Toray IndustriesTSE:3402 +0.53%79 Beneish M-Score is -2.60 as of Jun. 24, 2026. GuruFocus rates TSE:3402 with a GF Score™ of 79/100 and a GF Value™ of 円986.87 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,003 Manufacturing - Apparel & Accessories companies, Toray Industries ranks better than 57.03% 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 -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Toray Industries's Beneish M-Score or its related term are showing as below:
TSE:3402'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.9 Med: -2.51 Max: -2.14
Current: -2.6
During the past 13 years, the highest Beneish M-Score of Toray Industries was -2.14. The lowest was -2.90. And the median was -2.51.
Toray Industries Beneish M-Score Related Terms
Toray Industries Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Toray 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.
For the Textile Manufacturing subindustry, Toray 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.
Toray Industries Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Toray Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toray Industries's Beneish M-Score falls into.
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 Toray 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 * 1.0517
+
0.528 * 0.9811
+
0.404 * 1.0206
+
0.892 * 1.0085
+
0.115 * 1.0325
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0329
+
4.679 * -0.038034
-
0.327 * 0.9819
=
-2.60
* 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.
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.
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))
=
(129095 / (129095 + 1163502))
/
(131615 / (131615 + 1229029))
=
0.099873
/
0.09673
=
1.0325
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
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
=
(79521 - 0
-
211763)
/
3476976
=
-0.038034
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.
Toray Industries has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
Toray Industries (TSE:3402) has a Beneish M-Score of -2.60 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Toray Industries and its competitors. According to the industry distribution chart, Toray Industries ranks #431 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 43%.
Is Toray Industries' Beneish M-Score too high?
Toray Industries' current Beneish M-Score is -2.60. Based on the distribution chart, Toray Industries ranks #431 out of 1003 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Toray Industries has a GF Score™ of 79/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Toray Industries' Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Toray Industries ranks #431 out of 1003 companies for Beneish M-Score. This puts Toray Industries 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 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 Toray Industries and its competitors. Toray Industries's current Beneish M-Score is -2.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toray Industries stock overvalued right now?
Based on GuruFocus' analysis, Toray Industries (TSE:3402) is currently considered Modestly Overvalued. The stock's GF Value™ is 円986.87, compared to a current price of 円1,147.00 — trading 16.2% above its estimated fair value. The current Beneish M-Score is -2.60. Toray Industries' overall GF Score™ is 79/100 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 Toray Industries (TSE:3402), the current Beneish M-Score is -2.60 as of Jun. 24, 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 Toray Industries (TSE:3402) Overvalued in 2026?
Based on GuruFocus' analysis, Toray Industries stock appears to be overvalued.
The current stock price of 円1,147.00 is trading 16.2% above its estimated GF Value™ of 円986.87.
GuruFocus considers Toray Industries to be Modestly Overvalued.
Key valuation signals for TSE:3402:
Beneish M-Score: -2.60
GF Value™: 円986.87 vs. price of 円1,147.00 (16.2% above fair value)
No single metric tells the full story. See the TSE:3402 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toray Industries Inc is a Japan-based company engaged in the textile business, functional chemicals business, carbon fiber composite materials, and other businesses. The Carbon Fiber Composite Materials segment covers carbon fiber, composites, and molded products. The Environment and Engineering segment includes membranes for water treatment, general engineering, industrial machinery, housing, and construction materials. The Functional Chemicals segment handles resins, foams, films, fine chemicals, and electronic materials. The Life Science segment focuses on pharmaceuticals and medical devices. The Textile segment provides fibers, fabrics, non-woven and apparel products, while Others offers analysis, survey, and research services. It generates majority of revenue from the Textile segment.
79GF Score
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