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 -3.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Linical Co's Beneish M-Score or its related term are showing as below:
TSE:2183'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -2.62 Max: -1.57
Current: -3.19
During the past 13 years, the highest Beneish M-Score of Linical Co was -1.57. The lowest was -3.19. And the median was -2.62.
Linical Co Beneish M-Score Related Terms
Linical Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Linical Co'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.
TSE:2183 vs VRTX, REGN, ALNY: Beneish M-Score Comparison
For the Biotechnology subindustry, Linical Co'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.
Linical Co Beneish M-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Linical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Linical Co's Beneish M-Score falls into.
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 Linical Co 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 * 0.7549
+
0.528 * 1.755
+
0.404 * 0.9838
+
0.892 * 0.8303
+
0.115 * 0.932
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.143182
-
0.327 * 1.1563
=
-3.19
* 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.
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.
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))
=
(531.949 / (531.949 + 395.396))
/
(512.003 / (512.003 + 319.879))
=
0.573626
/
0.615476
=
0.932
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
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
=
(-3329.548 - 0
-
-1611.422)
/
11999.633
=
-0.143182
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.
Linical Co has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
Linical Co (TSE:2183) has a Beneish M-Score of -3.19 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Linical Co and its competitors. According to the industry distribution chart, Linical Co ranks #168 out of 831 companies in the Biotechnology industry, placing it in the top 20.2%.
Is Linical Co's Beneish M-Score too high?
Linical Co's current Beneish M-Score is -3.19. Based on the distribution chart, Linical Co ranks #168 out of 831 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Linical Co has a GF Score™ of 48/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Linical Co's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Linical Co ranks #168 out of 831 companies for Beneish M-Score. This places Linical Co in the top 20% of its industry — outperforming the majority of peers. 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Linical Co and its competitors. Linical Co's current Beneish M-Score is -3.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Linical Co stock overvalued right now?
Based on GuruFocus' analysis, Linical Co (TSE:2183) is currently considered Possible Value Trap. The stock's GF Value™ is 円310.47, compared to a current price of 円202.00 — trading 34.9% below its estimated fair value. The current Beneish M-Score is -3.19. Linical Co's overall GF Score™ is 48/100 with 5 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 Linical Co (TSE:2183), the current Beneish M-Score is -3.19 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 Linical Co (TSE:2183) Overvalued in 2026?
Based on GuruFocus' analysis, Linical Co stock appears to be undervalued.
The current stock price of 円202.00 is trading 34.9% below its estimated GF Value™ of 円310.47.
GuruFocus considers Linical Co to be Possible Value Trap.
Key valuation signals for TSE:2183:
Beneish M-Score: -3.19
GF Value™: 円310.47 vs. price of 円202.00 (34.9% below fair value)
No single metric tells the full story. See the TSE:2183 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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