OPRO Co (TSE:228A) Beneish M-Score: -2.04 (As of Jul. 17, 2026)

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TSE:228A OPRO Co Ltd TSE:228A
20 GF Score
Price 円1,651.00
! 2 Warning Signs
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What is OPRO Co Beneish M-Score?

OPRO Co TSE:228A -1.37% 20 Beneish M-Score is -2.04 as of Jul. 17, 2026. GuruFocus rates TSE:228A with a GF Score™ of 20/100. The stock has 2 warning signs investors should review. Among 2,628 Software companies, OPRO Co ranks worse than 75.46% 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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:228A' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09   Med: -2.57   Max: -2.04
Current: -2.04

During the past 4 years, the highest Beneish M-Score of OPRO Co was -2.04. The lowest was -3.09. And the median was -2.57.

OPRO Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for OPRO 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.

OPRO Co Beneish M-Score Chart

OPRO Co Annual Data
Trend Nov22 Nov23 Nov24 Nov25
Beneish M-Score
0.00 0.00 -3.09 -2.04

OPRO Co Quarterly Data
Nov22 Nov23 May24 Nov24 Feb25 May25 Aug25 Nov25 Feb26 May26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 -2.04 0.00 0.00

TSE:228A vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, OPRO 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.

OPRO Co Beneish M-Score vs Software Industry

For the Software industry and Technology sector, OPRO Co's Beneish M-Score distribution charts can be found below:

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


TSE:228A
20GF Score
OPRO Co Ltd TSE:228A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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OPRO Co 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 OPRO 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 * 1.688+0.528 * 0.9106+0.404 * 1.0219+0.892 * 1.2128+0.115 * 0.8511
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.071575-0.327 * 0.9893
=-2.04

* 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 (Nov25) TTM:Last Year (Nov24) TTM:
Total Receivables was 円138 Mil.
Revenue was 円2,553 Mil.
Gross Profit was 円1,383 Mil.
Total Current Assets was 円2,415 Mil.
Total Assets was 円2,783 Mil.
Property, Plant and Equipment(Net PPE) was 円62 Mil.
Depreciation, Depletion and Amortization(DDA) was 円47 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,458 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円241 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円440 Mil.
 Total Receivables was 円67 Mil.
Revenue was 円2,105 Mil.
Gross Profit was 円1,038 Mil.
Total Current Assets was 円1,994 Mil.
Total Assets was 円2,295 Mil.
Property, Plant and Equipment(Net PPE) was 円54 Mil.
Depreciation, Depletion and Amortization(DDA) was 円31 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,215 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)
=(137.62 / 2552.601) / (67.221 / 2104.685)
=0.053914 / 0.031939
=1.688

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)
=(1038.486 / 2104.685) / (1383.203 / 2552.601)
=0.493416 / 0.54188
=0.9106

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 - (2414.846 + 62.123) / 2783.103) / (1 - (1993.565 + 53.987) / 2294.527)
=0.109997 / 0.107637
=1.0219

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
=2552.601 / 2104.685
=1.2128

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))
=(30.992 / (30.992 + 53.987)) / (46.583 / (46.583 + 62.123))
=0.364702 / 0.428523
=0.8511

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 / 2552.601) / (0 / 2104.685)
=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)
=((0 + 1458.059) / 2783.103) / ((0 + 1215.101) / 2294.527)
=0.523897 / 0.529565
=0.9893

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
=(241.195 - 0 - 440.396) / 2783.103
=-0.071575

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.

OPRO Co has a M-score of -2.04 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 -2.04 mean?
OPRO Co (TSE:228A) has a Beneish M-Score of -2.04 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on OPRO Co and its competitors. According to the industry distribution chart, OPRO Co ranks #1983 out of 2628 companies in the Software industry, placing it in the top 75.5%.
Is OPRO Co's Beneish M-Score too high?
OPRO Co's current Beneish M-Score is -2.04. Based on the distribution chart, OPRO Co ranks #1983 out of 2628 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, OPRO Co has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does OPRO Co's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, OPRO Co ranks #1983 out of 2628 companies for Beneish M-Score. This places OPRO Co 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 Software company?
A good Beneish M-Score depends on the Software 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 OPRO Co and its competitors. OPRO Co's current Beneish M-Score is -2.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is OPRO Co stock overvalued right now?
OPRO Co (TSE:228A) has a current Beneish M-Score of -2.04. The current Beneish M-Score is -2.04. OPRO Co's overall GF Score™ is 20/100 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 OPRO Co (TSE:228A), the current Beneish M-Score is -2.04 as of Jul. 17, 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.

OPRO Co Business Description

Address 2-14-1 Kyobashi, Chuo-ku, Tokyo, JPN, 104-0031
OPRO Co Ltd is engaged in cloud service business comprises data optimization solutions related to reports and sales management solutions tailored for subscription-based businesses.
20GF Score

Get the complete analysis for TSE:228A

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

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