Kurabo Industries (TSE:3106) Beneish M-Score: -2.46 (As of Jun. 27, 2026)


TSE:3106 Kurabo Industries Ltd TSE:3106
65 GF Score
Price 円10,300.00
GF Value 円5,650.59
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is Kurabo Industries Beneish M-Score?

Kurabo Industries TSE:3106 +0.39% 65 Beneish M-Score is -2.46 as of Jun. 27, 2026. GuruFocus rates TSE:3106 with a GF Score™ of 65/100 and a GF Value™ of 円5,650.59 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 537 Conglomerates companies, Kurabo Industries ranks worse than 53.45% 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3106' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78   Med: -2.6   Max: -2.42
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Kurabo Industries was -2.42. The lowest was -2.78. And the median was -2.60.

Kurabo Industries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Kurabo Industries'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.

Kurabo Industries Beneish M-Score Chart

Kurabo Industries Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.54 -2.42 -2.48 -2.58 -2.46

Kurabo Industries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.58 0.00 0.00 0.00 -2.46

TSE:3106 vs HON, MMM: Beneish M-Score Comparison

For the Conglomerates subindustry, Kurabo Industries'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.

Kurabo Industries Beneish M-Score vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Kurabo Industries's Beneish M-Score distribution charts can be found below:

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


TSE:3106
65GF Score
Kurabo Industries Ltd TSE:3106
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kurabo Industries 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 Kurabo Industries 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 * 0.9982+0.528 * 0.9784+0.404 * 1.1482+0.892 * 0.9542+0.115 * 1.0326
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.008472-0.327 * 0.8423
=-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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was 円28,288 Mil.
Revenue was 円143,758 Mil.
Gross Profit was 円30,876 Mil.
Total Current Assets was 円82,496 Mil.
Total Assets was 円201,842 Mil.
Property, Plant and Equipment(Net PPE) was 円44,633 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,017 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円36,357 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,392 Mil.
Net Income was 円12,876 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円14,586 Mil.
 Total Receivables was 円29,699 Mil.
Revenue was 円150,660 Mil.
Gross Profit was 円31,658 Mil.
Total Current Assets was 円84,835 Mil.
Total Assets was 円190,527 Mil.
Property, Plant and Equipment(Net PPE) was 円44,268 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,157 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円39,502 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,801 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)
=(28288 / 143758) / (29699 / 150660)
=0.196775 / 0.197126
=0.9982

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)
=(31658 / 150660) / (30876 / 143758)
=0.210129 / 0.214778
=0.9784

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 - (82496 + 44633) / 201842) / (1 - (84835 + 44268) / 190527)
=0.370156 / 0.32239
=1.1482

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
=143758 / 150660
=0.9542

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))
=(5157 / (5157 + 44268)) / (5017 / (5017 + 44633))
=0.10434 / 0.101047
=1.0326

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 / 143758) / (0 / 150660)
=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)
=((1392 + 36357) / 201842) / ((2801 + 39502) / 190527)
=0.187023 / 0.222032
=0.8423

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
=(12876 - 0 - 14586) / 201842
=-0.008472

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.

Kurabo Industries has a M-score of -2.46 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 -2.46 mean?
Kurabo Industries (TSE:3106) has a Beneish M-Score of -2.46 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kurabo Industries and its competitors. According to the industry distribution chart, Kurabo Industries ranks #287 out of 537 companies in the Conglomerates industry, placing it in the top 53.4%.
Is Kurabo Industries' Beneish M-Score too high?
Kurabo Industries' current Beneish M-Score is -2.46. Based on the distribution chart, Kurabo Industries ranks #287 out of 537 companies in the Conglomerates industry, which is below the industry midpoint. Overall, Kurabo Industries has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kurabo Industries' Beneish M-Score compare to HON and MMM?
According to the Conglomerates industry distribution chart, Kurabo Industries ranks #287 out of 537 companies for Beneish M-Score. This places Kurabo Industries 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 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 Kurabo Industries and its competitors. Kurabo Industries'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 Kurabo Industries stock overvalued right now?
Based on GuruFocus' analysis, Kurabo Industries (TSE:3106) is currently considered Significantly Overvalued. The stock's GF Value™ is 円5,650.59, compared to a current price of 円10,300.00 — trading 82.3% above its estimated fair value. The current Beneish M-Score is -2.46. Kurabo Industries' overall GF Score™ is 65/100 with 2 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 Kurabo Industries (TSE:3106), the current Beneish M-Score is -2.46 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.

Is Kurabo Industries (TSE:3106) Overvalued in 2026?

Based on GuruFocus' analysis, Kurabo Industries stock appears to be overvalued. The current stock price of 円10,300.00 is trading 82.3% above its estimated GF Value™ of 円5,650.59. GuruFocus considers Kurabo Industries to be Significantly Overvalued.

Key valuation signals for TSE:3106:

  • Beneish M-Score: -2.46
  • GF Value™: 円5,650.59 vs. price of 円10,300.00 (82.3% above fair value)
  • GF Score™: 65/100 with 2 warning signs

No single metric tells the full story. See the TSE:3106 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kurabo Industries Business Description

Address 2-4-31 Kutaro-cho, Chuo-ku, Osaka, JPN, 541-8581
Kurabo Industries Ltd is involved in the business of Textile, Chemical products, Real estate utilization, Machine tools and Electronics and Other businesses. The company's primary activities include manufacture and sale of textile products, polyurethane foam and related products, machine tool and industrial machines, information systems and equipment and bio-medical products and also lease of real estate and design, manufacture and supply of plants, equipment and machines and industrial and household waste recycling. It generates maximum revenue from the Chemical Product Business segment.
65GF Score

Get the complete analysis for TSE:3106

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

円10,300.00
Price
円5,650.59
GF Value