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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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nisshin Oillio Group's Beneish M-Score or its related term are showing as below:
TSE:2602'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.48 Max: -1.65
Current: -2.32
During the past 13 years, the highest Beneish M-Score of Nisshin Oillio Group was -1.65. The lowest was -2.89. And the median was -2.48.
Nisshin Oillio Group Beneish M-Score Related Terms
Nisshin Oillio Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nisshin Oillio Group'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.
For the Packaged Foods subindustry, Nisshin Oillio Group'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.
Nisshin Oillio Group Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Nisshin Oillio Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nisshin Oillio Group'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 Nisshin Oillio Group 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 * 0.9622
+
0.528 * 1.044
+
0.404 * 0.9761
+
0.892 * 1.044
+
0.115 * 1.0843
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * 0.029983
-
0.327 * 1.0136
=
-2.32
* 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))
=
(10505 / (10505 + 110284))
/
(11615 / (11615 + 133202))
=
0.08697
/
0.080205
=
1.0843
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
=
(23988 - 0
-
10460)
/
451185
=
0.029983
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.
Nisshin Oillio Group has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Nisshin Oillio Group (TSE:2602) has a Beneish M-Score of -2.32 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nisshin Oillio Group and its competitors. According to the industry distribution chart, Nisshin Oillio Group ranks #1197 out of 1852 companies in the Consumer Packaged Goods industry, placing it in the top 64.6%.
Is Nisshin Oillio Group's Beneish M-Score too high?
Nisshin Oillio Group's current Beneish M-Score is -2.32. Based on the distribution chart, Nisshin Oillio Group ranks #1197 out of 1852 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Nisshin Oillio Group has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nisshin Oillio Group's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Nisshin Oillio Group ranks #1197 out of 1852 companies for Beneish M-Score. This places Nisshin Oillio Group 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Nisshin Oillio Group and its competitors. Nisshin Oillio Group's current Beneish M-Score is -2.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nisshin Oillio Group stock overvalued right now?
Based on GuruFocus' analysis, Nisshin Oillio Group (TSE:2602) is currently considered Fairly Valued. The stock's GF Value™ is 円1,828.32, compared to a current price of 円1,943.00 — trading 6.3% above its estimated fair value. The current Beneish M-Score is -2.32. Nisshin Oillio Group's overall GF Score™ is 69/100 with 6 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 Nisshin Oillio Group (TSE:2602), the current Beneish M-Score is -2.32 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.
Is Nisshin Oillio Group (TSE:2602) Overvalued in 2026?
Based on GuruFocus' analysis, Nisshin Oillio Group stock appears to be overvalued.
The current stock price of 円1,943.00 is trading 6.3% above its estimated GF Value™ of 円1,828.32.
GuruFocus considers Nisshin Oillio Group to be Fairly Valued.
Key valuation signals for TSE:2602:
Beneish M-Score: -2.32
GF Value™: 円1,828.32 vs. price of 円1,943.00 (6.3% above fair value)
No single metric tells the full story. See the TSE:2602 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nisshin Oillio Group Ltd is a Japanese company engaged in the manufacture of oil products. The company operates five reporting segments. The oils and meals business produces edible oils for household, commercial use, and food processing. The processed oils and fats business manufactures processed oil and fat products. The healthy foods business supplies dressings and healthcare products. The fine chemicals business provides raw materials for cosmetics, food ingredients, and chemical products. Finally the soy foods and materials business produces soy food ingredients and soy protein. The oils and meals business accounts for more than half of group revenue.
69GF Score
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