Asua (TSE:246A) Beneish M-Score: -2.31 (As of Jun. 27, 2026)


TSE:246A Asua Inc TSE:246A
20 GF Score
Price 円1,110.00
! 4 Warning Signs
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What is Asua Beneish M-Score?

Asua TSE:246A +4.52% 20 Beneish M-Score is -2.31 as of Jun. 27, 2026. GuruFocus rates TSE:246A with a GF Score™ of 20/100. The stock has 4 warning signs investors should review. Among 1,020 Business Services companies, Asua ranks worse than 67.45% 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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:246A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.49   Med: -2.4   Max: -2.31
Current: -2.31

During the past 4 years, the highest Beneish M-Score of Asua was -2.31. The lowest was -2.49. And the median was -2.40.

Asua Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Asua'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.

Asua Beneish M-Score Chart

Asua Annual Data
Trend Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -2.49 -2.31

Asua Quarterly Data
Jun22 Jun23 Mar24 Jun24 Dec24 Mar25 Jun25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 -2.31 0.00 0.00

TSE:246A vs VRSK, EFX, BAH: Beneish M-Score Comparison

For the Consulting Services subindustry, Asua'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.

Asua Beneish M-Score vs Business Services Industry

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

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


TSE:246A
20GF Score
Asua Inc TSE:246A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Asua 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 Asua 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 * 1.0503+0.528 * 1.0534+0.404 * 0.7746+0.892 * 1.0212+0.115 * 0.8367
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.006501-0.327 * 0.5227
=-2.31

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was 円216.5 Mil.
Revenue was 円1,392.6 Mil.
Gross Profit was 円604.0 Mil.
Total Current Assets was 円1,065.1 Mil.
Total Assets was 円1,450.6 Mil.
Property, Plant and Equipment(Net PPE) was 円165.8 Mil.
Depreciation, Depletion and Amortization(DDA) was 円21.6 Mil.
Selling, General, & Admin. Expense(SGA) was 円0.0 Mil.
Total Current Liabilities was 円351.5 Mil.
Long-Term Debt & Capital Lease Obligation was 円24.8 Mil.
Net Income was 円105.9 Mil.
Gross Profit was 円0.0 Mil.
Cash Flow from Operations was 円96.5 Mil.
 Total Receivables was 円201.8 Mil.
Revenue was 円1,363.7 Mil.
Gross Profit was 円623.0 Mil.
Total Current Assets was 円776.2 Mil.
Total Assets was 円1,166.7 Mil.
Property, Plant and Equipment(Net PPE) was 円162.5 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17.3 Mil.
Selling, General, & Admin. Expense(SGA) was 円0.0 Mil.
Total Current Liabilities was 円539.3 Mil.
Long-Term Debt & Capital Lease Obligation was 円39.8 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)
=(216.459 / 1392.627) / (201.801 / 1363.674)
=0.155432 / 0.147983
=1.0503

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)
=(623.017 / 1363.674) / (604.016 / 1392.627)
=0.456867 / 0.433724
=1.0534

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 - (1065.121 + 165.846) / 1450.591) / (1 - (776.224 + 162.462) / 1166.743)
=0.151403 / 0.195465
=0.7746

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
=1392.627 / 1363.674
=1.0212

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))
=(17.314 / (17.314 + 162.462)) / (21.572 / (21.572 + 165.846))
=0.096309 / 0.115101
=0.8367

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 / 1392.627) / (0 / 1363.674)
=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)
=((24.75 + 351.504) / 1450.591) / ((39.75 + 539.252) / 1166.743)
=0.25938 / 0.496255
=0.5227

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
=(105.891 - 0 - 96.46) / 1450.591
=0.006501

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.

Asua has a M-score of -2.31 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 -2.31 mean?
Asua (TSE:246A) has a Beneish M-Score of -2.31 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asua and its competitors. According to the industry distribution chart, Asua ranks #688 out of 1020 companies in the Business Services industry, placing it in the top 67.5%.
Is Asua's Beneish M-Score too high?
Asua's current Beneish M-Score is -2.31. Based on the distribution chart, Asua ranks #688 out of 1020 companies in the Business Services industry, which is below the industry midpoint. Overall, Asua has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Asua's Beneish M-Score compare to VRSK and EFX?
According to the Business Services industry distribution chart, Asua ranks #688 out of 1020 companies for Beneish M-Score. This places Asua 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 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 Asua and its competitors. Asua's current Beneish M-Score is -2.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asua stock overvalued right now?
Asua (TSE:246A) has a current Beneish M-Score of -2.31. The current Beneish M-Score is -2.31. Asua's overall GF Score™ is 20/100 with 4 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 Asua (TSE:246A), the current Beneish M-Score is -2.31 as of Jun. 27, 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.

Asua Business Description

Address 1Chome-11 Koganedori Nakamura-ku, Aichi, Nagoya-shi, JPN, 453-0804
Asua Inc is engaged in consulting for logistics companies on such as safety activities, Sales of telecommunications equipment, and Development of CRM, etc.
20GF Score

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

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