Pro-Ship (TSE:3763) Beneish M-Score: -2.58 (As of Jul. 09, 2026)

What is Pro-Ship Beneish M-Score?

Pro-Ship TSE:3763 +2.61% 75 Beneish M-Score is -2.58 as of Jul. 09, 2026. GuruFocus rates TSE:3763 with a GF Score™ of 75/100 and a GF Value™ of 円950.62 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 2,627 Software companies, Pro-Ship ranks better than 52.57% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3763' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.39 Max: -1.87
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Pro-Ship was -1.87. The lowest was -2.86. And the median was -2.39.

Pro-Ship Beneish M-Score Related Terms

Pro-Ship Beneish M-Score Historical Data

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The historical data trend for Pro-Ship'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.

Pro-Ship Beneish M-Score Chart

Pro-Ship Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.86

-2.16

-2.37

-2.14

-2.58

Pro-Ship 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															-2.14	0.00	0.00	0.00	-2.58

TSE:3763 vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, Pro-Ship'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.

Pro-Ship Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Pro-Ship's Beneish M-Score distribution charts can be found below:

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

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75GF Score

Pro-Ship Inc TSE:3763

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

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Pro-Ship 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 Pro-Ship 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 * 0.873

0.528 * 0.9803

0.404 * 1.226

0.892 * 1.107

0.115 * 0.9485

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.038052

0.327 * 0.9343

-2.58

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円2,268 Mil.
Revenue was 円8,375 Mil.
Gross Profit was 円4,772 Mil.
Total Current Assets was 円11,730 Mil.
Total Assets was 円14,240 Mil.
Property, Plant and Equipment(Net PPE) was 円72 Mil.
Depreciation, Depletion and Amortization(DDA) was 円197 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,390 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円2,224 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,766 Mil.

Total Receivables was 円2,347 Mil.
Revenue was 円7,565 Mil.
Gross Profit was 円4,226 Mil.
Total Current Assets was 円9,741 Mil.
Total Assets was 円11,380 Mil.
Property, Plant and Equipment(Net PPE) was 円51 Mil.
Depreciation, Depletion and Amortization(DDA) was 円115 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,045 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)
	=	(2268.424 / 8374.549)	/	(2347.195 / 7564.803)
	=	0.270871	/	0.310278
	=	0.873

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)
	=	(4225.867 / 7564.803)	/	(4772.157 / 8374.549)
	=	0.558622	/	0.56984
	=	0.9803

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 - (11730.378 + 72.231) / 14239.651)	/	(1 - (9740.621 + 50.859) / 11380.076)
	=	0.171145	/	0.139594
	=	1.226

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
	=	8374.549	/	7564.803
	=	1.107

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))
	=	(115.47 / (115.47 + 50.859))	/	(197.244 / (197.244 + 72.231))
	=	0.694227	/	0.731957
	=	0.9485

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 / 8374.549)	/	(0 / 7564.803)
	=	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 + 2390.264) / 14239.651)	/	((0 + 2044.55) / 11380.076)
	=	0.16786	/	0.17966
	=	0.9343

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
	=	(2224.022 - 0	-	2765.869)	/	14239.651
	=	-0.038052

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.

Pro-Ship has a M-score of -2.58 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 -2.58 mean?

Pro-Ship (TSE:3763) has a Beneish M-Score of -2.58 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Pro-Ship and its competitors. According to the industry distribution chart, Pro-Ship ranks #1246 out of 2627 companies in the Software industry, placing it in the top 47.4%.

Is Pro-Ship's Beneish M-Score too high?

Pro-Ship's current Beneish M-Score is -2.58. Based on the distribution chart, Pro-Ship ranks #1246 out of 2627 companies in the Software industry, which is above the industry midpoint. Overall, Pro-Ship has a GF Score™ of 75/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Pro-Ship's Beneish M-Score compare to UBER and SHOP?

According to the Software industry distribution chart, Pro-Ship ranks #1246 out of 2627 companies for Beneish M-Score. This puts Pro-Ship 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 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 Pro-Ship and its competitors. Pro-Ship's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Pro-Ship stock overvalued right now?

Based on GuruFocus' analysis, Pro-Ship (TSE:3763) is currently considered Significantly Overvalued. The stock's GF Value™ is 円950.62, compared to a current price of 円1,808.00 — trading 90.2% above its estimated fair value. The current Beneish M-Score is -2.58. Pro-Ship's overall GF Score™ is 75/100 with 3 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 Pro-Ship (TSE:3763), the current Beneish M-Score is -2.58 as of Jul. 09, 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 Pro-Ship (TSE:3763) Overvalued in 2026?

Based on GuruFocus' analysis, Pro-Ship stock appears to be overvalued. The current stock price of 円1,808.00 is trading 90.2% above its estimated GF Value™ of 円950.62. GuruFocus considers Pro-Ship to be Significantly Overvalued.

Key valuation signals for TSE:3763:

Beneish M-Score: -2.58
GF Value™: 円950.62 vs. price of 円1,808.00 (90.2% above fair value)
GF Score™: 75/100 with 3 warning signs

No single metric tells the full story. See the TSE:3763 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Pro-Ship Business Description

Industry Technology Software

Comparable Companies TSE:4719 TSE:3836 TSE:4323 TSE:4431 TSE:3692 TSE:4375 TSE:4481 TSE:9928 TSE:5243 TSE:3663 XTER:SAP UBER SHOP CRM CDNS NOW ADP SNOW DDOG ADBE

Address 3-8-5 Iidabashi, Chiyoda-ku, Tokyo, JPN, 112-0004

Website https://www.proship.co.jp

Pro-Ship Inc is engaged in the development, sale and consulting of solution package for asset management and sales management in Japan. The company provides ProPlus series, a collection of application packages and offers strategic solutions. It offers solutions such as Fixed asset system, Inventory subsystem, Global solution, Lease asset management system, Stock management system, Maintenance management system, Cash management solution, and others.

75GF Score

Get the complete analysis for TSE:3763

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

円1,808.00

Price

円950.62

GF Value

View TSE:3763 Analysis

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