Nitto Boseki Co (TSE:3110) Beneish M-Score: -2.03 (As of Jun. 27, 2026)

What is Nitto Boseki Co Beneish M-Score?

Nitto Boseki Co TSE:3110 -3.96% 79 Beneish M-Score is -2.03 as of Jun. 27, 2026. GuruFocus rates TSE:3110 with a GF Score™ of 79/100 and a GF Value™ of 円7,308.81 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,001 Manufacturing - Apparel & Accessories companies, Nitto Boseki Co ranks worse than 75.62% 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 -2.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3110' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74 Med: -2.53 Max: -1.93
Current: -2.03

During the past 13 years, the highest Beneish M-Score of Nitto Boseki Co was -1.93. The lowest was -2.74. And the median was -2.53.

Nitto Boseki Co Beneish M-Score Related Terms

Nitto Boseki Co Beneish M-Score Historical Data

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The historical data trend for Nitto Boseki Co'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.

Nitto Boseki Co Beneish M-Score Chart

Nitto Boseki Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.44

-2.74

-1.93

-2.68

-2.03

Nitto Boseki Co 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															-2.68	0.00	0.00	0.00	-2.03

Nitto Boseki Co Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Nitto Boseki Co'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.

Nitto Boseki Co Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Nitto Boseki Co's Beneish M-Score distribution charts can be found below:

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

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79GF Score

Nitto Boseki Co Ltd TSE:3110

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Nitto Boseki Co 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 Nitto Boseki Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0131

0.528 * 0.9203

0.404 * 0.9259

0.892 * 1.0843

0.115 * 0.969

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.086469

0.327 * 0.9081

-2.03

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円35,967 Mil.
Revenue was 円118,229 Mil.
Gross Profit was 円47,576 Mil.
Total Current Assets was 円159,710 Mil.
Total Assets was 円283,038 Mil.
Property, Plant and Equipment(Net PPE) was 円87,558 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,301 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円47,997 Mil.
Long-Term Debt & Capital Lease Obligation was 円38,142 Mil.
Net Income was 円41,770 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円17,296 Mil.

Total Receivables was 円32,742 Mil.
Revenue was 円109,035 Mil.
Gross Profit was 円40,378 Mil.
Total Current Assets was 円115,256 Mil.
Total Assets was 円223,105 Mil.
Property, Plant and Equipment(Net PPE) was 円77,398 Mil.
Depreciation, Depletion and Amortization(DDA) was 円7,941 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円40,142 Mil.
Long-Term Debt & Capital Lease Obligation was 円34,625 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)
	=	(35967 / 118229)	/	(32742 / 109035)
	=	0.304215	/	0.300289
	=	1.0131

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)
	=	(40378 / 109035)	/	(47576 / 118229)
	=	0.370321	/	0.402406
	=	0.9203

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 - (159710 + 87558) / 283038)	/	(1 - (115256 + 77398) / 223105)
	=	0.126379	/	0.136487
	=	0.9259

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
	=	118229	/	109035
	=	1.0843

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))
	=	(7941 / (7941 + 77398))	/	(9301 / (9301 + 87558))
	=	0.093052	/	0.096026
	=	0.969

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 / 118229)	/	(0 / 109035)
	=	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)
	=	((38142 + 47997) / 283038)	/	((34625 + 40142) / 223105)
	=	0.304337	/	0.33512
	=	0.9081

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
	=	(41770 - 0	-	17296)	/	283038
	=	0.086469

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.

Nitto Boseki Co has a M-score of -2.03 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 -2.03 mean?

Nitto Boseki Co (TSE:3110) has a Beneish M-Score of -2.03 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nitto Boseki Co and its competitors. According to the industry distribution chart, Nitto Boseki Co ranks #757 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 75.6%.

Is Nitto Boseki Co's Beneish M-Score too high?

Nitto Boseki Co's current Beneish M-Score is -2.03. Based on the distribution chart, Nitto Boseki Co ranks #757 out of 1001 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Nitto Boseki Co has a GF Score™ of 79/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Nitto Boseki Co's Beneish M-Score compare to competitors?

According to the Manufacturing - Apparel & Accessories industry distribution chart, Nitto Boseki Co ranks #757 out of 1001 companies for Beneish M-Score. This places Nitto Boseki Co 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 Manufacturing - Apparel & Accessories company?

A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories 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 Nitto Boseki Co and its competitors. Nitto Boseki Co's current Beneish M-Score is -2.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nitto Boseki Co stock overvalued right now?

Based on GuruFocus' analysis, Nitto Boseki Co (TSE:3110) is currently considered Significantly Undervalued. The stock's GF Value™ is 円7,308.81, compared to a current price of 円3,926.00 — trading 46.3% below its estimated fair value. The current Beneish M-Score is -2.03. Nitto Boseki Co's overall GF Score™ is 79/100 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 Nitto Boseki Co (TSE:3110), the current Beneish M-Score is -2.03 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 Nitto Boseki Co (TSE:3110) Overvalued in 2026?

Based on GuruFocus' analysis, Nitto Boseki Co stock appears to be undervalued. The current stock price of 円3,926.00 is trading 46.3% below its estimated GF Value™ of 円7,308.81. GuruFocus considers Nitto Boseki Co to be Significantly Undervalued.

Key valuation signals for TSE:3110:

Beneish M-Score: -2.03
GF Value™: 円7,308.81 vs. price of 円3,926.00 (46.3% below fair value)
GF Score™: 79/100 with 3 warning signs

No single metric tells the full story. See the TSE:3110 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nitto Boseki Co Business Description

Industry Consumer Cyclical Manufacturing - Apparel & Accessories

Comparable Companies TSE:3569 TSE:3104 TSE:3201 TSE:7460 TSE:8101 TSE:3580 TSE:7856 TSE:8118 TSE:3501 TSE:3109 SZSE:301526 TSE:3402 HKSE:02313 SHSE:601233 SHSE:603306 SHSE:600295 TPE:1402 SZSE:000158 BOM:532889 IST:SASA

Other Exchanges NBCLF:USA NB5:Germany

Address 2-4-1, Kojimachi, Chiyoda-ku, Tokyo, JPN, 102-8489

Website http://www.nittobo.co.jp

Nitto Boseki Co Ltd is engaged in the textile business. It operates in six segments: Textiles Business engages in the manufacture and sales of textiles products (core-spun yarn, stretch products, interlining and other finished products, etc.); Glass Fiber Yam Business engages in the manufacture and sales of glass raw fiber products (yarn, roving, chopped strands, etc.); Glass Fiber Cloth Business engages in the manufacture and sales of glass fiber functional products (glass cloth, etc.); Glass Fiber for Industrial Materials Business engages in the manufacture and sales of glass fiber products for use in industrial materials and the manufacture and sales of glass wool products (for use in thermal insulation materials); Life Science Business; and Other segment.

79GF Score

Get the complete analysis for TSE:3110

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

円3,926.00

Price

円7,308.81

GF Value

View TSE:3110 Analysis

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