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.
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.
ITO ENTSE:2593 +0.02%67 Beneish M-Score is -2.46 as of Aug. 12, 2026. GuruFocus rates TSE:2593 with a GF Score™ of 67/100 and a GF Value™ of 円3,935.34 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 110 Beverages - Non-Alcoholic companies, ITO EN ranks worse than 61.82% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ITO EN's Beneish M-Score or its related term are showing as below:
TSE:2593'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.62 Max: -2.41
Current: -2.46
During the past 13 years, the highest Beneish M-Score of ITO EN was -2.41. The lowest was -2.91. And the median was -2.62.
The historical data trend for ITO EN'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:2593 vs KO, PEP, MNST: Beneish M-Score Comparison
For the Beverages - Non-Alcoholic subindustry, ITO EN'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.
ITO EN Beneish M-Score vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, ITO EN's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ITO EN'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 ITO EN 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 * 0.9966
+
0.528 * 1.0545
+
0.404 * 1.1361
+
0.892 * 1.0532
+
0.115 * 0.9196
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.022865
-
0.327 * 0.9856
=
-2.46
* 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))
=
(9438 / (9438 + 77356))
/
(8806 / (8806 + 65669))
=
0.10874
/
0.118241
=
0.9196
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
=
(3466 - 0
-
11301)
/
342667
=
-0.022865
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.
ITO EN has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
ITO EN (TSE:2593) has a Beneish M-Score of -2.46 as of Aug. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ITO EN and its competitors. According to the industry distribution chart, ITO EN ranks #68 out of 110 companies in the Beverages - Non-Alcoholic industry, placing it in the top 61.8%.
Is ITO EN's Beneish M-Score too high?
ITO EN's current Beneish M-Score is -2.46. Based on the distribution chart, ITO EN ranks #68 out of 110 companies in the Beverages - Non-Alcoholic industry, which is below the industry midpoint. Overall, ITO EN has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does ITO EN's Beneish M-Score compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, ITO EN ranks #68 out of 110 companies for Beneish M-Score. This places ITO EN 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 Beverages - Non-Alcoholic company?
A good Beneish M-Score depends on the Beverages - Non-Alcoholic 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 ITO EN and its competitors. ITO EN's current Beneish M-Score is -2.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ITO EN stock overvalued right now?
Based on GuruFocus' analysis, ITO EN (TSE:2593) is currently considered Modestly Undervalued. The stock's GF Value™ is 円3,935.34, compared to a current price of 円2,984.00 — trading 24.2% below its estimated fair value. The current Beneish M-Score is -2.46. ITO EN's overall GF Score™ is 67/100 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 ITO EN (TSE:2593), the current Beneish M-Score is -2.46 as of Aug. 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 ITO EN (TSE:2593) Overvalued in 2026?
Based on GuruFocus' analysis, ITO EN stock appears to be undervalued.
The current stock price of 円2,984.00 is trading 24.2% below its estimated GF Value™ of 円3,935.34.
GuruFocus considers ITO EN to be Modestly Undervalued.
Key valuation signals for TSE:2593:
Beneish M-Score: -2.46
GF Value™: 円3,935.34 vs. price of 円2,984.00 (24.2% below fair value)
No single metric tells the full story. See the TSE:2593 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ITO EN Ltd makes beverages and other tea and nutritional products that it sells in Japan. Ito En primarily sells green tea products, including ready-to-drink beverages, tea bags, and other tea leaf products, under its Oi Ocha brand. Other beverages the company sells include black tea, Chinese tea, coffee, vegetable beverages, fruit beverages, mineral water, and functional beverages. The Leaf- and Drink-Related business segment makes up roughly 90% of the company's total revenue. Most remaining revenue is generated from Ito En's restaurant business, which operates hundreds of Tully's coffee shops in Japan.
67GF Score
Get the complete analysis for TSE:2593
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:2593 has been successfully added to your 
