Cados (TSE:211A) Beneish M-Score: -1.93 (As of Jul. 05, 2026)


TSE:211A Cados Corp TSE:211A
16 GF Score
Price 円3,760.00
! 1 Warning Sign
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What is Cados Beneish M-Score?

Cados TSE:211A +1.08% 16 Beneish M-Score is -1.93 as of Jul. 05, 2026. GuruFocus rates TSE:211A with a GF Score™ of 16/100. The stock has 1 warning sign investors should review. Among 1,699 Construction companies, Cados ranks worse than 79.11% 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 -1.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:211A' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07   Med: -2.5   Max: -1.93
Current: -1.93

During the past 4 years, the highest Beneish M-Score of Cados was -1.93. The lowest was -3.07. And the median was -2.50.

Cados Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cados'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.

Cados Beneish M-Score Chart

Cados Annual Data
Trend Jul22 Jul23 Jul24 Jul25
Beneish M-Score
0.00 0.00 -3.07 -1.93

Cados Semi-Annual Data
Jul22 Jul23 Jul24 Jan25 Jul25 Jan26
Beneish M-Score Get a 7-Day Free Trial 0.00 -3.07 0.00 -1.93 0.00

TSE:211A vs PWR, FIX, EME: Beneish M-Score Comparison

For the Engineering & Construction subindustry, Cados'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.

Cados Beneish M-Score vs Construction Industry

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

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


TSE:211A
16GF Score
Cados Corp TSE:211A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Cados 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 Cados 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 * 1.3931+0.528 * 0.923+0.404 * 1.1405+0.892 * 1.1719+0.115 * 1.0902
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.016472-0.327 * 0.7517
=-1.93

* 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 (Jul25) TTM:Last Year (Jul24) TTM:
Total Receivables was 円732 Mil.
Revenue was 円7,588 Mil.
Gross Profit was 円1,591 Mil.
Total Current Assets was 円1,998 Mil.
Total Assets was 円7,822 Mil.
Property, Plant and Equipment(Net PPE) was 円4,693 Mil.
Depreciation, Depletion and Amortization(DDA) was 円264 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,812 Mil.
Long-Term Debt & Capital Lease Obligation was 円541 Mil.
Net Income was 円658 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円787 Mil.
 Total Receivables was 円448 Mil.
Revenue was 円6,475 Mil.
Gross Profit was 円1,253 Mil.
Total Current Assets was 円3,418 Mil.
Total Assets was 円8,404 Mil.
Property, Plant and Equipment(Net PPE) was 円3,921 Mil.
Depreciation, Depletion and Amortization(DDA) was 円241 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,525 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,838 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)
=(731.979 / 7587.907) / (448.389 / 6475.088)
=0.096467 / 0.069248
=1.3931

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)
=(1253.297 / 6475.088) / (1591.297 / 7587.907)
=0.193557 / 0.209715
=0.923

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 - (1998.157 + 4692.649) / 7821.551) / (1 - (3417.779 + 3920.594) / 8403.562)
=0.144568 / 0.126754
=1.1405

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
=7587.907 / 6475.088
=1.1719

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))
=(241.283 / (241.283 + 3920.594)) / (263.571 / (263.571 + 4692.649))
=0.057975 / 0.05318
=1.0902

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 / 7587.907) / (0 / 6475.088)
=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)
=((541.027 + 1811.793) / 7821.551) / ((1838.311 + 1524.785) / 8403.562)
=0.300812 / 0.400199
=0.7517

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
=(658.093 - 0 - 786.93) / 7821.551
=-0.016472

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.

Cados has a M-score of -1.93 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 -1.93 mean?
Cados (TSE:211A) has a Beneish M-Score of -1.93 as of Jul. 05, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cados and its competitors. According to the industry distribution chart, Cados ranks #1344 out of 1699 companies in the Construction industry, placing it in the top 79.1%.
Is Cados' Beneish M-Score too high?
Cados' current Beneish M-Score is -1.93. Based on the distribution chart, Cados ranks #1344 out of 1699 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Cados has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Cados' Beneish M-Score compare to PWR and FIX?
According to the Construction industry distribution chart, Cados ranks #1344 out of 1699 companies for Beneish M-Score. This places Cados 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 Construction company?
A good Beneish M-Score depends on the Construction 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 Cados and its competitors. Cados's current Beneish M-Score is -1.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cados stock overvalued right now?
Cados (TSE:211A) has a current Beneish M-Score of -1.93. The current Beneish M-Score is -1.93. Cados' overall GF Score™ is 16/100 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 Cados (TSE:211A), the current Beneish M-Score is -1.93 as of Jul. 05, 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.

Cados Business Description

Address 7-17 Ogorikoganemachi, Ogori, Yamaguchi Prefecture, Yamaguchi, JPN, 754-0021
Cados Corp is an engineering and construction company. It is engaged in Architectural construction work, Civil engineering work, Architectural and civil engineering planning, design and consulting, Real estate buying and selling, leasing, brokerage and management.
16GF Score

Get the complete analysis for TSE:211A

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

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