Pole To Win Holdings (TSE:3657) Beneish M-Score: -3.63 (As of Jul. 31, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TSE:3657 Pole To Win Holdings Inc TSE:3657
75 GF Score
Price 円331.00
GF Value 円437.04
Valuation Modestly Undervalued
! 6 Warning Signs
View Full Analysis

What is Pole To Win Holdings Beneish M-Score?

Pole To Win Holdings TSE:3657 -2.65% 75 Beneish M-Score is -3.63 as of Jul. 31, 2026. GuruFocus rates TSE:3657 with a GF Score™ of 75/100 and a GF Value™ of 円437.04 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 2,628 Software companies, Pole To Win Holdings ranks better than 89.23% 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 -3.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3657' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63   Med: -2.55   Max: -1.88
Current: -3.63

During the past 13 years, the highest Beneish M-Score of Pole To Win Holdings was -1.88. The lowest was -3.63. And the median was -2.55.

Pole To Win Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Pole To Win Holdings'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.

Pole To Win Holdings Beneish M-Score Chart

Pole To Win Holdings Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.88 -2.67 -2.95 -2.39 -3.63

Pole To Win Holdings Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
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 0.00 0.00 0.00 -3.63 0.00

TSE:3657 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Pole To Win Holdings'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.

Pole To Win Holdings Beneish M-Score vs Software Industry

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

* The bar in red indicates where Pole To Win Holdings's Beneish M-Score falls into.


TSE:3657
75GF Score
Pole To Win Holdings Inc TSE:3657
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Pole To Win Holdings 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 Pole To Win Holdings 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 * 0.8859+0.528 * 0.9706+0.404 * 0.6718+0.892 * 0.9351+0.115 * 1.0796
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.173102-0.327 * 1.1237
=-3.63

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was 円7,752 Mil.
Revenue was 円48,838 Mil.
Gross Profit was 円11,188 Mil.
Total Current Assets was 円16,531 Mil.
Total Assets was 円22,329 Mil.
Property, Plant and Equipment(Net PPE) was 円2,316 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,295 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円13,633 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円-3,480 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円386 Mil.
 Total Receivables was 円9,358 Mil.
Revenue was 円52,226 Mil.
Gross Profit was 円11,612 Mil.
Total Current Assets was 円19,708 Mil.
Total Assets was 円28,441 Mil.
Property, Plant and Equipment(Net PPE) was 円2,132 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,347 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円15,391 Mil.
Long-Term Debt & Capital Lease Obligation was 円62 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)
=(7752.002 / 48837.73) / (9357.92 / 52225.791)
=0.15873 / 0.179182
=0.8859

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)
=(11612.496 / 52225.791) / (11188.114 / 48837.73)
=0.222352 / 0.229088
=0.9706

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 - (16530.886 + 2315.863) / 22328.843) / (1 - (19707.539 + 2131.888) / 28441.222)
=0.155946 / 0.232121
=0.6718

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
=48837.73 / 52225.791
=0.9351

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))
=(1347.032 / (1347.032 + 2131.888)) / (1295.095 / (1295.095 + 2315.863))
=0.387198 / 0.358657
=1.0796

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 / 48837.73) / (0 / 52225.791)
=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 + 13633.007) / 22328.843) / ((62.1 + 15390.999) / 28441.222)
=0.610556 / 0.543335
=1.1237

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
=(-3479.626 - 0 - 385.542) / 22328.843
=-0.173102

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.

Pole To Win Holdings has a M-score of -3.63 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 -3.63 mean?
Pole To Win Holdings (TSE:3657) has a Beneish M-Score of -3.63 as of Jul. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pole To Win Holdings and its competitors. According to the industry distribution chart, Pole To Win Holdings ranks #283 out of 2628 companies in the Software industry, placing it in the top 10.8%.
Is Pole To Win Holdings' Beneish M-Score too high?
Pole To Win Holdings' current Beneish M-Score is -3.63. Based on the distribution chart, Pole To Win Holdings ranks #283 out of 2628 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Pole To Win Holdings has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Pole To Win Holdings' Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Pole To Win Holdings ranks #283 out of 2628 companies for Beneish M-Score. This places Pole To Win Holdings in the top 11% of its industry — outperforming the majority of peers. 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 Pole To Win Holdings and its competitors. Pole To Win Holdings's current Beneish M-Score is -3.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pole To Win Holdings stock overvalued right now?
Based on GuruFocus' analysis, Pole To Win Holdings (TSE:3657) is currently considered Modestly Undervalued. The stock's GF Value™ is 円437.04, compared to a current price of 円331.00 — trading 24.3% below its estimated fair value. The current Beneish M-Score is -3.63. Pole To Win Holdings' overall GF Score™ is 75/100 with 6 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 Pole To Win Holdings (TSE:3657), the current Beneish M-Score is -3.63 as of Jul. 31, 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 Pole To Win Holdings (TSE:3657) Overvalued in 2026?

Based on GuruFocus' analysis, Pole To Win Holdings stock appears to be undervalued. The current stock price of 円331.00 is trading 24.3% below its estimated GF Value™ of 円437.04. GuruFocus considers Pole To Win Holdings to be Modestly Undervalued.

Key valuation signals for TSE:3657:

  • Beneish M-Score: -3.63
  • GF Value™: 円437.04 vs. price of 円331.00 (24.3% below fair value)
  • GF Score™: 75/100 with 6 warning signs

No single metric tells the full story. See the TSE:3657 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Pole To Win Holdings Business Description

Address Shinjuku NS Building 14th Floor, 2-4-1, Nishi-Shinjuku, Shinjuku-ku, Tokyo, JPN, 163-0814
Pole To Win Holdings Inc operates in the information technology industry. The company is involved in quality consulting, game debugging, software third-party verification, environment construction/migration support, monitoring, customer support, and fraud countermeasures in the processes of planning, development, release, operation, and improvement of customer services and product life cycles. The Service Lifecycle Solutions business is divided into three areas: domestic solutions, overseas solutions, and media/content.
75GF Score

Get the complete analysis for TSE:3657

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

円331.00
Price
円437.04
GF Value