Sekisui Kasei Co (TSE:4228) Beneish M-Score: -2.92 (As of Jun. 27, 2026)

What is Sekisui Kasei Co Beneish M-Score?

Sekisui Kasei Co TSE:4228 -2.86% 54 Beneish M-Score is -2.92 as of Jun. 27, 2026. GuruFocus rates TSE:4228 with a GF Score™ of 54/100 and a GF Value™ of 円355.10 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 1,530 Chemicals companies, Sekisui Kasei Co ranks better than 81.63% 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 -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4228' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.66 Max: -2.4
Current: -2.92

During the past 13 years, the highest Beneish M-Score of Sekisui Kasei Co was -2.40. The lowest was -2.95. And the median was -2.66.

Sekisui Kasei Co Beneish M-Score Related Terms

Sekisui Kasei Co Beneish M-Score Historical Data

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The historical data trend for Sekisui Kasei 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.

Sekisui Kasei Co Beneish M-Score Chart

Sekisui Kasei Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.88

-2.54

-2.70

-2.95

-2.92

Sekisui Kasei 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															-2.70	0.00	-2.95	0.00	-2.92

TSE:4228 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, Sekisui Kasei 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.

Sekisui Kasei Co Beneish M-Score vs Chemicals Industry

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

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

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54GF Score

Sekisui Kasei Co Ltd TSE:4228

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

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Sekisui Kasei 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 Sekisui Kasei Co 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 * 0.8962

0.528 * 0.8544

0.404 * 1.0652

0.892 * 0.8312

0.115 * 1.1654

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.036835

0.327 * 0.977

-2.92

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円19,498 Mil.
Revenue was 円113,935 Mil.
Gross Profit was 円26,591 Mil.
Total Current Assets was 円51,334 Mil.
Total Assets was 円122,355 Mil.
Property, Plant and Equipment(Net PPE) was 円48,751 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,061 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円39,699 Mil.
Long-Term Debt & Capital Lease Obligation was 円24,783 Mil.
Net Income was 円2,147 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円6,654 Mil.

Total Receivables was 円26,174 Mil.
Revenue was 円137,072 Mil.
Gross Profit was 円27,333 Mil.
Total Current Assets was 円63,592 Mil.
Total Assets was 円136,238 Mil.
Property, Plant and Equipment(Net PPE) was 円49,367 Mil.
Depreciation, Depletion and Amortization(DDA) was 円6,077 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円56,839 Mil.
Long-Term Debt & Capital Lease Obligation was 円16,649 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)
	=	(19498 / 113935)	/	(26174 / 137072)
	=	0.171133	/	0.190951
	=	0.8962

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)
	=	(27333 / 137072)	/	(26591 / 113935)
	=	0.199406	/	0.233387
	=	0.8544

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 - (51334 + 48751) / 122355)	/	(1 - (63592 + 49367) / 136238)
	=	0.182011	/	0.17087
	=	1.0652

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
	=	113935	/	137072
	=	0.8312

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))
	=	(6077 / (6077 + 49367))	/	(5061 / (5061 + 48751))
	=	0.109606	/	0.09405
	=	1.1654

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 / 113935)	/	(0 / 137072)
	=	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)
	=	((24783 + 39699) / 122355)	/	((16649 + 56839) / 136238)
	=	0.527007	/	0.539409
	=	0.977

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
	=	(2147 - 0	-	6654)	/	122355
	=	-0.036835

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.

Sekisui Kasei Co has a M-score of -2.92 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 -2.92 mean?

Sekisui Kasei Co (TSE:4228) has a Beneish M-Score of -2.92 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sekisui Kasei Co and its competitors. According to the industry distribution chart, Sekisui Kasei Co ranks #281 out of 1530 companies in the Chemicals industry, placing it in the top 18.4%.

Is Sekisui Kasei Co's Beneish M-Score too high?

Sekisui Kasei Co's current Beneish M-Score is -2.92. Based on the distribution chart, Sekisui Kasei Co ranks #281 out of 1530 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Sekisui Kasei Co has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Sekisui Kasei Co's Beneish M-Score compare to LIN and SHW?

According to the Chemicals industry distribution chart, Sekisui Kasei Co ranks #281 out of 1530 companies for Beneish M-Score. This places Sekisui Kasei Co in the top 18% 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 Sekisui Kasei Co and its competitors. Sekisui Kasei Co's current Beneish M-Score is -2.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Sekisui Kasei Co stock overvalued right now?

Based on GuruFocus' analysis, Sekisui Kasei Co (TSE:4228) is currently considered Significantly Overvalued. The stock's GF Value™ is 円355.10, compared to a current price of 円544.00 — trading 53.2% above its estimated fair value. The current Beneish M-Score is -2.92. Sekisui Kasei Co's overall GF Score™ is 54/100 with 10 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 Sekisui Kasei Co (TSE:4228), the current Beneish M-Score is -2.92 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 Sekisui Kasei Co (TSE:4228) Overvalued in 2026?

Based on GuruFocus' analysis, Sekisui Kasei Co stock appears to be overvalued. The current stock price of 円544.00 is trading 53.2% above its estimated GF Value™ of 円355.10. GuruFocus considers Sekisui Kasei Co to be Significantly Overvalued.

Key valuation signals for TSE:4228:

Beneish M-Score: -2.92
GF Value™: 円355.10 vs. price of 円544.00 (53.2% above fair value)
GF Score™: 54/100 with 10 warning signs

No single metric tells the full story. See the TSE:4228 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sekisui Kasei Co Business Description

Industry Basic Materials Chemicals

Comparable Companies TSE:4410 TSE:4968 TSE:4620 TSE:4229 TSE:4064 TSE:4977 TSE:4231 TSE:4973 TSE:4249 TSE:5018 LIN XPAR:AI SHW ECL APD XSWX:GIVN SHSE:600309 XSWX:SIKA SZSE:002466 OCSE:NSIS B

Address 2-4-4 Nishitenma, Kita-ku, Osaka, JPN, 530-8565

Website https://www.sekisuikasei.com

Sekisui Kasei Co Ltd is a plastic provider solution company. The company is engaged in manufacture and sale of foamed plastic and other plastic products. It operates in two segments, Human Life, and Industry. The products in human life segment include Eslen beads, Eslen sheet, Eslen wood, Interforms, ES molded products such as ES Dan mat, Eslen block used in agricultural and fishery materials, food packaging materials, distribution materials, construction materials, civil engineering materials. The products in Industry segment are Pioceran, Literon, Neomicrolen, Serpet, Techpolymer, Technogel, Techheater, Elastil, Formac, ST-LAYER used in automotive materials, vehicle parts packaging, industrial materials, industrial packaging, electronic component materials, medical and health materials.

54GF 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544.00

Price

円355.10

GF Value

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