Nipponnso Holdings (TSE:4091) Beneish M-Score: -2.62 (As of Jun. 25, 2026)

What is Nipponnso Holdings Beneish M-Score?

Nipponnso Holdings TSE:4091 -1.81% 89 Beneish M-Score is -2.62 as of Jun. 25, 2026. GuruFocus rates TSE:4091 with a GF Score™ of 89/100 and a GF Value™ of 円5,026.87 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,529 Chemicals companies, Nipponnso Holdings ranks better than 59.97% 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 Nipponnso Holdings's Beneish M-Score or its related term are showing as below:

TSE:4091' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.62 Max: -2.31
Current: -2.62

During the past 13 years, the highest Beneish M-Score of Nipponnso Holdings was -2.31. The lowest was -2.89. And the median was -2.62.

Nipponnso Holdings Beneish M-Score Related Terms

Nipponnso Holdings Beneish M-Score Historical Data

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The historical data trend for Nipponnso Holdings'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.

Nipponnso Holdings Beneish M-Score Chart

Nipponnso Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.46

-2.62

-2.58

-2.80

-2.62

Nipponnso Holdings 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															-2.80	-2.85	-2.63	-2.66	-2.62

TSE:4091 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, Nipponnso Holdings'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.

Nipponnso Holdings Beneish M-Score vs Chemicals Industry

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

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

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89GF Score

Nippon Sanso Holdings Corp TSE:4091

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

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Nipponnso Holdings 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 Nipponnso Holdings 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 * 1.0714

0.528 * 0.9734

0.404 * 1.0107

0.892 * 1.0394

0.115 * 1.0538

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0317

4.679 * -0.053728

0.327 * 0.9353

-2.62

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円292,977 Mil.
Revenue was 361892 + 346890 + 336071 + 314758 = 円1,359,611 Mil.
Gross Profit was 157906 + 148323 + 142195 + 133995 = 円582,419 Mil.
Total Current Assets was 円623,304 Mil.
Total Assets was 円2,767,679 Mil.
Property, Plant and Equipment(Net PPE) was 円1,041,801 Mil.
Depreciation, Depletion and Amortization(DDA) was 円126,904 Mil.
Selling, General, & Admin. Expense(SGA) was 円385,343 Mil.
Total Current Liabilities was 円503,586 Mil.
Long-Term Debt & Capital Lease Obligation was 円730,949 Mil.
Net Income was 30751 + 35714 + 29031 + 28395 = 円123,891 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 91314 + 61382 + 78206 + 41692 = 円272,594 Mil.

Total Receivables was 円263,080 Mil.
Revenue was 336761 + 328218 + 313771 + 329274 = 円1,308,024 Mil.
Gross Profit was 139933 + 135327 + 132557 + 137625 = 円545,442 Mil.
Total Current Assets was 円565,776 Mil.
Total Assets was 円2,418,197 Mil.
Property, Plant and Equipment(Net PPE) was 円899,306 Mil.
Depreciation, Depletion and Amortization(DDA) was 円116,196 Mil.
Selling, General, & Admin. Expense(SGA) was 円359,318 Mil.
Total Current Liabilities was 円395,285 Mil.
Long-Term Debt & Capital Lease Obligation was 円757,936 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)
	=	(292977 / 1359611)	/	(263080 / 1308024)
	=	0.215486	/	0.201128
	=	1.0714

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)
	=	(545442 / 1308024)	/	(582419 / 1359611)
	=	0.416997	/	0.428372
	=	0.9734

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 - (623304 + 1041801) / 2767679)	/	(1 - (565776 + 899306) / 2418197)
	=	0.398375	/	0.394143
	=	1.0107

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
	=	1359611	/	1308024
	=	1.0394

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))
	=	(116196 / (116196 + 899306))	/	(126904 / (126904 + 1041801))
	=	0.114422	/	0.108585
	=	1.0538

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)
	=	(385343 / 1359611)	/	(359318 / 1308024)
	=	0.283422	/	0.274703
	=	1.0317

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)
	=	((730949 + 503586) / 2767679)	/	((757936 + 395285) / 2418197)
	=	0.446054	/	0.476893
	=	0.9353

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
	=	(123891 - 0	-	272594)	/	2767679
	=	-0.053728

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.

Nipponnso Holdings 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?

Nipponnso Holdings (TSE:4091) has a Beneish M-Score of -2.62 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nipponnso Holdings and its competitors. According to the industry distribution chart, Nipponnso Holdings ranks #612 out of 1529 companies in the Chemicals industry, placing it in the top 40%.

Is Nipponnso Holdings' Beneish M-Score too high?

Nipponnso Holdings' current Beneish M-Score is -2.62. Based on the distribution chart, Nipponnso Holdings ranks #612 out of 1529 companies in the Chemicals industry, which is above the industry midpoint. Overall, Nipponnso Holdings has a GF Score™ of 89/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Nipponnso Holdings' Beneish M-Score compare to DOW?

According to the Chemicals industry distribution chart, Nipponnso Holdings ranks #612 out of 1529 companies for Beneish M-Score. This puts Nipponnso Holdings 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 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 Nipponnso Holdings and its competitors. Nipponnso Holdings'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 Nipponnso Holdings stock overvalued right now?

Based on GuruFocus' analysis, Nipponnso Holdings (TSE:4091) is currently considered Fairly Valued. The stock's GF Value™ is 円5,026.87, compared to a current price of 円5,548.00 — trading 10.4% above its estimated fair value. The current Beneish M-Score is -2.62. Nipponnso Holdings' overall GF Score™ is 89/100 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 Nipponnso Holdings (TSE:4091), the current Beneish M-Score is -2.62 as of Jun. 25, 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 Nipponnso Holdings (TSE:4091) Overvalued in 2026?

Based on GuruFocus' analysis, Nipponnso Holdings stock appears to be overvalued. The current stock price of 円5,548.00 is trading 10.4% above its estimated GF Value™ of 円5,026.87. GuruFocus considers Nipponnso Holdings to be Fairly Valued.

Key valuation signals for TSE:4091:

Beneish M-Score: -2.62
GF Value™: 円5,026.87 vs. price of 円5,548.00 (10.4% above fair value)
GF Score™: 89/100 with 3 warning signs

No single metric tells the full story. See the TSE:4091 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nipponnso Holdings Business Description

Industry Basic Materials Chemicals

Comparable Companies TSE:4004 TSE:4005 TSE:4021 TSE:4042 TSE:3405 TSE:4368 TSE:4061 TSE:4272 TSE:4114 TSE:4041 TSE:4063 XTER:BAS SAU:2010 SHSE:600989 DOW SZSE:002460 XKRX:051910 SZSE:000408 SHSE:600346 SZSE:002080

Other Exchanges NPXYY:USA TYNPF:USA NPX:Germany

Address 1-3-26 Oyama, Shinagawa-ku, Tokyo, JPN, 142-0062

Website https://www.nipponsanso-hd.co.jp

Nippon Sanso Holdings Corp is engaged in the gas business both domestically and internationally, supplying industries such as steel, chemicals, and electronics. The company operates through five reportable segments: Japan, the United States, Europe, Asia/Oceania, and Thermos. It provides industrial and medical gases, gas-related equipment, and electronic material gases, along with the manufacturing and construction of related systems. The Thermos segment focuses on household products such as stainless steel thermoses.

89GF Score

Get the complete analysis for TSE:4091

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

円5,548.00

Price

円5,026.87

GF Value

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