GMO Payment Gateway (TSE:3769) Beneish M-Score: -2.59 (As of Jun. 26, 2026)

What is GMO Payment Gateway Beneish M-Score?

GMO Payment Gateway TSE:3769 +2.00% 93 Beneish M-Score is -2.59 as of Jun. 26, 2026. GuruFocus rates TSE:3769 with a GF Score™ of 93/100 and a GF Value™ of 円10,576.23 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 2,634 Software companies, GMO Payment Gateway ranks better than 53.15% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3769' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.27 Max: 0.63
Current: -2.59

During the past 13 years, the highest Beneish M-Score of GMO Payment Gateway was 0.63. The lowest was -3.52. And the median was -2.27.

GMO Payment Gateway Beneish M-Score Related Terms

GMO Payment Gateway Beneish M-Score Historical Data

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The historical data trend for GMO Payment Gateway'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.

GMO Payment Gateway Beneish M-Score Chart

GMO Payment Gateway Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

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-1.99

-1.98

-2.12

-2.75

-2.83

GMO Payment Gateway 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															-2.64	-2.84	-2.83	-2.64	-2.59

TSE:3769 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, GMO Payment Gateway'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.

GMO Payment Gateway Beneish M-Score vs Software Industry

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

* The bar in red indicates where GMO Payment Gateway's Beneish M-Score falls into.

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93GF Score

GMO Payment Gateway Inc TSE:3769

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

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GMO Payment Gateway 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 GMO Payment Gateway 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 * 0.9974

0.528 * 1.0032

0.404 * 1.0262

0.892 * 1.1196

0.115 * 0.874

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8632

4.679 * -0.048923

0.327 * 1.0354

-2.59

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円68,820 Mil.
Revenue was 23593 + 22491 + 21496.63 + 20245.755 = 円87,826 Mil.
Gross Profit was 15336 + 15164 + 14175.226 + 13779.776 = 円58,455 Mil.
Total Current Assets was 円389,475 Mil.
Total Assets was 円451,535 Mil.
Property, Plant and Equipment(Net PPE) was 円3,132 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,140 Mil.
Selling, General, & Admin. Expense(SGA) was 円24,032 Mil.
Total Current Liabilities was 円287,240 Mil.
Long-Term Debt & Capital Lease Obligation was 円39,324 Mil.
Net Income was 6893 + 5149 + 6241.541 + 5738.694 = 円24,022 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 2202 + 16755 + 19741.691 + 7413.864 = 円46,113 Mil.

Total Receivables was 円61,629 Mil.
Revenue was 20461.712 + 20295.288 + 19588.694 + 18096.7 = 円78,442 Mil.
Gross Profit was 13921.806 + 13618.194 + 12771.878 + 12063.331 = 円52,375 Mil.
Total Current Assets was 円322,494 Mil.
Total Assets was 円373,682 Mil.
Property, Plant and Equipment(Net PPE) was 円3,667 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,631 Mil.
Selling, General, & Admin. Expense(SGA) was 円24,865 Mil.
Total Current Liabilities was 円230,455 Mil.
Long-Term Debt & Capital Lease Obligation was 円30,573 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)
	=	(68820 / 87826.385)	/	(61629.276 / 78442.394)
	=	0.783591	/	0.785663
	=	0.9974

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)
	=	(52375.209 / 78442.394)	/	(58455.002 / 87826.385)
	=	0.66769	/	0.665574
	=	1.0032

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 - (389475 + 3132) / 451535)	/	(1 - (322493.96 + 3666.556) / 373682.062)
	=	0.130506	/	0.127171
	=	1.0262

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
	=	87826.385	/	78442.394
	=	1.1196

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))
	=	(3631.052 / (3631.052 + 3666.556))	/	(4139.761 / (4139.761 + 3132))
	=	0.497567	/	0.569293
	=	0.874

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)
	=	(24031.71 / 87826.385)	/	(24865.303 / 78442.394)
	=	0.273627	/	0.316988
	=	0.8632

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)
	=	((39324 + 287240) / 451535)	/	((30572.627 + 230455.081) / 373682.062)
	=	0.723231	/	0.698529
	=	1.0354

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
	=	(24022.235 - 0	-	46112.555)	/	451535
	=	-0.048923

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.

GMO Payment Gateway has a M-score of -2.59 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 -2.59 mean?

GMO Payment Gateway (TSE:3769) has a Beneish M-Score of -2.59 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GMO Payment Gateway and its competitors. According to the industry distribution chart, GMO Payment Gateway ranks #1234 out of 2634 companies in the Software industry, placing it in the top 46.8%.

Is GMO Payment Gateway's Beneish M-Score too high?

GMO Payment Gateway's current Beneish M-Score is -2.59. Based on the distribution chart, GMO Payment Gateway ranks #1234 out of 2634 companies in the Software industry, which is above the industry midpoint. Overall, GMO Payment Gateway has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does GMO Payment Gateway's Beneish M-Score compare to MSFT and ORCL?

According to the Software industry distribution chart, GMO Payment Gateway ranks #1234 out of 2634 companies for Beneish M-Score. This puts GMO Payment Gateway 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 GMO Payment Gateway and its competitors. GMO Payment Gateway's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is GMO Payment Gateway stock overvalued right now?

Based on GuruFocus' analysis, GMO Payment Gateway (TSE:3769) is currently considered Modestly Undervalued. The stock's GF Value™ is 円10,576.23, compared to a current price of 円8,277.00 — trading 21.7% below its estimated fair value. The current Beneish M-Score is -2.59. GMO Payment Gateway's overall GF Score™ is 93/100 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 GMO Payment Gateway (TSE:3769), the current Beneish M-Score is -2.59 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 GMO Payment Gateway (TSE:3769) Overvalued in 2026?

Based on GuruFocus' analysis, GMO Payment Gateway stock appears to be undervalued. The current stock price of 円8,277.00 is trading 21.7% below its estimated GF Value™ of 円10,576.23. GuruFocus considers GMO Payment Gateway to be Modestly Undervalued.

Key valuation signals for TSE:3769:

Beneish M-Score: -2.59
GF Value™: 円10,576.23 vs. price of 円8,277.00 (21.7% below fair value)
GF Score™: 93/100 with 3 warning signs

No single metric tells the full story. See the TSE:3769 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

GMO Payment Gateway Business Description

Industry Technology Software

Comparable Companies TSE:4704 TSE:4686 TSE:4716 TSE:4784 TSE:3993 TSE:4180 TSE:5036 TSE:4419 TSE:147A TSE:2326 MSFT ORCL PLTR PANW CRWD FTNT SNPS HKSE:02513 NET CRWV

Address 1-2-3 Dogenzaka, Shibuya-ku, Tokyo, JPN, 150-0043

Website https://www.gmo-pg.com

GMO Payment Gateway is a major Japanese provider of cashless and online payment infrastructure, serving many sectors including digital content and telecommunications, utilities, retail and hospitality, financial services, healthcare, and education. It serves a wide array of clients, from government agencies and municipalities to enterprises and merchants, across online and offline channels, including e-commerce platforms, physical stores, and unattended machines. Its services encompass payment processing, settlement solutions, and ancillary offerings such as early or deferred settlement services, transaction lending, buy now, pay later, online advertising, and internet security. GMO is expanding into adjacent financial technology operations, and gradually across Asia and North America.

93GF Score

Get the complete analysis for TSE:3769

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

円8,277.00

Price

円10,576.23

GF Value

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