Orion Breweries (TSE:409A) Beneish M-Score: 0.00 (As of Sep. 20, 2026)

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TSE:409A Orion Breweries Ltd TSE:409A
9 GF Score
Price 円1,149.00
! 2 Warning Signs
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What is Orion Breweries Beneish M-Score?

Orion Breweries TSE:409A -0.17% 9 Beneish M-Score is 0.00 as of Sep. 20, 2026. GuruFocus rates TSE:409A with a GF Score™ of 9/100. The stock has 2 warning signs investors should review. Among 200 Beverages - Alcoholic companies, Orion Breweries ranks worse than 499999.5% 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.

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

During the past 3 years, the highest Beneish M-Score of Orion Breweries was 0.00. The lowest was 0.00. And the median was 0.00.

Orion Breweries Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Orion Breweries'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.

Orion Breweries Beneish M-Score Chart

Orion Breweries Annual Data
Trend Mar24 Mar25 Mar26
Beneish M-Score
- -2.90 -2.18

Orion Breweries Quarterly Data
Jun25 Sep25 Dec25 Mar26 Jun26
Beneish M-Score - - - - -

TSE:409A vs STZ, TAP: Beneish M-Score Comparison

For the Beverages - Brewers subindustry, Orion Breweries'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.

Orion Breweries Beneish M-Score vs Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Orion Breweries's Beneish M-Score distribution charts can be found below:

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


TSE:409A
9GF Score
Orion Breweries Ltd TSE:409A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Orion Breweries 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 Orion Breweries 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 * 0.8679+0.528 * 0.9667+0.404 * 1.114+0.892 * 1.0293+0.115 * 0.9635
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9757+4.679 * 0.097417-0.327 * 0.9202
=-2.07

* 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2,489 Mil.
Revenue was 円29,713 Mil.
Gross Profit was 円14,412 Mil.
Total Current Assets was 円15,506 Mil.
Total Assets was 円44,089 Mil.
Property, Plant and Equipment(Net PPE) was 円24,843 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,563 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,018 Mil.
Total Current Liabilities was 円6,875 Mil.
Long-Term Debt & Capital Lease Obligation was 円15,839 Mil.
Net Income was 円3,641 Mil.
Gross Profit was 円 Mil.
Cash Flow from Operations was 円-654 Mil.
 Total Receivables was 円2,786 Mil.
Revenue was 円28,866 Mil.
Gross Profit was 円13,535 Mil.
Total Current Assets was 円18,166 Mil.
Total Assets was 円50,875 Mil.
Property, Plant and Equipment(Net PPE) was 円28,835 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,744 Mil.
Selling, General, & Admin. Expense(SGA) was 円9,975 Mil.
Total Current Liabilities was 円11,938 Mil.
Long-Term Debt & Capital Lease Obligation was 円16,545 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)
=(2489 / 29713) / (2786 / 28866)
=0.083768 / 0.096515
=0.8679

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)
=(13535 / 28866) / (14412 / 29713)
=0.468891 / 0.48504
=0.9667

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 - (15506 + 24843) / 44089) / (1 - (18166 + 28835) / 50875)
=0.084828 / 0.076147
=1.114

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
=29713 / 28866
=1.0293

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))
=(1744 / (1744 + 28835)) / (1563 / (1563 + 24843))
=0.057033 / 0.059191
=0.9635

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)
=(10018 / 29713) / (9975 / 28866)
=0.337159 / 0.345562
=0.9757

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)
=((15839 + 6875) / 44089) / ((16545 + 11938) / 50875)
=0.515185 / 0.559862
=0.9202

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
=(3641 - 0 - -654) / 44089
=0.097417

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.

Orion Breweries has a M-score of -2.07 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 0.00 mean?
Orion Breweries (TSE:409A) has a Beneish M-Score of 0.00 as of Sep. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Orion Breweries and its competitors. According to the industry distribution chart, Orion Breweries ranks #999999 out of 200 companies in the Beverages - Alcoholic industry.
Is Orion Breweries' Beneish M-Score too high?
Orion Breweries' current Beneish M-Score is 0.00. Based on the distribution chart, Orion Breweries ranks #999999 out of 200 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Orion Breweries has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Orion Breweries' Beneish M-Score compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Orion Breweries ranks #999999 out of 200 companies for Beneish M-Score. This places Orion Breweries in the lower 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 Beverages - Alcoholic company?
A good Beneish M-Score depends on the Beverages - Alcoholic 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 Orion Breweries and its competitors. Orion Breweries's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Orion Breweries stock overvalued right now?
Orion Breweries (TSE:409A) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Orion Breweries' overall GF Score™ is 9/100 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 Orion Breweries (TSE:409A), the current Beneish M-Score is 0.00 as of Sep. 20, 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.

Orion Breweries Business Description

Address 1-411 Toyosaki, Okinawa, Tomigusuku, JPN, 901-0225
Orion Breweries Ltd is engaged in Manufacture and sale of alcohol and soft drinks, and operation of hotel and facility.
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円1,149.00
Price