I-plug (TSE:4177) Beneish M-Score: -3.09 (As of Jun. 27, 2026)


TSE:4177 I-plug Inc TSE:4177
91 GF Score
Price 円1,371.00
GF Value 円1,663.58
Valuation Modestly Undervalued
! 1 Warning Sign
View Full Analysis

What is I-plug Beneish M-Score?

I-plug TSE:4177 -0.51% 91 Beneish M-Score is -3.09 as of Jun. 27, 2026. GuruFocus rates TSE:4177 with a GF Score™ of 91/100 and a GF Value™ of 円1,663.58 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,020 Business Services companies, I-plug ranks better than 83.04% 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 -3.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4177' s Beneish M-Score Range Over the Past 10 Years
Min: -3.57   Med: -2.64   Max: -2.19
Current: -3.09

During the past 8 years, the highest Beneish M-Score of I-plug was -2.19. The lowest was -3.57. And the median was -2.64.

I-plug Beneish M-Score Historical Data

* Premium members only.

The historical data trend for I-plug'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.

I-plug Beneish M-Score Chart

I-plug Annual Data
Trend Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -2.70 -2.19 -3.57 -2.58 -3.09

I-plug Semi-Annual Data
Mar19 Mar20 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 -3.57 0.00 -2.58 0.00 -3.09

TSE:4177 vs KFY, RHI, TNET: Beneish M-Score Comparison

For the Staffing & Employment Services subindustry, I-plug'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.

I-plug Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, I-plug's Beneish M-Score distribution charts can be found below:

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


TSE:4177
91GF Score
I-plug Inc TSE:4177
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

I-plug 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 I-plug 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 * 1.1844+0.528 * 1.0184+0.404 * 1.0308+0.892 * 1.1323+0.115 * 1.1325
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.20089-0.327 * 0.9732
=-3.09

* 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158 Mil.
Revenue was 円5,757 Mil.
Gross Profit was 円5,138 Mil.
Total Current Assets was 円3,689 Mil.
Total Assets was 円5,013 Mil.
Property, Plant and Equipment(Net PPE) was 円74 Mil.
Depreciation, Depletion and Amortization(DDA) was 円209 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,077 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円478 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,485 Mil.
 Total Receivables was 円117 Mil.
Revenue was 円5,084 Mil.
Gross Profit was 円4,621 Mil.
Total Current Assets was 円2,867 Mil.
Total Assets was 円3,824 Mil.
Property, Plant and Equipment(Net PPE) was 円32 Mil.
Depreciation, Depletion and Amortization(DDA) was 円162 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,282 Mil.
Long-Term Debt & Capital Lease Obligation was 円129 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)
=(157.523 / 5756.915) / (117.46 / 5084.45)
=0.027362 / 0.023102
=1.1844

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)
=(4620.942 / 5084.45) / (5137.814 / 5756.915)
=0.908838 / 0.89246
=1.0184

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 - (3689.224 + 73.675) / 5013.436) / (1 - (2866.785 + 31.63) / 3823.66)
=0.249437 / 0.241979
=1.0308

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
=5756.915 / 5084.45
=1.1323

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))
=(162.223 / (162.223 + 31.63)) / (208.541 / (208.541 + 73.675))
=0.836835 / 0.738941
=1.1325

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 / 5756.915) / (0 / 5084.45)
=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)
=((0 + 3077.193) / 5013.436) / ((129.203 + 2282.3) / 3823.66)
=0.613789 / 0.630679
=0.9732

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
=(478.269 - 0 - 1485.417) / 5013.436
=-0.20089

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.

I-plug has a M-score of -3.09 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 -3.09 mean?
I-plug (TSE:4177) has a Beneish M-Score of -3.09 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on I-plug and its competitors. According to the industry distribution chart, I-plug ranks #173 out of 1020 companies in the Business Services industry, placing it in the top 17%.
Is I-plug's Beneish M-Score too high?
I-plug's current Beneish M-Score is -3.09. Based on the distribution chart, I-plug ranks #173 out of 1020 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, I-plug has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does I-plug's Beneish M-Score compare to KFY and RHI?
According to the Business Services industry distribution chart, I-plug ranks #173 out of 1020 companies for Beneish M-Score. This places I-plug in the top 17% 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 I-plug and its competitors. I-plug's current Beneish M-Score is -3.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is I-plug stock overvalued right now?
Based on GuruFocus' analysis, I-plug (TSE:4177) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,663.58, compared to a current price of 円1,371.00 — trading 17.6% below its estimated fair value. The current Beneish M-Score is -3.09. I-plug's overall GF Score™ is 91/100 with 1 warning sign 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 I-plug (TSE:4177), the current Beneish M-Score is -3.09 as of Jun. 27, 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 I-plug (TSE:4177) Overvalued in 2026?

Based on GuruFocus' analysis, I-plug stock appears to be undervalued. The current stock price of 円1,371.00 is trading 17.6% below its estimated GF Value™ of 円1,663.58. GuruFocus considers I-plug to be Modestly Undervalued.

Key valuation signals for TSE:4177:

  • Beneish M-Score: -3.09
  • GF Value™: 円1,663.58 vs. price of 円1,371.00 (17.6% below fair value)
  • GF Score™: 91/100 with 1 warning sign

No single metric tells the full story. See the TSE:4177 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

I-plug Business Description

Address 5-11-8 Nishinakajima, Yodogawa-ku, Osaka, JPN, 532-0011
I-plug Inc provides a mechanism to expand the human resources who will bear the future and realizes personal growth and corporate development. It is mainly involved in the operation of the new graduate reverse recruitment site "OfferBox" series. The Company operates in a single segment, the HR platform business.
91GF Score

Get the complete analysis for TSE:4177

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

円1,371.00
Price
円1,663.58
GF Value