Titan Kogyo (TSE:4098) Beneish M-Score: -3.45 (As of Jun. 26, 2026)

What is Titan Kogyo Beneish M-Score?

Titan Kogyo TSE:4098 +3.11% 59 Beneish M-Score is -3.45 as of Jun. 26, 2026. GuruFocus rates TSE:4098 with a GF Score™ of 59/100 and a GF Value™ of 円1,061.49 (Fairly Valued). The stock has 6 warning signs investors should review. Among 1,530 Chemicals companies, Titan Kogyo ranks better than 93.99% 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 -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4098' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.63 Max: -1.44
Current: -3.45

During the past 13 years, the highest Beneish M-Score of Titan Kogyo was -1.44. The lowest was -3.45. And the median was -2.63.

Titan Kogyo Beneish M-Score Related Terms

Titan Kogyo Beneish M-Score Historical Data

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The historical data trend for Titan Kogyo'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.

Titan Kogyo Beneish M-Score Chart

Titan Kogyo Annual Data

Trend

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Beneish M-Score

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-2.74

-2.30

-1.44

-3.45

Titan Kogyo Semi-Annual Data
	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-1.44	0.00	-3.45	0.00

TSE:4098 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Titan Kogyo'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.

Titan Kogyo Beneish M-Score vs Chemicals Industry

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

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

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59GF Score

Titan Kogyo Ltd TSE:4098

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

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Titan Kogyo 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 Titan Kogyo 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 * 0.6866

0.528 * 0.2997

0.404 * 0.7339

0.892 * 0.98

0.115 * 1.0857

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.044097

0.327 * 0.956

-3.45

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was 円1,345 Mil.
Revenue was 円7,794 Mil.
Gross Profit was 円1,177 Mil.
Total Current Assets was 円7,105 Mil.
Total Assets was 円13,992 Mil.
Property, Plant and Equipment(Net PPE) was 円6,246 Mil.
Depreciation, Depletion and Amortization(DDA) was 円713 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,947 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,049 Mil.
Net Income was 円200 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円817 Mil.

Total Receivables was 円1,999 Mil.
Revenue was 円7,953 Mil.
Gross Profit was 円360 Mil.
Total Current Assets was 円7,681 Mil.
Total Assets was 円14,882 Mil.
Property, Plant and Equipment(Net PPE) was 円6,272 Mil.
Depreciation, Depletion and Amortization(DDA) was 円785 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,776 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,120 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)
	=	(1345 / 7794)	/	(1999 / 7953)
	=	0.172569	/	0.251352
	=	0.6866

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)
	=	(360 / 7953)	/	(1177 / 7794)
	=	0.045266	/	0.151014
	=	0.2997

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 - (7105 + 6246) / 13992)	/	(1 - (7681 + 6272) / 14882)
	=	0.045812	/	0.062424
	=	0.7339

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
	=	7794	/	7953
	=	0.98

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))
	=	(785 / (785 + 6272))	/	(713 / (713 + 6246))
	=	0.111237	/	0.102457
	=	1.0857

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 / 7794)	/	(0 / 7953)
	=	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)
	=	((3049 + 4947) / 13992)	/	((3120 + 5776) / 14882)
	=	0.571469	/	0.597769
	=	0.956

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
	=	(200 - 0	-	817)	/	13992
	=	-0.044097

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.

Titan Kogyo has a M-score of -3.45 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 -3.45 mean?

Titan Kogyo (TSE:4098) has a Beneish M-Score of -3.45 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Titan Kogyo and its competitors. According to the industry distribution chart, Titan Kogyo ranks #92 out of 1530 companies in the Chemicals industry, placing it in the top 6%.

Is Titan Kogyo's Beneish M-Score too high?

Titan Kogyo's current Beneish M-Score is -3.45. Based on the distribution chart, Titan Kogyo ranks #92 out of 1530 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Titan Kogyo has a GF Score™ of 59/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Titan Kogyo's Beneish M-Score compare to LIN and SHW?

According to the Chemicals industry distribution chart, Titan Kogyo ranks #92 out of 1530 companies for Beneish M-Score. This places Titan Kogyo in the top 6% 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 Titan Kogyo and its competitors. Titan Kogyo's current Beneish M-Score is -3.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Titan Kogyo stock overvalued right now?

Based on GuruFocus' analysis, Titan Kogyo (TSE:4098) is currently considered Fairly Valued. The stock's GF Value™ is 円1,061.49, compared to a current price of 円1,028.00 — trading 3.2% below its estimated fair value. The current Beneish M-Score is -3.45. Titan Kogyo's overall GF Score™ is 59/100 with 6 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 Titan Kogyo (TSE:4098), the current Beneish M-Score is -3.45 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 Titan Kogyo (TSE:4098) Overvalued in 2026?

Based on GuruFocus' analysis, Titan Kogyo stock appears to be undervalued. The current stock price of 円1,028.00 is trading 3.2% below its estimated GF Value™ of 円1,061.49. GuruFocus considers Titan Kogyo to be Fairly Valued.

Key valuation signals for TSE:4098:

Beneish M-Score: -3.45
GF Value™: 円1,061.49 vs. price of 円1,028.00 (3.2% below fair value)
GF Score™: 59/100 with 6 warning signs

No single metric tells the full story. See the TSE:4098 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Titan Kogyo Business Description

Industry Basic Materials Chemicals

Comparable Companies TSE:4625 TSE:7446 TSE:9212 TSE:4615 TSE:8138 TSE:4120 TSE:4242 TSE:5103 TSE:4990 TSE:4976 LIN XPAR:AI SHW ECL APD XSWX:GIVN SHSE:600309 XSWX:SIKA SZSE:002466 OCSE:NSIS B

Address 1978-25 Ogushi, Yamaguchi Prefecture, Ube, JPN, 755-8567

Website http://www.titankogyo.co.jp

Titan Kogyo Ltd Formerly Titan Kogyo Kabushiki Kaisha is engaged in the manufacturing and selling of titanium oxide and iron oxide and chemical industrial products. Its product offering includes ultrafine titanium oxide, cosmetic pigment, conductive inorganic oxide, titanate, TAROX synthetic iron oxide, scaly iron oxide, and ferrous sulfate. Its products are used as a material for various products such as paints, chemical fibres, building materials, electronic materials, and cosmetics.

59GF Score

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

円1,028.00

Price

円1,061.49

GF Value

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