Hibino (TSE:2469) Beneish M-Score: -2.98 (As of Jul. 12, 2026)

What is Hibino Beneish M-Score?

Hibino TSE:2469 +1.44% 85 Beneish M-Score is -2.98 as of Jul. 12, 2026. GuruFocus rates TSE:2469 with a GF Score™ of 85/100 and a GF Value™ of 円3,152.39 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 2,408 Hardware companies, Hibino ranks better than 82.1% 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 -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2469' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.86 Max: -1.76
Current: -2.98

During the past 13 years, the highest Beneish M-Score of Hibino was -1.76. The lowest was -3.34. And the median was -2.86.

Hibino Beneish M-Score Related Terms

Hibino Beneish M-Score Historical Data

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The historical data trend for Hibino'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.

Hibino Beneish M-Score Chart

Hibino Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-3.28

-1.76

-3.04

-2.56

-2.98

Hibino 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															-3.04	0.00	-2.56	0.00	-2.98

TSE:2469 vs AAPL: Beneish M-Score Comparison

For the Consumer Electronics subindustry, Hibino'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.

Hibino Beneish M-Score vs Hardware Industry

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

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

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85GF Score

Hibino Corp TSE:2469

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

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Hibino 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 Hibino 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 * 0.9547

0.528 * 0.9806

0.404 * 0.9852

0.892 * 1.1367

0.115 * 0.9369

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.125186

0.327 * 0.8998

-2.98

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円13,485 Mil.
Revenue was 円67,603 Mil.
Gross Profit was 円24,554 Mil.
Total Current Assets was 円27,089 Mil.
Total Assets was 円44,470 Mil.
Property, Plant and Equipment(Net PPE) was 円9,745 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,091 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円18,662 Mil.
Long-Term Debt & Capital Lease Obligation was 円8,072 Mil.
Net Income was 円3,054 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円8,621 Mil.

Total Receivables was 円12,426 Mil.
Revenue was 円59,473 Mil.
Gross Profit was 円21,181 Mil.
Total Current Assets was 円26,614 Mil.
Total Assets was 円44,112 Mil.
Property, Plant and Equipment(Net PPE) was 円9,810 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,759 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円21,730 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,742 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)
	=	(13485 / 67603)	/	(12426 / 59473)
	=	0.199473	/	0.208935
	=	0.9547

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)
	=	(21181 / 59473)	/	(24554 / 67603)
	=	0.356145	/	0.363209
	=	0.9806

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 - (27089 + 9745) / 44470)	/	(1 - (26614 + 9810) / 44112)
	=	0.171711	/	0.174284
	=	0.9852

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
	=	67603	/	59473
	=	1.1367

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))
	=	(3759 / (3759 + 9810))	/	(4091 / (4091 + 9745))
	=	0.277029	/	0.295678
	=	0.9369

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 / 67603)	/	(0 / 59473)
	=	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)
	=	((8072 + 18662) / 44470)	/	((7742 + 21730) / 44112)
	=	0.601169	/	0.668118
	=	0.8998

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
	=	(3054 - 0	-	8621)	/	44470
	=	-0.125186

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.

Hibino has a M-score of -2.98 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 -2.98 mean?

Hibino (TSE:2469) has a Beneish M-Score of -2.98 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hibino and its competitors. According to the industry distribution chart, Hibino ranks #431 out of 2408 companies in the Hardware industry, placing it in the top 17.9%.

Is Hibino's Beneish M-Score too high?

Hibino's current Beneish M-Score is -2.98. Based on the distribution chart, Hibino ranks #431 out of 2408 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Hibino has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Hibino's Beneish M-Score compare to AAPL?

According to the Hardware industry distribution chart, Hibino ranks #431 out of 2408 companies for Beneish M-Score. This places Hibino in the top 18% 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 Hardware company?

A good Beneish M-Score depends on the Hardware 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 Hibino and its competitors. Hibino's current Beneish M-Score is -2.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Hibino stock overvalued right now?

Based on GuruFocus' analysis, Hibino (TSE:2469) is currently considered Modestly Undervalued. The stock's GF Value™ is 円3,152.39, compared to a current price of 円2,739.00 — trading 13.1% below its estimated fair value. The current Beneish M-Score is -2.98. Hibino's overall GF Score™ is 85/100 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 Hibino (TSE:2469), the current Beneish M-Score is -2.98 as of Jul. 12, 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 Hibino (TSE:2469) Overvalued in 2026?

Based on GuruFocus' analysis, Hibino stock appears to be undervalued. The current stock price of 円2,739.00 is trading 13.1% below its estimated GF Value™ of 円3,152.39. GuruFocus considers Hibino to be Modestly Undervalued.

Key valuation signals for TSE:2469:

Beneish M-Score: -2.98
GF Value™: 円3,152.39 vs. price of 円2,739.00 (13.1% below fair value)
GF Score™: 85/100 with 1 warning sign

No single metric tells the full story. See the TSE:2469 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hibino Business Description

Industry Technology Hardware

Comparable Companies TSE:6927 TSE:5906 TSE:8144 TSE:6898 TSE:6694 TSE:6794 TSE:6810 AAPL XKRX:005930 TSE:6758 HKSE:01810 TSE:6752 SZSE:300857 XKRX:066570 SHSE:603296 HKSE:03296 SZSE:002241 NSE:LGEINDIA XKRX:003550 SHSE:688036

Address 3-5-14, Konan, Minato-ku, Tokyo, JPN, 108-0075

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

Hibino Corp is engaged in the sale and installation of audio-visual equipment. It offers products and services in the Audio-Visual field. Its business activities are divided into Hibino visual division is engaged in the planning of large screens and video systems used for concerts and events, equipment rental, and operation. Hibino sound division offers a sound system for the concert, equipment rental, recording of concerts and events, studio recording, track down, and mastering. The segments include: Sales and construction business; Building sound construction business; and Concerts and events service business. It derives maximum revenue from Concerts and events service business.

85GF Score

Get the complete analysis for TSE:2469

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

円2,739.00

Price

円3,152.39

GF Value

View TSE:2469 Analysis

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