Maruo Calcium Co (TSE:4102) Beneish M-Score: -2.69 (As of Jul. 09, 2026)


TSE:4102 Maruo Calcium Co Ltd TSE:4102
65 GF Score
Price 円1,450.00
GF Value 円1,443.77
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Maruo Calcium Co Beneish M-Score?

Maruo Calcium Co TSE:4102 65 Beneish M-Score is -2.69 as of Jul. 09, 2026. GuruFocus rates TSE:4102 with a GF Score™ of 65/100 and a GF Value™ of 円1,443.77 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,525 Chemicals companies, Maruo Calcium Co ranks better than 66.36% 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4102' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99   Med: -2.58   Max: -2.44
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Maruo Calcium Co was -2.44. The lowest was -2.99. And the median was -2.58.

Maruo Calcium Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Maruo Calcium Co'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.

Maruo Calcium Co Beneish M-Score Chart

Maruo Calcium Co 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 -2.61 -2.51 -2.44 -2.47 -2.69

Maruo Calcium Co 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 -2.44 0.00 -2.47 0.00 -2.69

TSE:4102 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, Maruo Calcium Co'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.

Maruo Calcium Co Beneish M-Score vs Chemicals Industry

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

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


TSE:4102
65GF Score
Maruo Calcium Co Ltd TSE:4102
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Maruo Calcium Co 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 Maruo Calcium Co 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 * 1.0167+0.528 * 0.9696+0.404 * 1.0175+0.892 * 0.9841+0.115 * 0.8622
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.038849-0.327 * 1.0142
=-2.69

* 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4,472 Mil.
Revenue was 円12,639 Mil.
Gross Profit was 円2,195 Mil.
Total Current Assets was 円8,827 Mil.
Total Assets was 円17,135 Mil.
Property, Plant and Equipment(Net PPE) was 円3,204 Mil.
Depreciation, Depletion and Amortization(DDA) was 円589 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,336 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,823 Mil.
Net Income was 円294 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円959 Mil.
 Total Receivables was 円4,470 Mil.
Revenue was 円12,843 Mil.
Gross Profit was 円2,162 Mil.
Total Current Assets was 円8,564 Mil.
Total Assets was 円16,870 Mil.
Property, Plant and Equipment(Net PPE) was 円3,366 Mil.
Depreciation, Depletion and Amortization(DDA) was 円520 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,242 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,766 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)
=(4471.83 / 12639.007) / (4469.691 / 12843.448)
=0.353812 / 0.348013
=1.0167

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)
=(2162.188 / 12843.448) / (2194.577 / 12639.007)
=0.168349 / 0.173635
=0.9696

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 - (8826.514 + 3203.978) / 17134.957) / (1 - (8564.328 + 3366.447) / 16869.771)
=0.297898 / 0.292772
=1.0175

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
=12639.007 / 12843.448
=0.9841

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))
=(520.336 / (520.336 + 3366.447)) / (588.96 / (588.96 + 3203.978))
=0.133873 / 0.155278
=0.8622

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 / 12639.007) / (0 / 12843.448)
=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)
=((1823.061 + 3335.896) / 17134.957) / ((1766.359 + 3241.613) / 16869.771)
=0.301078 / 0.296861
=1.0142

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
=(293.506 - 0 - 959.179) / 17134.957
=-0.038849

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.

Maruo Calcium Co has a M-score of -2.69 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 -2.69 mean?
Maruo Calcium Co (TSE:4102) has a Beneish M-Score of -2.69 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Maruo Calcium Co and its competitors. According to the industry distribution chart, Maruo Calcium Co ranks #513 out of 1525 companies in the Chemicals industry, placing it in the top 33.6%.
Is Maruo Calcium Co's Beneish M-Score too high?
Maruo Calcium Co's current Beneish M-Score is -2.69. Based on the distribution chart, Maruo Calcium Co ranks #513 out of 1525 companies in the Chemicals industry, which is above the industry midpoint. Overall, Maruo Calcium Co has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Maruo Calcium Co's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Maruo Calcium Co ranks #513 out of 1525 companies for Beneish M-Score. This puts Maruo Calcium Co 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 Maruo Calcium Co and its competitors. Maruo Calcium Co's current Beneish M-Score is -2.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maruo Calcium Co stock overvalued right now?
Based on GuruFocus' analysis, Maruo Calcium Co (TSE:4102) is currently considered Fairly Valued. The stock's GF Value™ is 円1,443.77, compared to a current price of 円1,450.00 — trading 0.4% above its estimated fair value. The current Beneish M-Score is -2.69. Maruo Calcium Co's overall GF Score™ is 65/100 with 4 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 Maruo Calcium Co (TSE:4102), the current Beneish M-Score is -2.69 as of Jul. 09, 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 Maruo Calcium Co (TSE:4102) Overvalued in 2026?

Based on GuruFocus' analysis, Maruo Calcium Co stock appears to be overvalued. The current stock price of 円1,450.00 is trading 0.4% above its estimated GF Value™ of 円1,443.77. GuruFocus considers Maruo Calcium Co to be Fairly Valued.

Key valuation signals for TSE:4102:

  • Beneish M-Score: -2.69
  • GF Value™: 円1,443.77 vs. price of 円1,450.00 (0.4% above fair value)
  • GF Score™: 65/100 with 4 warning signs

No single metric tells the full story. See the TSE:4102 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Maruo Calcium Co Business Description

Address 1455 Nishioka, Uozumi-cho, Hyogo Prefecture, Akashi, JPN, 674-0084
Maruo Calcium Co Ltd is a Japan-based company engaged in the manufacture and sales of various types of calcium carbonate and other industrial raw materials.
65GF Score

Get the complete analysis for TSE:4102

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

円1,450.00
Price
円1,443.77
GF Value