Cube System (TSE:2335) Beneish M-Score: -2.29 (As of Jul. 15, 2026)

Author:

Vera Yuan

Director of Data and Quant Analytics at GuruFocus

Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.

View Profile →

Reviewed by:

Charlie Tian

Founder & CEO of GuruFocus

Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

View Profile →

Cube System Inc TSE:2335

73 GF Score

Price 円1,076.00

GF Value 円1,121.23

Valuation Fairly Valued

1 Warning Sign

View Full Analysis

What is Cube System Beneish M-Score?

Cube System TSE:2335 +1.32% 73 Beneish M-Score is -2.29 as of Jul. 15, 2026. GuruFocus rates TSE:2335 with a GF Score™ of 73/100 and a GF Value™ of 円1,121.23 (Fairly Valued). The stock has 1 warning sign investors should review. Among 2,628 Software companies, Cube System ranks worse than 65.64% 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2335' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66 Med: -2.49 Max: -1.92
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Cube System was -1.92. The lowest was -2.66. And the median was -2.49.

Cube System Beneish M-Score Related Terms

Cube System Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cube System'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.

Cube System Beneish M-Score Chart

Cube System Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

Get a 7-Day Free Trial

-2.59

-2.33

-1.92

-2.29

Cube System Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.33	0.00	-1.92	0.00	-2.29

TSE:2335 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Cube System'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.

Cube System Beneish M-Score vs Software Industry

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

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

Save Embed

73GF Score

Cube System Inc TSE:2335

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

View Full Analysis

Cube System 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 Cube System 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 * 1.0982

0.528 * 0.9261

0.404 * 0.7891

0.892 * 1.008

0.115 * 0.788

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8388

4.679 * 0.053486

0.327 * 1.1051

-2.29

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円3,694 Mil.
Revenue was 円18,498 Mil.
Gross Profit was 円4,296 Mil.
Total Current Assets was 円10,896 Mil.
Total Assets was 円14,901 Mil.
Property, Plant and Equipment(Net PPE) was 円469 Mil.
Depreciation, Depletion and Amortization(DDA) was 円151 Mil.
Selling, General, & Admin. Expense(SGA) was 円334 Mil.
Total Current Liabilities was 円2,736 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円1,564 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円767 Mil.

Total Receivables was 円3,337 Mil.
Revenue was 円18,351 Mil.
Gross Profit was 円3,947 Mil.
Total Current Assets was 円9,806 Mil.
Total Assets was 円14,366 Mil.
Property, Plant and Equipment(Net PPE) was 円240 Mil.
Depreciation, Depletion and Amortization(DDA) was 円57 Mil.
Selling, General, & Admin. Expense(SGA) was 円395 Mil.
Total Current Liabilities was 円2,387 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)
	=	(3694 / 18498)	/	(3337 / 18351)
	=	0.199697	/	0.181843
	=	1.0982

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)
	=	(3947 / 18351)	/	(4296 / 18498)
	=	0.215084	/	0.232241
	=	0.9261

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 - (10896 + 469) / 14901)	/	(1 - (9806 + 240) / 14366)
	=	0.2373	/	0.30071
	=	0.7891

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
	=	18498	/	18351
	=	1.008

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))
	=	(57 / (57 + 240))	/	(151 / (151 + 469))
	=	0.191919	/	0.243548
	=	0.788

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)
	=	(334 / 18498)	/	(395 / 18351)
	=	0.018056	/	0.021525
	=	0.8388

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 + 2736) / 14901)	/	((0 + 2387) / 14366)
	=	0.183612	/	0.166156
	=	1.1051

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
	=	(1564 - 0	-	767)	/	14901
	=	0.053486

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.

Cube System has a M-score of -2.29 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 -2.29 mean?

Cube System (TSE:2335) has a Beneish M-Score of -2.29 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cube System and its competitors. According to the industry distribution chart, Cube System ranks #1725 out of 2628 companies in the Software industry, placing it in the top 65.6%.

Is Cube System's Beneish M-Score too high?

Cube System's current Beneish M-Score is -2.29. Based on the distribution chart, Cube System ranks #1725 out of 2628 companies in the Software industry, which is below the industry midpoint. Overall, Cube System has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Cube System's Beneish M-Score compare to IBM and ACN?

According to the Software industry distribution chart, Cube System ranks #1725 out of 2628 companies for Beneish M-Score. This places Cube System 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 Cube System and its competitors. Cube System's current Beneish M-Score is -2.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Cube System stock overvalued right now?

Based on GuruFocus' analysis, Cube System (TSE:2335) is currently considered Fairly Valued. The stock's GF Value™ is 円1,121.23, compared to a current price of 円1,076.00 — trading 4% below its estimated fair value. The current Beneish M-Score is -2.29. Cube System's overall GF Score™ is 73/100 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 Cube System (TSE:2335), the current Beneish M-Score is -2.29 as of Jul. 15, 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 Cube System (TSE:2335) Overvalued in 2026?

Based on GuruFocus' analysis, Cube System stock appears to be undervalued. The current stock price of 円1,076.00 is trading 4% below its estimated GF Value™ of 円1,121.23. GuruFocus considers Cube System to be Fairly Valued.

Key valuation signals for TSE:2335:

Beneish M-Score: -2.29
GF Value™: 円1,121.23 vs. price of 円1,076.00 (4% below fair value)
GF Score™: 73/100 with 1 warning sign

No single metric tells the full story. See the TSE:2335 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Cube System Business Description

Industry Technology Software

Comparable Companies TSE:3925 TSE:3676 TSE:4761 TSE:6199 TSE:3565 TSE:436A TSE:9408 TSE:4053 TSE:4498 TSE:431A IBM NSE:TCS ACN NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS FIS

Address Osaki Wiz Tower, 2-11-1, Osaki, Shinagawa-ku, Tokyo, JPN, 141-0032

Website http://www.cubesystem.co.jp

Cube System Inc is an independent information technology company. It organized into three service lines: system integration services, professional services and system outsourcing services. The system integration service includes business system design and development, system migration, downsizing, system transition and offshore development services. The system outsourcing services include the management of business applications, as well as the operation and management of systems. The professional service includes system consulting, system transition, database management and information infrastructure construction services.

73GF Score

Get the complete analysis for TSE:2335

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

円1,076.00

Price

円1,121.23

GF Value

View TSE:2335 Analysis

See Beneish M-Score data for all stocks →