Material Group (TSE:156A) Beneish M-Score: -2.41 (As of Jun. 29, 2026)


TSE:156A Material Group Inc TSE:156A
19 GF Score
Price 円828.00
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What is Material Group Beneish M-Score?

Material Group TSE:156A -1.43% 19 Beneish M-Score is -2.41 as of Jun. 29, 2026. GuruFocus rates TSE:156A with a GF Score™ of 19/100. Among 983 Media - Diversified companies, Material Group ranks worse than 60.22% 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:156A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66   Med: -2.54   Max: -2.41
Current: -2.41

During the past 4 years, the highest Beneish M-Score of Material Group was -2.41. The lowest was -2.66. And the median was -2.54.

Material Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Material Group'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.

Material Group Beneish M-Score Chart

Material Group Annual Data
Trend Aug22 Aug23 Aug24 Aug25
Beneish M-Score
0.00 0.00 -2.66 -2.41

Material Group Semi-Annual Data
Aug22 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.66 0.00 -2.41 0.00

TSE:156A vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Material Group'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.

Material Group Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Material Group's Beneish M-Score distribution charts can be found below:

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


TSE:156A
19GF Score
Material Group Inc TSE:156A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Material Group 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 Material Group 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 * 1.2826+0.528 * 0.9888+0.404 * 0.9676+0.892 * 1.1906+0.115 * 0.8253
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.057823-0.327 * 1.1589
=-2.41

* 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 (Aug25) TTM:Last Year (Aug24) TTM:
Total Receivables was 円992 Mil.
Revenue was 円6,288 Mil.
Gross Profit was 円3,846 Mil.
Total Current Assets was 円2,455 Mil.
Total Assets was 円3,896 Mil.
Property, Plant and Equipment(Net PPE) was 円363 Mil.
Depreciation, Depletion and Amortization(DDA) was 円121 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,563 Mil.
Long-Term Debt & Capital Lease Obligation was 円48 Mil.
Net Income was 円469 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円694 Mil.
 Total Receivables was 円649 Mil.
Revenue was 円5,282 Mil.
Gross Profit was 円3,194 Mil.
Total Current Assets was 円1,957 Mil.
Total Assets was 円3,260 Mil.
Property, Plant and Equipment(Net PPE) was 円371 Mil.
Depreciation, Depletion and Amortization(DDA) was 円96 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,011 Mil.
Long-Term Debt & Capital Lease Obligation was 円152 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)
=(991.517 / 6288.325) / (649.278 / 5281.603)
=0.157676 / 0.122932
=1.2826

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)
=(3194.034 / 5281.603) / (3846.095 / 6288.325)
=0.604747 / 0.611625
=0.9888

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 - (2454.902 + 363.36) / 3896.486) / (1 - (1957.071 + 370.638) / 3260.029)
=0.276717 / 0.285985
=0.9676

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
=6288.325 / 5281.603
=1.1906

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))
=(96.472 / (96.472 + 370.638)) / (121.287 / (121.287 + 363.36))
=0.20653 / 0.250258
=0.8253

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 / 6288.325) / (0 / 5281.603)
=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)
=((48.266 + 1563.278) / 3896.486) / ((152.098 + 1011.302) / 3260.029)
=0.413589 / 0.356868
=1.1589

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
=(468.946 - 0 - 694.251) / 3896.486
=-0.057823

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.

Material Group has a M-score of -2.41 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 -2.41 mean?
Material Group (TSE:156A) has a Beneish M-Score of -2.41 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Material Group and its competitors. According to the industry distribution chart, Material Group ranks #592 out of 983 companies in the Media - Diversified industry, placing it in the top 60.2%.
Is Material Group's Beneish M-Score too high?
Material Group's current Beneish M-Score is -2.41. Based on the distribution chart, Material Group ranks #592 out of 983 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, Material Group has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Material Group's Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Material Group ranks #592 out of 983 companies for Beneish M-Score. This places Material Group 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Material Group and its competitors. Material Group's current Beneish M-Score is -2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Material Group stock overvalued right now?
Material Group (TSE:156A) has a current Beneish M-Score of -2.41. The current Beneish M-Score is -2.41. Material Group's overall GF Score™ is 19/100. 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 Material Group (TSE:156A), the current Beneish M-Score is -2.41 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.

Material Group Business Description

Address Arkhills Ark Mori Building, 35F, 1-12-32 Akasaka, Minato-ku, Tokyo, JPN, 107-6035
Material Group Inc is a company which is a specialized business group that provides comprehensive support for marketing communications for all types of businesses. It brings out the individuality of all materials, including brands, products, services, and talent, and maximize their potential.
19GF Score

Get the complete analysis for TSE:156A

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

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