Open Up Group (TSE:2154) Beneish M-Score: -2.65 (As of Jun. 25, 2026)

What is Open Up Group Beneish M-Score?

Open Up Group TSE:2154 -0.05% 71 Beneish M-Score is -2.65 as of Jun. 25, 2026. GuruFocus rates TSE:2154 with a GF Score™ of 71/100 and a GF Value™ of 円1,966.95 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,020 Business Services companies, Open Up Group ranks better than 58.24% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2154' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.36 Max: -1.23
Current: -2.65

During the past 13 years, the highest Beneish M-Score of Open Up Group was -1.23. The lowest was -3.48. And the median was -2.36.

Open Up Group Beneish M-Score Related Terms

Open Up Group Beneish M-Score Historical Data

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The historical data trend for Open Up 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.

Open Up Group Beneish M-Score Chart

Open Up Group Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.34

-2.73

-2.72

-2.68

-2.67

Open Up Group 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															-2.48	-2.67	-2.81	-2.92	-2.65

TSE:2154 vs KFY, RHI, TNET: Beneish M-Score Comparison

For the Staffing & Employment Services subindustry, Open Up 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.

Open Up Group Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Open Up Group's Beneish M-Score distribution charts can be found below:

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

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71GF Score

Open Up Group Inc TSE:2154

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

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Open Up 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 Open Up Group 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 * 1.2045

0.528 * 0.892

0.404 * 0.9938

0.892 * 0.8606

0.115 * 1.0226

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0559

4.679 * -0.030879

0.327 * 1.0606

-2.65

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円21,069 Mil.
Revenue was 41697 + 42412 + 41160 + 41148 = 円166,417 Mil.
Gross Profit was 11607 + 11996 + 11150 + 11039 = 円45,792 Mil.
Total Current Assets was 円43,693 Mil.
Total Assets was 円121,991 Mil.
Property, Plant and Equipment(Net PPE) was 円4,552 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,321 Mil.
Selling, General, & Admin. Expense(SGA) was 円29,001 Mil.
Total Current Liabilities was 円33,649 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,003 Mil.
Net Income was 3230 + 3706 + 2777 + 3824 = 円13,537 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was -45 + 8845 + 924 + 7580 = 円17,304 Mil.

Total Receivables was 円20,324 Mil.
Revenue was 45769 + 52671 + 48366 + 46557 = 円193,363 Mil.
Gross Profit was 11609 + 13030 + 11727 + 11092 = 円47,458 Mil.
Total Current Assets was 円39,875 Mil.
Total Assets was 円113,573 Mil.
Property, Plant and Equipment(Net PPE) was 円4,614 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,434 Mil.
Selling, General, & Admin. Expense(SGA) was 円31,912 Mil.
Total Current Liabilities was 円33,928 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)
	=	(21069 / 166417)	/	(20324 / 193363)
	=	0.126604	/	0.105108
	=	1.2045

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)
	=	(47458 / 193363)	/	(45792 / 166417)
	=	0.245435	/	0.275164
	=	0.892

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 - (43693 + 4552) / 121991)	/	(1 - (39875 + 4614) / 113573)
	=	0.60452	/	0.608278
	=	0.9938

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
	=	166417	/	193363
	=	0.8606

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))
	=	(2434 / (2434 + 4614))	/	(2321 / (2321 + 4552))
	=	0.345346	/	0.337698
	=	1.0226

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)
	=	(29001 / 166417)	/	(31912 / 193363)
	=	0.174267	/	0.165037
	=	1.0559

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)
	=	((5003 + 33649) / 121991)	/	((0 + 33928) / 113573)
	=	0.316843	/	0.298733
	=	1.0606

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
	=	(13537 - 0	-	17304)	/	121991
	=	-0.030879

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.

Open Up Group has a M-score of -2.65 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 -2.65 mean?

Open Up Group (TSE:2154) has a Beneish M-Score of -2.65 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Open Up Group and its competitors. According to the industry distribution chart, Open Up Group ranks #426 out of 1020 companies in the Business Services industry, placing it in the top 41.8%.

Is Open Up Group's Beneish M-Score too high?

Open Up Group's current Beneish M-Score is -2.65. Based on the distribution chart, Open Up Group ranks #426 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, Open Up Group has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Open Up Group's Beneish M-Score compare to KFY and RHI?

According to the Business Services industry distribution chart, Open Up Group ranks #426 out of 1020 companies for Beneish M-Score. This puts Open Up Group in the upper 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 Business Services company?

A good Beneish M-Score depends on the Business Services 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 Open Up Group and its competitors. Open Up Group's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Open Up Group stock overvalued right now?

Based on GuruFocus' analysis, Open Up Group (TSE:2154) is currently considered Fairly Valued. The stock's GF Value™ is 円1,966.95, compared to a current price of 円1,874.00 — trading 4.7% below its estimated fair value. The current Beneish M-Score is -2.65. Open Up Group's overall GF Score™ is 71/100 with 2 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 Open Up Group (TSE:2154), the current Beneish M-Score is -2.65 as of Jun. 25, 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 Open Up Group (TSE:2154) Overvalued in 2026?

Based on GuruFocus' analysis, Open Up Group stock appears to be undervalued. The current stock price of 円1,874.00 is trading 4.7% below its estimated GF Value™ of 円1,966.95. GuruFocus considers Open Up Group to be Fairly Valued.

Key valuation signals for TSE:2154:

Beneish M-Score: -2.65
GF Value™: 円1,966.95 vs. price of 円1,874.00 (4.7% below fair value)
GF Score™: 71/100 with 2 warning signs

No single metric tells the full story. See the TSE:2154 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Open Up Group Business Description

Industry Industrials Business Services

Comparable Companies TSE:2124 TSE:215A TSE:2146 TSE:9744 TSE:2168 TSE:4848 TSE:4849 TSE:4641 TSE:2429 TSE:4318 XAMS:RAND XSWX:ADEN KFY TSE:2181 RHI TNET HKSE:02225 MAN NSP SHSE:600861

Address 2-14-1 Higashi Shimbashi, NBF Commodio Shiodome, Minato-ku, Tokyo, JPN, 105-0021

Website https://www.openupgroup.co.jp

Open Up Group Inc provides human resource services and outsourcing or contracting services for manufacturing companies in Japan and overseas. The business segments of the company include: Mechatronics/IT field: it includes workers dispatching, contracting, consignment business such as development design engineers. Construction area segment includes construction management engineer business / CAD operator dispatch business for customers in construction industry. Manufacturing Area segment includes manufacturing site contracting and dispatch business for customers in manufacturing industry Temporary staffing, outsourcing and referral business for technology and manufacturing fields.

71GF Score

Get the complete analysis for TSE:2154

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

円1,874.00

Price

円1,966.95

GF Value

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