ZIGExN Co (TSE:3679) Beneish M-Score: -1.72 (As of Jun. 26, 2026)

What is ZIGExN Co Beneish M-Score?

ZIGExN Co TSE:3679 +1.08% 79 Beneish M-Score is -1.72 as of Jun. 26, 2026. GuruFocus rates TSE:3679 with a GF Score™ of 79/100 and a GF Value™ of 円683.65 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 532 Interactive Media companies, ZIGExN Co ranks worse than 84.4% 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.

Warning Sign:

Beneish M-Score -1.72 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:3679' s Beneish M-Score Range Over the Past 10 Years
Min: -3.73 Med: -2.39 Max: -1.72
Current: -1.72

During the past 13 years, the highest Beneish M-Score of ZIGExN Co was -1.72. The lowest was -3.73. And the median was -2.39.

ZIGExN Co Beneish M-Score Related Terms

ZIGExN Co Beneish M-Score Historical Data

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The historical data trend for ZIGExN 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.

ZIGExN Co Beneish M-Score Chart

ZIGExN Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.78

-2.44

-2.70

-2.76

-1.72

ZIGExN Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.76	-2.44	-2.14	-2.06	-1.72

TSE:3679 vs GOOGL, META, SPOT: Beneish M-Score Comparison

For the Internet Content & Information subindustry, ZIGExN 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.

ZIGExN Co Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, ZIGExN Co's Beneish M-Score distribution charts can be found below:

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

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79GF Score

ZIGExN Co Ltd TSE:3679

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

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ZIGExN 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 ZIGExN Co 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 * 1.0793

0.528 * 1.0199

0.404 * 1.128

0.892 * 1.1482

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0077

4.679 * 0.1025

0.327 * 0.9435

-1.72

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円6,232 Mil.
Revenue was 8330 + 7115 + 7017 + 6759 = 円29,221 Mil.
Gross Profit was 6705 + 5710 + 5625 + 5495 = 円23,535 Mil.
Total Current Assets was 円19,727 Mil.
Total Assets was 円40,556 Mil.
Property, Plant and Equipment(Net PPE) was 円1,390 Mil.
Depreciation, Depletion and Amortization(DDA) was 円0 Mil.
Selling, General, & Admin. Expense(SGA) was 円17,642 Mil.
Total Current Liabilities was 円15,404 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,794 Mil.
Net Income was 1264 + 911 + 1011 + 971 = 円4,157 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = 円0 Mil.

Total Receivables was 円5,029 Mil.
Revenue was 6913 + 6265 + 6099 + 6173 = 円25,450 Mil.
Gross Profit was 5717 + 5094 + 4974 + 5120 = 円20,905 Mil.
Total Current Assets was 円19,952 Mil.
Total Assets was 円37,573 Mil.
Property, Plant and Equipment(Net PPE) was 円1,656 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,395 Mil.
Selling, General, & Admin. Expense(SGA) was 円15,248 Mil.
Total Current Liabilities was 円15,426 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,462 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)
	=	(6232 / 29221)	/	(5029 / 25450)
	=	0.213271	/	0.197603
	=	1.0793

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)
	=	(20905 / 25450)	/	(23535 / 29221)
	=	0.821415	/	0.805414
	=	1.0199

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 - (19727 + 1390) / 40556)	/	(1 - (19952 + 1656) / 37573)
	=	0.479313	/	0.424906
	=	1.128

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
	=	29221	/	25450
	=	1.1482

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))
	=	(1395 / (1395 + 1656))	/	(0 / (0 + 1390))
	=	0.457227	/	0
	=	1

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)
	=	(17642 / 29221)	/	(15248 / 25450)
	=	0.603744	/	0.599136
	=	1.0077

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)
	=	((1794 + 15404) / 40556)	/	((1462 + 15426) / 37573)
	=	0.424056	/	0.449472
	=	0.9435

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
	=	(4157 - 0	-	0)	/	40556
	=	0.1025

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.

ZIGExN Co has a M-score of -1.72 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.72 mean?

ZIGExN Co (TSE:3679) has a Beneish M-Score of -1.72 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ZIGExN Co and its competitors. According to the industry distribution chart, ZIGExN Co ranks #449 out of 532 companies in the Interactive Media industry, placing it in the top 84.4%.

Is ZIGExN Co's Beneish M-Score too high?

ZIGExN Co's current Beneish M-Score is -1.72. Based on the distribution chart, ZIGExN Co ranks #449 out of 532 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, ZIGExN Co has a GF Score™ of 79/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does ZIGExN Co's Beneish M-Score compare to GOOGL and META?

According to the Interactive Media industry distribution chart, ZIGExN Co ranks #449 out of 532 companies for Beneish M-Score. This places ZIGExN 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 Interactive Media company?

A good Beneish M-Score depends on the Interactive Media 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 ZIGExN Co and its competitors. ZIGExN Co's current Beneish M-Score is -1.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is ZIGExN Co stock overvalued right now?

Based on GuruFocus' analysis, ZIGExN Co (TSE:3679) is currently considered Possible Value Trap. The stock's GF Value™ is 円683.65, compared to a current price of 円376.00 — trading 45% below its estimated fair value. The current Beneish M-Score is -1.72. ZIGExN Co's 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 ZIGExN Co (TSE:3679), the current Beneish M-Score is -1.72 as of Jun. 26, 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 ZIGExN Co (TSE:3679) Overvalued in 2026?

Based on GuruFocus' analysis, ZIGExN Co stock appears to be undervalued. The current stock price of 円376.00 is trading 45% below its estimated GF Value™ of 円683.65. GuruFocus considers ZIGExN Co to be Possible Value Trap.

Key valuation signals for TSE:3679:

Beneish M-Score: -1.72
GF Value™: 円683.65 vs. price of 円376.00 (45% below fair value)
GF Score™: 79/100 with 2 warning signs

No single metric tells the full story. See the TSE:3679 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ZIGExN Co Business Description

Industry Communication Services Interactive Media

Comparable Companies TSE:4337 TSE:3661 TSE:299A TSE:9467 TSE:3843 TSE:3922 TSE:9474 TSE:7047 TSE:2120 TSE:3989 GOOGL META HKSE:00700 SPOT TSE:6098 NBIS BIDU RDDT HKSE:01024 XKRX:035420

Other Exchanges ZGXNF:USA ZGE:Germany

Address 3-4-8 Toranomon, 5th FloorMinato-k, Tokyo, JPN, 105-0001

Website http://www.zigexn.co.jp

ZIGExN Co Ltd develops and operates the internet media platforms called EX Sites that provide information from multiple media and submit user's requests to multiple media in one access. The company's Life Media Platform business developed services to a wide range of areas related to daily life. The company operates career change EX, an employment site, Rent SMOCCA EX, a search site for real estate information, Pharmacist jobs EX, a pharmacist job search site, among others.

79GF Score

Get the complete analysis for TSE:3679

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

円376.00

Price

円683.65

GF Value

View TSE:3679 Analysis

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