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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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Nisshinbo Holdings's Beneish M-Score or its related term are showing as below:
TSE:3105'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.68 Max: -2.47
Current: -2.7
During the past 13 years, the highest Beneish M-Score of Nisshinbo Holdings was -2.47. The lowest was -2.92. And the median was -2.68.
Nisshinbo Holdings Beneish M-Score Related Terms
Nisshinbo Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Nisshinbo Holdings'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 Conglomerates subindustry, Nisshinbo Holdings'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.
Nisshinbo Holdings Beneish M-Score vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Nisshinbo Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nisshinbo Holdings'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 Nisshinbo Holdings 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 * 1.0244
+
0.528 * 0.9444
+
0.404 * 1.0137
+
0.892 * 1.0153
+
0.115 * 0.9567
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.053034
-
0.327 * 0.923
=
-2.70
* 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))
=
(26341 / (26341 + 178491))
/
(26068 / (26068 + 167854))
=
0.128598
/
0.134425
=
0.9567
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
=
(13920 - 0
-
49337)
/
667817
=
-0.053034
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.
Nisshinbo Holdings has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
Nisshinbo Holdings (TSE:3105) has a Beneish M-Score of -2.70 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nisshinbo Holdings and its competitors. According to the industry distribution chart, Nisshinbo Holdings ranks #160 out of 542 companies in the Conglomerates industry, placing it in the top 29.5%.
Is Nisshinbo Holdings' Beneish M-Score too high?
Nisshinbo Holdings' current Beneish M-Score is -2.70. Based on the distribution chart, Nisshinbo Holdings ranks #160 out of 542 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Nisshinbo Holdings has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nisshinbo Holdings' Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Nisshinbo Holdings ranks #160 out of 542 companies for Beneish M-Score. This puts Nisshinbo Holdings in the upper 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 Conglomerates company?
A good Beneish M-Score depends on the Conglomerates 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 Nisshinbo Holdings and its competitors. Nisshinbo Holdings's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nisshinbo Holdings stock overvalued right now?
Based on GuruFocus' analysis, Nisshinbo Holdings (TSE:3105) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,070.13, compared to a current price of 円2,275.50 — trading 112.6% above its estimated fair value. The current Beneish M-Score is -2.70. Nisshinbo Holdings' overall GF Score™ is 62/100 with 3 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 Nisshinbo Holdings (TSE:3105), the current Beneish M-Score is -2.70 as of Jul. 14, 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 Nisshinbo Holdings (TSE:3105) Overvalued in 2026?
Based on GuruFocus' analysis, Nisshinbo Holdings stock appears to be overvalued.
The current stock price of 円2,275.50 is trading 112.6% above its estimated GF Value™ of 円1,070.13.
GuruFocus considers Nisshinbo Holdings to be Significantly Overvalued.
Key valuation signals for TSE:3105:
Beneish M-Score: -2.70
GF Value™: 円1,070.13 vs. price of 円2,275.50 (112.6% above fair value)
No single metric tells the full story. See the TSE:3105 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nisshinbo Holdings Inc is a Japan-based company that is mainly engaged in electronics, automobile brakes, textiles, paper, and precision instrument businesses. The company's electronics business provides shipping navigation technology, network equipment, microwave-related products, semiconductor devices, and others. The automobile brake business manufactures friction materials and assembly products. The textile business mainly manufactures non-iron shirts, non-woven fabrics, and spandex. The paper business mainly manufactures household paper, specialty paper, and processed paper products. The precision instrument business produces plastic molding parts, precision parts, and others.
62GF Score
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