Fuller (TSE:387A) Beneish M-Score: -2.62 (As of Jul. 16, 2026)

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TSE:387A Fuller Inc TSE:387A
19 GF Score
Price 円984.00
! 2 Warning Signs
View Full Analysis

What is Fuller Beneish M-Score?

Fuller TSE:387A +0.41% 19 Beneish M-Score is -2.62 as of Jul. 16, 2026. GuruFocus rates TSE:387A with a GF Score™ of 19/100. The stock has 2 warning signs investors should review. Among 2,628 Software companies, Fuller ranks better than 55.52% 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:387A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.93   Med: -2.62   Max: -2.02
Current: -2.62

During the past 5 years, the highest Beneish M-Score of Fuller was -2.02. The lowest was -2.93. And the median was -2.62.

Fuller Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Fuller'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.

Fuller Beneish M-Score Chart

Fuller Annual Data
Trend Jun21 Jun22 Jun23 Jun24 Jun25
Beneish M-Score
0.00 0.00 -2.93 -2.02 -2.62

Fuller Semi-Annual Data
Jun21 Jun22 Jun23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.93 -2.02 0.00 -2.62 0.00

TSE:387A vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, Fuller'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.

Fuller Beneish M-Score vs Software Industry

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

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


TSE:387A
19GF Score
Fuller Inc TSE:387A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fuller 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 Fuller 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 * 0.8875+0.528 * 0.9732+0.404 * 0.8652+0.892 * 1.3235+0.115 * 1.0155
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.042142-0.327 * 1.1957
=-2.62

* 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 (Jun25) TTM:Last Year (Jun24) TTM:
Total Receivables was 円252 Mil.
Revenue was 円2,009 Mil.
Gross Profit was 円854 Mil.
Total Current Assets was 円1,653 Mil.
Total Assets was 円1,835 Mil.
Property, Plant and Equipment(Net PPE) was 円43 Mil.
Depreciation, Depletion and Amortization(DDA) was 円18 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円456 Mil.
Long-Term Debt & Capital Lease Obligation was 円332 Mil.
Net Income was 円197 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円274 Mil.
 Total Receivables was 円214 Mil.
Revenue was 円1,518 Mil.
Gross Profit was 円628 Mil.
Total Current Assets was 円1,138 Mil.
Total Assets was 円1,288 Mil.
Property, Plant and Equipment(Net PPE) was 円38 Mil.
Depreciation, Depletion and Amortization(DDA) was 円16 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円295 Mil.
Long-Term Debt & Capital Lease Obligation was 円168 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)
=(251.615 / 2008.991) / (214.2 / 1517.907)
=0.125244 / 0.141115
=0.8875

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)
=(627.757 / 1517.907) / (853.74 / 2008.991)
=0.413567 / 0.42496
=0.9732

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 - (1653.264 + 42.621) / 1834.803) / (1 - (1137.985 + 37.762) / 1288.497)
=0.075713 / 0.087505
=0.8652

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
=2008.991 / 1517.907
=1.3235

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))
=(16.34 / (16.34 + 37.762)) / (18.042 / (18.042 + 42.621))
=0.302022 / 0.297414
=1.0155

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 / 2008.991) / (0 / 1517.907)
=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)
=((331.648 + 456.425) / 1834.803) / ((168.307 + 294.523) / 1288.497)
=0.429514 / 0.359201
=1.1957

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
=(197.123 - 0 - 274.445) / 1834.803
=-0.042142

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.

Fuller has a M-score of -2.62 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 -2.62 mean?
Fuller (TSE:387A) has a Beneish M-Score of -2.62 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fuller and its competitors. According to the industry distribution chart, Fuller ranks #1169 out of 2628 companies in the Software industry, placing it in the top 44.5%.
Is Fuller's Beneish M-Score too high?
Fuller's current Beneish M-Score is -2.62. Based on the distribution chart, Fuller ranks #1169 out of 2628 companies in the Software industry, which is above the industry midpoint. Overall, Fuller has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Fuller's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, Fuller ranks #1169 out of 2628 companies for Beneish M-Score. This puts Fuller 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 Fuller and its competitors. Fuller's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fuller stock overvalued right now?
Fuller (TSE:387A) has a current Beneish M-Score of -2.62. The current Beneish M-Score is -2.62. Fuller's overall GF Score™ is 19/100 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 Fuller (TSE:387A), the current Beneish M-Score is -2.62 as of Jul. 16, 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.

Fuller Business Description

Address 178-4 Wakashiba, Block148-2 Kashiwa-no-ha, Chiba, Kashiwa, JPN, 277-0871
Fuller Inc has been growing its business with its base set in mobile. Fuller, with its core business centered around what smartphones are used for and analyzing data, operates by giving a great deal of consideration to its clients. In order to increase the value of its clients, the company comprehensively supports the success of mobile businesses of its clients through planning business models, researching competitors, developing and operating applications, analyzing usage data, and compiling tailored reports. The company develops apps by planning new business plans for the mobile generation and shifting existing services to mobile devices.
19GF Score

Get the complete analysis for TSE:387A

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

円984.00
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