A Vrain Solution Inc TSE:135A
23 GF Score
Price 円3,985.00
! 4 Warning Signs
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What is Vrain Solution Beneish M-Score?

Vrain Solution TSE:135A -4.67% 23 Beneish M-Score is 0.26 as of Jun. 28, 2026, which is at its 10-year median of 0.26. GuruFocus rates TSE:135A with a GF Score™ of 23/100. The stock has 4 warning signs investors should review. Among 2,632 Software companies, Vrain Solution ranks worse than 93.69% 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.

Warning Sign:

Beneish M-Score 0.26 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:135A' s Beneish M-Score Range Over the Past 10 Years
Min: -1.89   Med: 0.26   Max: 0.81
Current: 0.26

During the past 5 years, the highest Beneish M-Score of Vrain Solution was 0.81. The lowest was -1.89. And the median was 0.26.

Vrain Solution Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Vrain Solution'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.

Vrain Solution Beneish M-Score Chart

Vrain Solution Annual Data
Trend Feb22 Feb23 Feb24 Feb25 Feb26
Beneish M-Score
0.00 0.00 -1.89 0.81 0.26

Vrain Solution Semi-Annual Data
Feb22 Feb23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial -1.89 0.00 0.81 0.00 0.26

TSE:135A vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Vrain Solution'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.

Vrain Solution Beneish M-Score vs Software Industry

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

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


TSE:135A
23GF Score
Vrain Solution Inc TSE:135A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Vrain Solution 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 Vrain Solution 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 * 1.5274+0.528 * 0.9948+0.404 * 2.1714+0.892 * 1.5289+0.115 * 0.7254
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.319129-0.327 * 1.4584
=0.26

* 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 (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was 円1,957 Mil.
Revenue was 円3,278 Mil.
Gross Profit was 円2,585 Mil.
Total Current Assets was 円2,747 Mil.
Total Assets was 円3,215 Mil.
Property, Plant and Equipment(Net PPE) was 円304 Mil.
Depreciation, Depletion and Amortization(DDA) was 円53 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,129 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円652 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-374 Mil.
 Total Receivables was 円838 Mil.
Revenue was 円2,144 Mil.
Gross Profit was 円1,682 Mil.
Total Current Assets was 円1,539 Mil.
Total Assets was 円1,873 Mil.
Property, Plant and Equipment(Net PPE) was 円290 Mil.
Depreciation, Depletion and Amortization(DDA) was 円35 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円451 Mil.
Long-Term Debt & Capital Lease Obligation was 円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)
=(1957 / 3278) / (838 / 2144)
=0.59701 / 0.390858
=1.5274

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)
=(1682 / 2144) / (2585 / 3278)
=0.784515 / 0.788591
=0.9948

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 - (2747 + 304) / 3215) / (1 - (1539 + 290) / 1873)
=0.051011 / 0.023492
=2.1714

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
=3278 / 2144
=1.5289

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))
=(35 / (35 + 290)) / (53 / (53 + 304))
=0.107692 / 0.148459
=0.7254

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 / 3278) / (0 / 2144)
=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 + 1129) / 3215) / ((0 + 451) / 1873)
=0.351166 / 0.24079
=1.4584

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
=(652 - 0 - -374) / 3215
=0.319129

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.

Vrain Solution has a M-score of 0.26 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.26 mean?
Vrain Solution (TSE:135A) has a Beneish M-Score of 0.26 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Vrain Solution and its competitors. This is near median its historical median of 0.26. According to the industry distribution chart, Vrain Solution ranks #2466 out of 2632 companies in the Software industry, placing it in the top 93.7%.
Is Vrain Solution's Beneish M-Score too high?
Vrain Solution's current Beneish M-Score of 0.26 is near median its 10-year median of 0.26. Based on the distribution chart, Vrain Solution ranks #2466 out of 2632 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Vrain Solution has a GF Score™ of 23/100, reflecting its overall financial health beyond just this single metric.
How does Vrain Solution's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Vrain Solution ranks #2466 out of 2632 companies for Beneish M-Score. This places Vrain Solution 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 Vrain Solution and its competitors. Vrain Solution's current Beneish M-Score is 0.26, which is near median its own 10-year median of 0.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vrain Solution stock overvalued right now?
Vrain Solution (TSE:135A) has a current Beneish M-Score of 0.26. The current Beneish M-Score is 0.26, which is near median its 10-year median of 0.26. Vrain Solution's overall GF Score™ is 23/100 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 Vrain Solution (TSE:135A), the current Beneish M-Score is 0.26 as of Jun. 28, 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.

Vrain Solution Business Description

Address 17Floor Harumi Island Triton Square Office, Tower Y, 1-8-11 Harumi, Chuo-ku, Tokyo, JPN, 104-6117
Vrain Solution Inc is engaged in providing AI solutions for the manufacturing industry. It provides AI visual inspection, AI vibration inspection, AI abnormal sound inspection, production planning optimization and Safety management.
23GF Score

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

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