mixi (TSE:2121) Beneish M-Score: -2.37 (As of Jun. 26, 2026)

What is mixi Beneish M-Score?

mixi TSE:2121 -0.51% 79 Beneish M-Score is -2.37 as of Jun. 26, 2026. GuruFocus rates TSE:2121 with a GF Score™ of 79/100 and a GF Value™ of 円3,481.89 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 532 Interactive Media companies, mixi ranks worse than 67.86% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2121' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.46 Max: -1.59
Current: -2.37

During the past 13 years, the highest Beneish M-Score of mixi was -1.59. The lowest was -3.29. And the median was -2.46.

mixi Beneish M-Score Related Terms

mixi Beneish M-Score Historical Data

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The historical data trend for mixi'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.

mixi Beneish M-Score Chart

mixi Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.24

-2.64

-2.54

-2.65

-2.37

mixi 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															-2.65	0.00	0.00	0.00	-2.37

TSE:2121 vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, mixi'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.

mixi Beneish M-Score vs Interactive Media Industry

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

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

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79GF Score

mixi Inc TSE:2121

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

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mixi 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 mixi 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 * 0.9035

0.528 * 1.0332

0.404 * 1.7827

0.892 * 1.1067

0.115 * 0.8225

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.007193

0.327 * 1.538

-2.37

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円15,811 Mil.
Revenue was 円171,369 Mil.
Gross Profit was 円113,590 Mil.
Total Current Assets was 円176,340 Mil.
Total Assets was 円280,405 Mil.
Property, Plant and Equipment(Net PPE) was 円25,180 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,920 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円40,022 Mil.
Long-Term Debt & Capital Lease Obligation was 円40,223 Mil.
Net Income was 円17,270 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円19,287 Mil.

Total Receivables was 円15,812 Mil.
Revenue was 円154,847 Mil.
Gross Profit was 円106,043 Mil.
Total Current Assets was 円169,931 Mil.
Total Assets was 円225,544 Mil.
Property, Plant and Equipment(Net PPE) was 円20,020 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,488 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円31,380 Mil.
Long-Term Debt & Capital Lease Obligation was 円10,587 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)
	=	(15811 / 171369)	/	(15812 / 154847)
	=	0.092263	/	0.102114
	=	0.9035

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)
	=	(106043 / 154847)	/	(113590 / 171369)
	=	0.684824	/	0.662839
	=	1.0332

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 - (176340 + 25180) / 280405)	/	(1 - (169931 + 20020) / 225544)
	=	0.281325	/	0.15781
	=	1.7827

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
	=	171369	/	154847
	=	1.1067

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))
	=	(5488 / (5488 + 20020))	/	(8920 / (8920 + 25180))
	=	0.215148	/	0.261584
	=	0.8225

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 / 171369)	/	(0 / 154847)
	=	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)
	=	((40223 + 40022) / 280405)	/	((10587 + 31380) / 225544)
	=	0.286175	/	0.18607
	=	1.538

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
	=	(17270 - 0	-	19287)	/	280405
	=	-0.007193

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.

mixi has a M-score of -2.37 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 -2.37 mean?

mixi (TSE:2121) has a Beneish M-Score of -2.37 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on mixi and its competitors. According to the industry distribution chart, mixi ranks #361 out of 532 companies in the Interactive Media industry, placing it in the top 67.9%.

Is mixi's Beneish M-Score too high?

mixi's current Beneish M-Score is -2.37. Based on the distribution chart, mixi ranks #361 out of 532 companies in the Interactive Media industry, which is below the industry midpoint. Overall, mixi has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does mixi's Beneish M-Score compare to NTES and EA?

According to the Interactive Media industry distribution chart, mixi ranks #361 out of 532 companies for Beneish M-Score. This places mixi 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 an Interactive Media company?

A good Beneish M-Score depends on the Interactive Media 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 mixi and its competitors. mixi's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is mixi stock overvalued right now?

Based on GuruFocus' analysis, mixi (TSE:2121) is currently considered Modestly Undervalued. The stock's GF Value™ is 円3,481.89, compared to a current price of 円2,552.00 — trading 26.7% below its estimated fair value. The current Beneish M-Score is -2.37. mixi's overall GF Score™ is 79/100 with 3 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 mixi (TSE:2121), the current Beneish M-Score is -2.37 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.

Is mixi (TSE:2121) Overvalued in 2026?

Based on GuruFocus' analysis, mixi stock appears to be undervalued. The current stock price of 円2,552.00 is trading 26.7% below its estimated GF Value™ of 円3,481.89. GuruFocus considers mixi to be Modestly Undervalued.

Key valuation signals for TSE:2121:

Beneish M-Score: -2.37
GF Value™: 円3,481.89 vs. price of 円2,552.00 (26.7% below fair value)
GF Score™: 79/100 with 3 warning signs

No single metric tells the full story. See the TSE:2121 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

mixi Business Description

Industry Communication Services Interactive Media

Comparable Companies TSE:3765 TSE:3632 TSE:3668 TSE:3932 TSE:7803 TSE:7844 TSE:3723 TSE:4393 TSE:3656 TSE:3903 NTES TSE:7974 EA TTWO RBLX TSE:9766 SZSE:002602 TSE:3659 SZSE:300418 TSE:9697

Address Sumitomo Fudosan Shibuya First Tower 7F, Tokyo, JPN, 150-0011

Website https://mixi.co.jp

mixi Inc is a Japanese company which provides social networking services. The company conducts its business activities mainly including the operation of websites and provision of native smartphone games on the Internet. It business segments include, Entertainment Business and Media Platform Business. mixi provides games mainly including native smartphone games through Entertainment Business, and operates business-to-consumer and consumer-to-consumer services utilizing the Internet and invests in operating companies of these services through Media Platform Business.

79GF Score

Get the complete analysis for TSE:2121

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

円2,552.00

Price

円3,481.89

GF Value

View TSE:2121 Analysis

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