Azearth (TSE:3161) Beneish M-Score: -2.23 (As of Jul. 08, 2026)

What is Azearth Beneish M-Score?

Azearth TSE:3161 +0.15% 65 Beneish M-Score is -2.23 as of Jul. 08, 2026. GuruFocus rates TSE:3161 with a GF Score™ of 65/100 and a GF Value™ of 円655.43 (Fairly Valued). The stock has 6 warning signs investors should review. Among 996 Manufacturing - Apparel & Accessories companies, Azearth ranks worse than 68.88% 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3161' s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.51 Max: -2.22
Current: -2.23

During the past 13 years, the highest Beneish M-Score of Azearth was -2.22. The lowest was -3.00. And the median was -2.51.

Azearth Beneish M-Score Related Terms

Azearth Beneish M-Score Historical Data

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The historical data trend for Azearth'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.

Azearth Beneish M-Score Chart

Azearth Annual Data

Trend

Apr17

Apr18

Apr19

Apr20

Apr21

Apr22

Apr23

Apr24

Apr25

Apr26

Beneish M-Score

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-2.32

-3.00

-2.35

-2.71

-2.23

Azearth Semi-Annual Data
	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23	Oct23	Apr24	Oct24	Apr25	Oct25	Apr26
Beneish M-Score	Get a 7-Day Free Trial															-2.35	0.00	-2.71	0.00	-2.23

Azearth Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Azearth'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.

Azearth Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

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

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

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65GF Score

Azearth Corp TSE:3161

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

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Azearth 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 Azearth 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 * 1.0956

0.528 * 1.0168

0.404 * 1.1109

0.892 * 1.0326

0.115 * 0.7359

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.019666

0.327 * 0.9586

-2.23

This Year (Apr26) TTM:

Last Year (Apr25) TTM:

Total Receivables was 円1,363 Mil.
Revenue was 円8,290 Mil.
Gross Profit was 円1,717 Mil.
Total Current Assets was 円6,320 Mil.
Total Assets was 円8,459 Mil.
Property, Plant and Equipment(Net PPE) was 円1,456 Mil.
Depreciation, Depletion and Amortization(DDA) was 円131 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,516 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円138 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-28 Mil.

Total Receivables was 円1,205 Mil.
Revenue was 円8,028 Mil.
Gross Profit was 円1,690 Mil.
Total Current Assets was 円6,326 Mil.
Total Assets was 円8,452 Mil.
Property, Plant and Equipment(Net PPE) was 円1,512 Mil.
Depreciation, Depletion and Amortization(DDA) was 円98 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,580 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
	=	(1362.784 / 8289.681)	/	(1204.589 / 8027.705)
	=	0.164395	/	0.150054
	=	1.0956

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)
	=	(1690.428 / 8027.705)	/	(1716.715 / 8289.681)
	=	0.210574	/	0.207091
	=	1.0168

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 - (6320.117 + 1455.89) / 8458.77)	/	(1 - (6325.829 + 1512.233) / 8452.213)
	=	0.080717	/	0.072662
	=	1.1109

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
	=	8289.681	/	8027.705
	=	1.0326

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))
	=	(98.159 / (98.159 + 1512.233))	/	(131.482 / (131.482 + 1455.89))
	=	0.060953	/	0.08283
	=	0.7359

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 / 8289.681)	/	(0 / 8027.705)
	=	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)
	=	((0 + 1515.711) / 8458.77)	/	((0 + 1580.021) / 8452.213)
	=	0.179188	/	0.186936
	=	0.9586

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
	=	(138.234 - 0	-	-28.113)	/	8458.77
	=	0.019666

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.

Azearth has a M-score of -2.23 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 -2.23 mean?

Azearth (TSE:3161) has a Beneish M-Score of -2.23 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Azearth and its competitors. According to the industry distribution chart, Azearth ranks #686 out of 996 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 68.9%.

Is Azearth's Beneish M-Score too high?

Azearth's current Beneish M-Score is -2.23. Based on the distribution chart, Azearth ranks #686 out of 996 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. Overall, Azearth has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Azearth's Beneish M-Score compare to competitors?

According to the Manufacturing - Apparel & Accessories industry distribution chart, Azearth ranks #686 out of 996 companies for Beneish M-Score. This places Azearth 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 Azearth and its competitors. Azearth's current Beneish M-Score is -2.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Azearth stock overvalued right now?

Based on GuruFocus' analysis, Azearth (TSE:3161) is currently considered Fairly Valued. The stock's GF Value™ is 円655.43, compared to a current price of 円661.00 — trading 0.8% above its estimated fair value. The current Beneish M-Score is -2.23. Azearth's overall GF Score™ is 65/100 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 Azearth (TSE:3161), the current Beneish M-Score is -2.23 as of Jul. 08, 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 Azearth (TSE:3161) Overvalued in 2026?

Based on GuruFocus' analysis, Azearth stock appears to be overvalued. The current stock price of 円661.00 is trading 0.8% above its estimated GF Value™ of 円655.43. GuruFocus considers Azearth to be Fairly Valued.

Key valuation signals for TSE:3161:

Beneish M-Score: -2.23
GF Value™: 円655.43 vs. price of 円661.00 (0.8% above fair value)
GF Score™: 65/100 with 6 warning signs

No single metric tells the full story. See the TSE:3161 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Azearth Business Description

Industry Consumer Cyclical Manufacturing - Apparel & Accessories

Comparable Companies TSE:3202 TSE:3524 TSE:3190 TSE:3577 TSE:3409 TSE:8123 TSE:3600 TSE:3111 TSE:365A TSE:3123 SZSE:301526 TSE:3402 SHSE:601233 HKSE:02313 SHSE:603306 TPE:1402 TSE:3110 BOM:532889 SHSE:600295 SZSE:000158

Address 4-13-7 Kuramae, Taito-ku, Tokyo, JPN, 111-8623

Website https://www.azearth.co.jp

Azearth Corp is a Japan-based company engaged in the manufacture and sale of protective wear, healthcare products, and life material products. It operates through three reportable segments: Protective Clothing & Environmental Equipment, Healthcare Products, and Life Materials. The Protective Clothing & Environmental Equipment segment includes chemical protective suits, industrial safety clothing, and related equipment. The Healthcare Products segment focuses on nonwoven fabric items such as masks and gowns used in medical settings. The Life Materials segment handles apparel materials like pile fabrics and offers a range of bedding products, including pillows and mattresses.

65GF Score

Get the complete analysis for TSE:3161

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

円661.00

Price

円655.43

GF Value

View TSE:3161 Analysis

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