No.1 Co (TSE:3562) Beneish M-Score: -2.10 (As of Jun. 28, 2026)


TSE:3562 No.1 Co Ltd TSE:3562
74 GF Score
Price 円1,478.00
GF Value 円1,696.71
Valuation Modestly Undervalued
! 5 Warning Signs
View Full Analysis

What is No.1 Co Beneish M-Score?

No.1 Co TSE:3562 +0.48% 74 Beneish M-Score is -2.10 as of Jun. 28, 2026. GuruFocus rates TSE:3562 with a GF Score™ of 74/100 and a GF Value™ of 円1,696.71 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 2,919 Industrial Products companies, No.1 Co ranks worse than 73.72% 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 -2.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for No.1 Co's Beneish M-Score or its related term are showing as below:

TSE:3562' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87   Med: -2.33   Max: -2.07
Current: -2.1

During the past 12 years, the highest Beneish M-Score of No.1 Co was -2.07. The lowest was -2.87. And the median was -2.33.

No.1 Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for No.1 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.

No.1 Co Beneish M-Score Chart

No.1 Co Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.45 -2.81 -2.23 -2.87 -2.10

No.1 Co Semi-Annual Data
Feb16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.23 0.00 -2.87 0.00 -2.10

No.1 Co Beneish M-Score Competitor Comparison

For the Business Equipment & Supplies subindustry, No.1 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.

No.1 Co Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, No.1 Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where No.1 Co's Beneish M-Score falls into.


TSE:3562
74GF Score
No.1 Co Ltd TSE:3562
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

No.1 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 No.1 Co 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 * 1.1244+0.528 * 0.9074+0.404 * 1.7336+0.892 * 1.2337+0.115 * 0.9758
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.008049-0.327 * 1.4541
=-2.10

* 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 (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was 円2,887 Mil.
Revenue was 円17,530 Mil.
Gross Profit was 円8,809 Mil.
Total Current Assets was 円7,925 Mil.
Total Assets was 円14,042 Mil.
Property, Plant and Equipment(Net PPE) was 円1,171 Mil.
Depreciation, Depletion and Amortization(DDA) was 円644 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円6,473 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,909 Mil.
Net Income was 円714 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円827 Mil.
 Total Receivables was 円2,081 Mil.
Revenue was 円14,209 Mil.
Gross Profit was 円6,479 Mil.
Total Current Assets was 円6,206 Mil.
Total Assets was 円8,707 Mil.
Property, Plant and Equipment(Net PPE) was 円731 Mil.
Depreciation, Depletion and Amortization(DDA) was 円387 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,226 Mil.
Long-Term Debt & Capital Lease Obligation was 円775 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)
=(2886.793 / 17529.922) / (2081.02 / 14209.46)
=0.164678 / 0.146453
=1.1244

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)
=(6479.35 / 14209.46) / (8809.328 / 17529.922)
=0.455988 / 0.502531
=0.9074

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 - (7924.777 + 1171.493) / 14041.705) / (1 - (6206.381 + 731.431) / 8706.626)
=0.352196 / 0.203157
=1.7336

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
=17529.922 / 14209.46
=1.2337

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))
=(387.377 / (387.377 + 731.431)) / (644.343 / (644.343 + 1171.493))
=0.346241 / 0.354846
=0.9758

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 / 17529.922) / (0 / 14209.46)
=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)
=((2909.287 + 6473.289) / 14041.705) / ((774.652 + 3226.375) / 8706.626)
=0.668193 / 0.459538
=1.4541

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
=(713.986 - 0 - 827.009) / 14041.705
=-0.008049

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.

No.1 Co has a M-score of -2.10 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 -2.10 mean?
No.1 Co (TSE:3562) has a Beneish M-Score of -2.10 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on No.1 Co and its competitors. According to the industry distribution chart, No.1 Co ranks #2152 out of 2919 companies in the Industrial Products industry, placing it in the top 73.7%.
Is No.1 Co's Beneish M-Score too high?
No.1 Co's current Beneish M-Score is -2.10. Based on the distribution chart, No.1 Co ranks #2152 out of 2919 companies in the Industrial Products industry, which is below the industry midpoint. Overall, No.1 Co has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does No.1 Co's Beneish M-Score compare to competitors?
According to the Industrial Products industry distribution chart, No.1 Co ranks #2152 out of 2919 companies for Beneish M-Score. This places No.1 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 No.1 Co and its competitors. No.1 Co's current Beneish M-Score is -2.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is No.1 Co stock overvalued right now?
Based on GuruFocus' analysis, No.1 Co (TSE:3562) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,696.71, compared to a current price of 円1,478.00 — trading 12.9% below its estimated fair value. The current Beneish M-Score is -2.10. No.1 Co's overall GF Score™ is 74/100 with 5 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 No.1 Co (TSE:3562), the current Beneish M-Score is -2.10 as of Jun. 28, 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 No.1 Co (TSE:3562) Overvalued in 2026?

Based on GuruFocus' analysis, No.1 Co stock appears to be undervalued. The current stock price of 円1,478.00 is trading 12.9% below its estimated GF Value™ of 円1,696.71. GuruFocus considers No.1 Co to be Modestly Undervalued.

Key valuation signals for TSE:3562:

  • Beneish M-Score: -2.10
  • GF Value™: 円1,696.71 vs. price of 円1,478.00 (12.9% below fair value)
  • GF Score™: 74/100 with 5 warning signs

No single metric tells the full story. See the TSE:3562 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

No.1 Co Business Description

Address 1-5-2 Uchisaiwaicho, 19th floor, Uchisaiwaicho Heiwa Building, Chiyoda-ku, Tokyo, JPN, 100-0011
No.1 Co Ltd is engaged in the sales and maintenance services of OA and information security equipment, communication equipment, mobiles, and others. It also has lines and mobiles, and related agency business; Mail-order agency business related to office equipment and services; Internet-related business; and advertising (agency) business.
74GF Score

Get the complete analysis for TSE:3562

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

円1,478.00
Price
円1,696.71
GF Value