Air Water (TSE:4088) Beneish M-Score: -2.87 (As of Aug. 11, 2026)

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TSE:4088 Air Water Inc TSE:4088
44 GF Score
Price 円2,553.00
! 11 Warning Signs
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What is Air Water Beneish M-Score?

Air Water TSE:4088 -0.89% 44 Beneish M-Score is -2.87 as of Aug. 11, 2026. GuruFocus rates TSE:4088 with a GF Score™ of 44/100. The stock has 11 warning signs investors should review. Among 1,527 Chemicals companies, Air Water ranks better than 79.63% 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 -2.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4088' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21   Med: -2.6   Max: -2.37
Current: -2.87

During the past 13 years, the highest Beneish M-Score of Air Water was -2.37. The lowest was -3.21. And the median was -2.60.

Air Water Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Air Water'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.

Air Water Beneish M-Score Chart

Air Water Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.54 -2.37 -2.55 -3.21 -2.87

Air Water Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
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 -2.55 -2.72 -3.21 -2.92 -2.87

TSE:4088 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Air Water'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.

Air Water Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Air Water's Beneish M-Score distribution charts can be found below:

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


TSE:4088
44GF Score
Air Water Inc TSE:4088
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Air Water 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 Air Water 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 * 0.9067+0.528 * 0.9743+0.404 * 0.9375+0.892 * 0.9416+0.115 * 0.844
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0748+4.679 * -0.055623-0.327 * 1.1311
=-2.99

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was 円206,928 Mil.
Revenue was 円1,013,070 Mil.
Gross Profit was 円223,760 Mil.
Total Current Assets was 円466,627 Mil.
Total Assets was 円1,216,287 Mil.
Property, Plant and Equipment(Net PPE) was 円505,617 Mil.
Depreciation, Depletion and Amortization(DDA) was 円57,056 Mil.
Selling, General, & Admin. Expense(SGA) was 円168,778 Mil.
Total Current Liabilities was 円424,602 Mil.
Long-Term Debt & Capital Lease Obligation was 円291,436 Mil.
Net Income was 円39,929 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円107,583 Mil.
 Total Receivables was 円242,386 Mil.
Revenue was 円1,075,929 Mil.
Gross Profit was 円231,529 Mil.
Total Current Assets was 円456,594 Mil.
Total Assets was 円1,250,149 Mil.
Property, Plant and Equipment(Net PPE) was 円525,995 Mil.
Depreciation, Depletion and Amortization(DDA) was 円49,231 Mil.
Selling, General, & Admin. Expense(SGA) was 円166,769 Mil.
Total Current Liabilities was 円327,857 Mil.
Long-Term Debt & Capital Lease Obligation was 円322,818 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)
=(206928 / 1013070) / (242386 / 1075929)
=0.204258 / 0.225281
=0.9067

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)
=(231529 / 1075929) / (223760 / 1013070)
=0.21519 / 0.220873
=0.9743

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 - (466627 + 505617) / 1216287) / (1 - (456594 + 525995) / 1250149)
=0.200646 / 0.214022
=0.9375

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
=1013070 / 1075929
=0.9416

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))
=(49231 / (49231 + 525995)) / (57056 / (57056 + 505617))
=0.085585 / 0.101402
=0.844

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)
=(168778 / 1013070) / (166769 / 1075929)
=0.166601 / 0.155
=1.0748

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)
=((291436 + 424602) / 1216287) / ((322818 + 327857) / 1250149)
=0.588708 / 0.520478
=1.1311

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
=(39929 - 0 - 107583) / 1216287
=-0.055623

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.

Air Water has a M-score of -2.99 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 -2.87 mean?
Air Water (TSE:4088) has a Beneish M-Score of -2.87 as of Aug. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Air Water and its competitors. According to the industry distribution chart, Air Water ranks #311 out of 1527 companies in the Chemicals industry, placing it in the top 20.4%.
Is Air Water's Beneish M-Score too high?
Air Water's current Beneish M-Score is -2.87. Based on the distribution chart, Air Water ranks #311 out of 1527 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Air Water has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Air Water's Beneish M-Score compare to LIN and SHW?
According to the Chemicals industry distribution chart, Air Water ranks #311 out of 1527 companies for Beneish M-Score. This places Air Water in the top 20% 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Air Water and its competitors. Air Water's current Beneish M-Score is -2.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Air Water stock overvalued right now?
Air Water (TSE:4088) has a current Beneish M-Score of -2.87. The current Beneish M-Score is -2.87. Air Water's overall GF Score™ is 44/100 with 11 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 Air Water (TSE:4088), the current Beneish M-Score is -2.87 as of Aug. 11, 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.

Air Water Business Description

Other Exchanges AWTRF:USA0AW:Germany
Address 2-12-8 Minamisenba, Chuo-ku, Osaka, JPN, 542-0081
Air Water Inc is a diversified conglomerate engaged in the supply of industrial gases and various other businesses and services. The company operates through five segments. The Agri & Foods segment covers the processing and distribution of fruits and vegetables, frozen foods, meat products, and contract manufacturing of beverages. The Digital & Industry segment focuses on industrial gases, electrical, and functional materials. The Energy Solutions segment deals with LP gas, kerosene, and related equipment. The Health & Safety segment provides medical gases, dental and protective materials, hospital equipment, and home medical care services. The Other Businesses segment includes logistics, salt production, overseas industrial gas operations, biomass power, and high-output UPS solutions.
44GF Score

Get the complete analysis for TSE:4088

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

円2,553.00
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