Dive (TSE:151A) Beneish M-Score: -2.18 (As of Jun. 26, 2026)


TSE:151A Dive Inc TSE:151A
18 GF Score
Price 円596.00
! 1 Warning Sign
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What is Dive Beneish M-Score?

Dive TSE:151A +2.41% 18 Beneish M-Score is -2.18 as of Jun. 26, 2026. GuruFocus rates TSE:151A with a GF Score™ of 18/100. The stock has 1 warning sign investors should review. Among 537 Conglomerates companies, Dive ranks worse than 75.42% 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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:151A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.19   Med: -2.19   Max: -2.18
Current: -2.18

During the past 4 years, the highest Beneish M-Score of Dive was -2.18. The lowest was -2.19. And the median was -2.19.

Dive Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dive'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.

Dive Beneish M-Score Chart

Dive Annual Data
Trend Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -2.19 -2.18

Dive Quarterly Data
Jun22 Jun23 Dec23 Mar24 Jun24 Dec24 Mar25 Jun25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 -2.18 0.00 0.00

TSE:151A vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Dive'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.

Dive Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Dive's Beneish M-Score distribution charts can be found below:

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


TSE:151A
18GF Score
Dive Inc TSE:151A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Dive 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 Dive 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 * 0.8971+0.528 * 0.9492+0.404 * 1.3152+0.892 * 1.1147+0.115 * 0.5345
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.041939-0.327 * 0.8633
=-2.18

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was 円1,162 Mil.
Revenue was 円13,782 Mil.
Gross Profit was 円3,467 Mil.
Total Current Assets was 円3,371 Mil.
Total Assets was 円4,439 Mil.
Property, Plant and Equipment(Net PPE) was 円577 Mil.
Depreciation, Depletion and Amortization(DDA) was 円114 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,897 Mil.
Long-Term Debt & Capital Lease Obligation was 円207 Mil.
Net Income was 円455 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円268 Mil.
 Total Receivables was 円1,162 Mil.
Revenue was 円12,363 Mil.
Gross Profit was 円2,952 Mil.
Total Current Assets was 円3,246 Mil.
Total Assets was 円4,315 Mil.
Property, Plant and Equipment(Net PPE) was 円706 Mil.
Depreciation, Depletion and Amortization(DDA) was 円69 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,176 Mil.
Long-Term Debt & Capital Lease Obligation was 円193 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)
=(1161.545 / 13781.848) / (1161.568 / 12363.389)
=0.084281 / 0.093952
=0.8971

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)
=(2952.427 / 12363.389) / (3467.307 / 13781.848)
=0.238804 / 0.251585
=0.9492

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 - (3371.461 + 576.636) / 4439.368) / (1 - (3245.993 + 705.902) / 4314.946)
=0.110662 / 0.084138
=1.3152

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
=13781.848 / 12363.389
=1.1147

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))
=(68.569 / (68.569 + 705.902)) / (114.472 / (114.472 + 576.636))
=0.088537 / 0.165635
=0.5345

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 / 13781.848) / (0 / 12363.389)
=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)
=((207.304 + 1897.467) / 4439.368) / ((193.476 + 2176.113) / 4314.946)
=0.474115 / 0.549158
=0.8633

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
=(454.62 - 0 - 268.439) / 4439.368
=0.041939

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.

Dive has a M-score of -2.18 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 -2.18 mean?
Dive (TSE:151A) has a Beneish M-Score of -2.18 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dive and its competitors. According to the industry distribution chart, Dive ranks #405 out of 537 companies in the Conglomerates industry, placing it in the top 75.4%.
Is Dive's Beneish M-Score too high?
Dive's current Beneish M-Score is -2.18. Based on the distribution chart, Dive ranks #405 out of 537 companies in the Conglomerates industry, which is in the bottom quartile relative to peers. Overall, Dive has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Dive's Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Dive ranks #405 out of 537 companies for Beneish M-Score. This places Dive 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 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 Dive and its competitors. Dive's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dive stock overvalued right now?
Dive (TSE:151A) has a current Beneish M-Score of -2.18. The current Beneish M-Score is -2.18. Dive's overall GF Score™ is 18/100 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 Dive (TSE:151A), the current Beneish M-Score is -2.18 as of Jun. 26, 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.

Dive Business Description

Address 2-8-1 Shinjuku, Shinjuku-ku, Tokyo, JPN, 160-0022
Dive Inc is engaged in Staffing and recruitment business specializing in resort work, Accommodation facility management business, and Information system solution business.
18GF Score

Get the complete analysis for TSE:151A

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

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