Enechange (TSE:4169) Beneish M-Score: 0.00 (As of Jul. 12, 2026)


TSE:4169 Enechange Ltd TSE:4169
41 GF Score
Price 円213.00
GF Value 円591.44
Valuation Significantly Undervalued
! 2 Warning Signs
View Full Analysis

What is Enechange Beneish M-Score?

Enechange TSE:4169 +4.93% 41 Beneish M-Score is 0.00 as of Jul. 12, 2026. GuruFocus rates TSE:4169 with a GF Score™ of 41/100 and a GF Value™ of 円591.44 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 2,631 Software companies, Enechange ranks worse than 38008.32% 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 Enechange's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of Enechange was -1.11. The lowest was -4.81. And the median was -2.06.

Enechange Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Enechange'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.

Enechange Beneish M-Score Chart

Enechange Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -2.20 -1.11 -4.81 0.00 0.00

Enechange Semi-Annual Data
Dec18 Dec19 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 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 -4.81 0.00 0.00 0.00 0.00

TSE:4169 vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, Enechange'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.

Enechange Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Enechange's Beneish M-Score distribution charts can be found below:

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


TSE:4169
41GF Score
Enechange Ltd TSE:4169
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Enechange 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 Enechange 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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1,628 Mil.
Revenue was 円6,698 Mil.
Gross Profit was 円5,906 Mil.
Total Current Assets was 円6,260 Mil.
Total Assets was 円7,658 Mil.
Property, Plant and Equipment(Net PPE) was 円54 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,615 Mil.
Long-Term Debt & Capital Lease Obligation was 円261 Mil.
Net Income was 円131 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円655 Mil.
 Total Receivables was 円1,009 Mil.
Revenue was 円0 Mil.
Gross Profit was 円0 Mil.
Total Current Assets was 円5,476 Mil.
Total Assets was 円7,412 Mil.
Property, Plant and Equipment(Net PPE) was 円32 Mil.
Depreciation, Depletion and Amortization(DDA) was 円0 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,393 Mil.
Long-Term Debt & Capital Lease Obligation was 円466 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)
=(1628.456 / 6697.531) / (1009.278 / 0)
=0.243143 /
=

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)
=(0 / 0) / (5905.678 / 6697.531)
= / 0.881769
=

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 - (6259.889 + 53.632) / 7657.775) / (1 - (5475.642 + 31.892) / 7411.744)
=0.175541 / 0.256918
=

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
=6697.531 / 0
=

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))
=(0 / (0 + 31.892)) / (12.202 / (12.202 + 53.632))
=0 / 0.185345
=

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 / 6697.531) / (0 / 0)
=0 /
=

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)
=((260.84 + 2615.059) / 7657.775) / ((466.362 + 2393.447) / 7411.744)
=0.375553 / 0.385848
=

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
=(130.918 - 0 - 654.942) / 7657.775
=-0.06843

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Enechange (TSE:4169) has a Beneish M-Score of 0.00 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Enechange and its competitors. According to the industry distribution chart, Enechange ranks #999999 out of 2631 companies in the Software industry.
Is Enechange's Beneish M-Score too high?
Enechange's current Beneish M-Score is 0.00. Based on the distribution chart, Enechange ranks #999999 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Enechange has a GF Score™ of 41/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Enechange's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, Enechange ranks #999999 out of 2631 companies for Beneish M-Score. This places Enechange 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 Software company?
A good Beneish M-Score depends on the Software 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 Enechange and its competitors. Enechange'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 Enechange stock overvalued right now?
Based on GuruFocus' analysis, Enechange (TSE:4169) is currently considered Significantly Undervalued. The stock's GF Value™ is 円591.44, compared to a current price of 円213.00 — trading 64% below its estimated fair value. The current Beneish M-Score is 0.00. Enechange's overall GF Score™ is 41/100 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 Enechange (TSE:4169), the current Beneish M-Score is 0.00 as of Jul. 12, 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 Enechange (TSE:4169) Overvalued in 2026?

Based on GuruFocus' analysis, Enechange stock appears to be undervalued. The current stock price of 円213.00 is trading 64% below its estimated GF Value™ of 円591.44. GuruFocus considers Enechange to be Significantly Undervalued.

Key valuation signals for TSE:4169:

  • Beneish M-Score: 0.00
  • GF Value™: 円591.44 vs. price of 円213.00 (64% below fair value)
  • GF Score™: 41/100 with 2 warning signs

No single metric tells the full story. See the TSE:4169 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Enechange Business Description

Address 2-6-2 Otemachi, 3rd Floor, Nihon Building, Chiyoda-ku, Tokyo, JPN, 100-0004
Enechange Ltd is a energy switching platform for consumers, and cloud based SaaS applications namely EMAP (digital marketing), SMAP (AI-based smart meter analytics) for energy companies.
41GF Score

Get the complete analysis for TSE:4169

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

円213.00
Price
円591.44
GF Value