MEEQ (TSE:332A) Beneish M-Score: -2.65 (As of Jul. 16, 2026)

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TSE:332A MEEQ Inc TSE:332A
21 GF Score
Price 円1,019.00
! 1 Warning Sign
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What is MEEQ Beneish M-Score?

MEEQ TSE:332A -2.95% 21 Beneish M-Score is -2.65 as of Jul. 16, 2026. GuruFocus rates TSE:332A with a GF Score™ of 21/100. The stock has 1 warning sign investors should review. Among 2,629 Software companies, MEEQ ranks better than 57.85% 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:332A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.65   Med: -2.49   Max: -2.33
Current: -2.65

During the past 4 years, the highest Beneish M-Score of MEEQ was -2.33. The lowest was -2.65. And the median was -2.49.

MEEQ Beneish M-Score Historical Data

* Premium members only.

The historical data trend for MEEQ'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.

MEEQ Beneish M-Score Chart

MEEQ Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.33 -2.65

MEEQ Semi-Annual Data
Mar23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.33 0.00 -2.65

TSE:332A vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, MEEQ'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.

MEEQ Beneish M-Score vs Software Industry

For the Software industry and Technology sector, MEEQ's Beneish M-Score distribution charts can be found below:

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


TSE:332A
21GF Score
MEEQ Inc TSE:332A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

MEEQ 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 MEEQ 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 * 0.8234+0.528 * 0.9571+0.404 * 1.479+0.892 * 1.1968+0.115 * 1.0056
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.07891-0.327 * 0.9625
=-2.65

* 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1,182 Mil.
Revenue was 円7,150 Mil.
Gross Profit was 円2,696 Mil.
Total Current Assets was 円6,774 Mil.
Total Assets was 円8,085 Mil.
Property, Plant and Equipment(Net PPE) was 円446 Mil.
Depreciation, Depletion and Amortization(DDA) was 円225 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,400 Mil.
Total Current Liabilities was 円1,905 Mil.
Long-Term Debt & Capital Lease Obligation was 円71 Mil.
Net Income was 円879 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,517 Mil.
 Total Receivables was 円1,200 Mil.
Revenue was 円5,974 Mil.
Gross Profit was 円2,156 Mil.
Total Current Assets was 円5,932 Mil.
Total Assets was 円6,775 Mil.
Property, Plant and Equipment(Net PPE) was 円353 Mil.
Depreciation, Depletion and Amortization(DDA) was 円180 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,652 Mil.
Long-Term Debt & Capital Lease Obligation was 円68 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)
=(1182.363 / 7150.453) / (1199.774 / 5974.401)
=0.165355 / 0.200819
=0.8234

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)
=(2155.845 / 5974.401) / (2695.953 / 7150.453)
=0.360847 / 0.377032
=0.9571

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 - (6774.176 + 446.183) / 8085.024) / (1 - (5931.616 + 353.422) / 6774.918)
=0.106946 / 0.072308
=1.479

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
=7150.453 / 5974.401
=1.1968

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))
=(180.071 / (180.071 + 353.422)) / (225.443 / (225.443 + 446.183))
=0.337532 / 0.335667
=1.0056

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)
=(1399.807 / 7150.453) / (0 / 5974.401)
=0.195765 / 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)
=((70.575 + 1904.994) / 8085.024) / ((67.882 + 1652.006) / 6774.918)
=0.244349 / 0.253861
=0.9625

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
=(879.446 - 0 - 1517.433) / 8085.024
=-0.07891

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.

MEEQ has a M-score of -2.65 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 -2.65 mean?
MEEQ (TSE:332A) has a Beneish M-Score of -2.65 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MEEQ and its competitors. According to the industry distribution chart, MEEQ ranks #1108 out of 2629 companies in the Software industry, placing it in the top 42.1%.
Is MEEQ's Beneish M-Score too high?
MEEQ's current Beneish M-Score is -2.65. Based on the distribution chart, MEEQ ranks #1108 out of 2629 companies in the Software industry, which is above the industry midpoint. Overall, MEEQ has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does MEEQ's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, MEEQ ranks #1108 out of 2629 companies for Beneish M-Score. This puts MEEQ 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 Software company?
A good Beneish M-Score depends on the Software 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 MEEQ and its competitors. MEEQ's current Beneish M-Score is -2.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MEEQ stock overvalued right now?
MEEQ (TSE:332A) has a current Beneish M-Score of -2.65. The current Beneish M-Score is -2.65. MEEQ's overall GF Score™ is 21/100 with 1 warning sign 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 MEEQ (TSE:332A), the current Beneish M-Score is -2.65 as of Jul. 16, 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.

MEEQ Business Description

Address 3-10-13 Shibuya, 8th floor, TOKYU REIT Shibuya R Building, Shibuya-ku, Tokyo, JPN, 150-0002
MEEQ Inc is developing the NoCode IoT/DX Platform MEEQ for IoT service providers and companies promoting DX. In addition, as an MVNE operator, the company provides networks, business systems, and business support to many MVNO operators.
21GF Score

Get the complete analysis for TSE:332A

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

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