Netyear Group (TSE:3622) Beneish M-Score: -2.21 (As of Jul. 13, 2026)

What is Netyear Group Beneish M-Score?

Netyear Group TSE:3622 -0.40% 55 Beneish M-Score is -2.21 as of Jul. 13, 2026. GuruFocus rates TSE:3622 with a GF Score™ of 55/100 and a GF Value™ of 円566.38 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 976 Media - Diversified companies, Netyear Group ranks worse than 72.13% 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 -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3622' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.22 Max: -1.84
Current: -2.21

During the past 13 years, the highest Beneish M-Score of Netyear Group was -1.84. The lowest was -2.89. And the median was -2.22.

Netyear Group Beneish M-Score Related Terms

Netyear Group Beneish M-Score Historical Data

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The historical data trend for Netyear Group'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.

Netyear Group Beneish M-Score Chart

Netyear Group Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.28

-2.37

-1.84

-2.89

-2.21

Netyear Group 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															-1.84	0.00	-2.89	0.00	-2.21

TSE:3622 vs APP, OMC, TTD: Beneish M-Score Comparison

For the Advertising Agencies subindustry, Netyear Group'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.

Netyear Group Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Netyear Group's Beneish M-Score distribution charts can be found below:

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

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55GF Score

Netyear Group Corp TSE:3622

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

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Netyear Group 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 Netyear Group 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 * 1.1651

0.528 * 0.8374

0.404 * 1.2092

0.892 * 1.0872

0.115 * 1.2007

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.019366

0.327 * 1.2163

-2.21

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円1,019 Mil.
Revenue was 円3,673 Mil.
Gross Profit was 円888 Mil.
Total Current Assets was 円3,329 Mil.
Total Assets was 円3,429 Mil.
Property, Plant and Equipment(Net PPE) was 円54 Mil.
Depreciation, Depletion and Amortization(DDA) was 円7 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円650 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円174 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円107 Mil.

Total Receivables was 円804 Mil.
Revenue was 円3,378 Mil.
Gross Profit was 円684 Mil.
Total Current Assets was 円3,050 Mil.
Total Assets was 円3,136 Mil.
Property, Plant and Equipment(Net PPE) was 円51 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円489 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)
	=	(1018.916 / 3672.504)	/	(804.348 / 3377.9)
	=	0.277444	/	0.238121
	=	1.1651

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)
	=	(683.983 / 3377.9)	/	(888.004 / 3672.504)
	=	0.202488	/	0.241798
	=	0.8374

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 - (3328.952 + 53.645) / 3428.525)	/	(1 - (3049.76 + 51.334) / 3135.832)
	=	0.013396	/	0.011078
	=	1.2092

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
	=	3672.504	/	3377.9
	=	1.0872

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))
	=	(7.953 / (7.953 + 51.334))	/	(6.747 / (6.747 + 53.645))
	=	0.134144	/	0.11172
	=	1.2007

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 / 3672.504)	/	(0 / 3377.9)
	=	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 + 649.792) / 3428.525)	/	((0 + 488.634) / 3135.832)
	=	0.189525	/	0.155823
	=	1.2163

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
	=	(173.861 - 0	-	107.465)	/	3428.525
	=	0.019366

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.

Netyear Group has a M-score of -2.21 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 -2.21 mean?

Netyear Group (TSE:3622) has a Beneish M-Score of -2.21 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Netyear Group and its competitors. According to the industry distribution chart, Netyear Group ranks #704 out of 976 companies in the Media - Diversified industry, placing it in the top 72.1%.

Is Netyear Group's Beneish M-Score too high?

Netyear Group's current Beneish M-Score is -2.21. Based on the distribution chart, Netyear Group ranks #704 out of 976 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, Netyear Group has a GF Score™ of 55/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Netyear Group's Beneish M-Score compare to APP and OMC?

According to the Media - Diversified industry distribution chart, Netyear Group ranks #704 out of 976 companies for Beneish M-Score. This places Netyear Group 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 Media - Diversified company?

A good Beneish M-Score depends on the Media - Diversified 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 Netyear Group and its competitors. Netyear Group's current Beneish M-Score is -2.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Netyear Group stock overvalued right now?

Based on GuruFocus' analysis, Netyear Group (TSE:3622) is currently considered Modestly Undervalued. The stock's GF Value™ is 円566.38, compared to a current price of 円501.00 — trading 11.5% below its estimated fair value. The current Beneish M-Score is -2.21. Netyear Group's overall GF Score™ is 55/100 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 Netyear Group (TSE:3622), the current Beneish M-Score is -2.21 as of Jul. 13, 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 Netyear Group (TSE:3622) Overvalued in 2026?

Based on GuruFocus' analysis, Netyear Group stock appears to be undervalued. The current stock price of 円501.00 is trading 11.5% below its estimated GF Value™ of 円566.38. GuruFocus considers Netyear Group to be Modestly Undervalued.

Key valuation signals for TSE:3622:

Beneish M-Score: -2.21
GF Value™: 円566.38 vs. price of 円501.00 (11.5% below fair value)
GF Score™: 55/100 with 1 warning sign

No single metric tells the full story. See the TSE:3622 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Netyear Group Business Description

Industry Communication Services Media - Diversified

Comparable Companies TSE:7078 TSE:2139 TSE:3690 TSE:331A TSE:9235 TSE:9466 TSE:6195 TSE:7044 TSE:4196 TSE:6038 APP XPAR:PUB OMC SZSE:002027 TTD SZSE:300058 TSE:4324 SZSE:002131 XPAR:DEC LFTO

Address 2-15-2 KR, Chuo-ku, Ginza 2-chome Building, Tokyo, JPN, 104-0061

Website https://www.netyear.net

Netyear Group Corp is developing innovative marketing solutions using generative AI. By making full use of digital technology with a thorough user perspective, the company effectively introduce generative AI into digital marketing consulting, digital content planning and production, system development, marketing tools, and more, to support the evolution of corporate management and enhanced engagement with end users.

55GF Score

Get the complete analysis for TSE:3622

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

円501.00

Price

円566.38

GF Value

View TSE:3622 Analysis

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