WIN-Partners Co (TSE:3183) Beneish M-Score: -2.42 (As of Jul. 09, 2026)

What is WIN-Partners Co Beneish M-Score?

WIN-Partners Co TSE:3183 +0.31% 63 Beneish M-Score is -2.42 as of Jul. 09, 2026. GuruFocus rates TSE:3183 with a GF Score™ of 63/100 and a GF Value™ of 円1,522.55 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 112 Medical Distribution companies, WIN-Partners Co ranks worse than 58.04% 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 -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3183' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.41 Max: -2.02
Current: -2.42

During the past 13 years, the highest Beneish M-Score of WIN-Partners Co was -2.02. The lowest was -2.76. And the median was -2.41.

WIN-Partners Co Beneish M-Score Related Terms

WIN-Partners Co Beneish M-Score Historical Data

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The historical data trend for WIN-Partners 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.

WIN-Partners Co Beneish M-Score Chart

WIN-Partners Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.44

-2.19

-2.55

-2.17

-2.42

WIN-Partners Co Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.55	0.00	-2.17	0.00	-2.42

TSE:3183 vs MCK, CAH, COR: Beneish M-Score Comparison

For the Medical Distribution subindustry, WIN-Partners 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.

WIN-Partners Co Beneish M-Score vs Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, WIN-Partners Co's Beneish M-Score distribution charts can be found below:

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

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63GF Score

WIN-Partners Co Ltd TSE:3183

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

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WIN-Partners 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 WIN-Partners 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 * 0.9851

0.528 * 1.0305

0.404 * 1.2338

0.892 * 1.1103

0.115 * 0.7917

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.016042

0.327 * 1.1176

-2.42

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円18,842 Mil.
Revenue was 円90,392 Mil.
Gross Profit was 円10,661 Mil.
Total Current Assets was 円42,862 Mil.
Total Assets was 円50,632 Mil.
Property, Plant and Equipment(Net PPE) was 円4,526 Mil.
Depreciation, Depletion and Amortization(DDA) was 円300 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円25,245 Mil.
Long-Term Debt & Capital Lease Obligation was 円713 Mil.
Net Income was 円2,118 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,931 Mil.

Total Receivables was 円17,227 Mil.
Revenue was 円81,410 Mil.
Gross Profit was 円9,895 Mil.
Total Current Assets was 円39,725 Mil.
Total Assets was 円46,620 Mil.
Property, Plant and Equipment(Net PPE) was 円4,474 Mil.
Depreciation, Depletion and Amortization(DDA) was 円232 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円21,387 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)
	=	(18842.298 / 90391.603)	/	(17227.07 / 81410.3)
	=	0.208452	/	0.211608
	=	0.9851

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)
	=	(9894.916 / 81410.3)	/	(10661.43 / 90391.603)
	=	0.121544	/	0.117947
	=	1.0305

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 - (42862.145 + 4525.791) / 50632.099)	/	(1 - (39725.454 + 4473.892) / 46620.372)
	=	0.064073	/	0.051931
	=	1.2338

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
	=	90391.603	/	81410.3
	=	1.1103

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))
	=	(231.655 / (231.655 + 4473.892))	/	(300.084 / (300.084 + 4525.791))
	=	0.04923	/	0.062182
	=	0.7917

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 / 90391.603)	/	(0 / 81410.3)
	=	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)
	=	((713.064 + 25245.432) / 50632.099)	/	((0 + 21386.614) / 46620.372)
	=	0.512689	/	0.45874
	=	1.1176

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
	=	(2118.327 - 0	-	2930.56)	/	50632.099
	=	-0.016042

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.

WIN-Partners Co has a M-score of -2.42 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 -2.42 mean?

WIN-Partners Co (TSE:3183) has a Beneish M-Score of -2.42 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on WIN-Partners Co and its competitors. According to the industry distribution chart, WIN-Partners Co ranks #65 out of 112 companies in the Medical Distribution industry, placing it in the top 58%.

Is WIN-Partners Co's Beneish M-Score too high?

WIN-Partners Co's current Beneish M-Score is -2.42. Based on the distribution chart, WIN-Partners Co ranks #65 out of 112 companies in the Medical Distribution industry, which is below the industry midpoint. Overall, WIN-Partners Co has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does WIN-Partners Co's Beneish M-Score compare to MCK and CAH?

According to the Medical Distribution industry distribution chart, WIN-Partners Co ranks #65 out of 112 companies for Beneish M-Score. This places WIN-Partners 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 Medical Distribution company?

A good Beneish M-Score depends on the Medical Distribution 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 WIN-Partners Co and its competitors. WIN-Partners Co's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is WIN-Partners Co stock overvalued right now?

Based on GuruFocus' analysis, WIN-Partners Co (TSE:3183) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,522.55, compared to a current price of 円1,285.00 — trading 15.6% below its estimated fair value. The current Beneish M-Score is -2.42. WIN-Partners Co's overall GF Score™ is 63/100 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 WIN-Partners Co (TSE:3183), the current Beneish M-Score is -2.42 as of Jul. 09, 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 WIN-Partners Co (TSE:3183) Overvalued in 2026?

Based on GuruFocus' analysis, WIN-Partners Co stock appears to be undervalued. The current stock price of 円1,285.00 is trading 15.6% below its estimated GF Value™ of 円1,522.55. GuruFocus considers WIN-Partners Co to be Modestly Undervalued.

Key valuation signals for TSE:3183:

Beneish M-Score: -2.42
GF Value™: 円1,522.55 vs. price of 円1,285.00 (15.6% below fair value)
GF Score™: 63/100 with 3 warning signs

No single metric tells the full story. See the TSE:3183 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

WIN-Partners Co Business Description

Industry Healthcare Medical Distribution

Comparable Companies NGO:7488 SSE:3055 TSE:7634 TSE:2689 TSE:9265 TSE:7681 TSE:3151 TSE:7476 MCK CAH COR ASX:SIG HSIC SHSE:601607 HKSE:01099 XSWX:GALE SHSE:600332 SHSE:600998 TSE:7459 OSTO:ASKER

Address 2-2-1 Kyobashi, Chuoku, 21st Floor, Kyobashi Edogrand, Tokyo, JPN, 104-0031

Website http://www.win-partners.co.jp

WIN-Partners Co Ltd is engaged in the healthcare sector. The company provides medical devices to Japan's medical institutions. Its products offerings are Cardiovascular device, Insulin Pump, X-ray Angio System, Carotid Artery Stent, Stent Graft, among others. The company operates only in one segment which is the medical equipment sales business.

63GF Score

Get the complete analysis for TSE:3183

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

円1,285.00

Price

円1,522.55

GF Value

View TSE:3183 Analysis

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