Lion Office Products (TSE:423A) Beneish M-Score: -2.26 (As of Jul. 21, 2026)

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TSE:423A Lion Office Products Corp TSE:423A
16 GF Score
Price 円303.00
! 2 Warning Signs
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What is Lion Office Products Beneish M-Score?

Lion Office Products TSE:423A -1.30% 16 Beneish M-Score is -2.26 as of Jul. 21, 2026. GuruFocus rates TSE:423A with a GF Score™ of 16/100. The stock has 2 warning signs investors should review. Among 2,909 Industrial Products companies, Lion Office Products ranks worse than 65.62% 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:423A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.26   Med: -2.26   Max: -2.26
Current: -2.26

During the past 3 years, the highest Beneish M-Score of Lion Office Products was -2.26. The lowest was -2.26. And the median was -2.26.

Lion Office Products Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Lion Office Products'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.

Lion Office Products Beneish M-Score Chart

Lion Office Products Annual Data
Trend Sep23 Sep24 Sep25
Beneish M-Score
0.00 0.00 -2.26

Lion Office Products Quarterly Data
Sep23 Sep24 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -2.26 0.00 0.00

Lion Office Products Beneish M-Score Competitor Comparison

For the Business Equipment & Supplies subindustry, Lion Office Products'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.

Lion Office Products Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Lion Office Products's Beneish M-Score distribution charts can be found below:

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


TSE:423A
16GF Score
Lion Office Products Corp TSE:423A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Lion Office Products 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 Lion Office Products 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 * 1.066+0.528 * 1.0132+0.404 * 0.7874+0.892 * 1.061+0.115 * 1.1219
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9809+4.679 * 0.036638-0.327 * 1.0249
=-2.26

* 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 (Sep25) TTM:Last Year (Sep24) TTM:
Total Receivables was 円6,508 Mil.
Revenue was 円37,022 Mil.
Gross Profit was 円9,058 Mil.
Total Current Assets was 円18,337 Mil.
Total Assets was 円25,056 Mil.
Property, Plant and Equipment(Net PPE) was 円5,378 Mil.
Depreciation, Depletion and Amortization(DDA) was 円337 Mil.
Selling, General, & Admin. Expense(SGA) was 円7,868 Mil.
Total Current Liabilities was 円10,395 Mil.
Long-Term Debt & Capital Lease Obligation was 円395 Mil.
Net Income was 円912 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-6 Mil.
 Total Receivables was 円5,754 Mil.
Revenue was 円34,894 Mil.
Gross Profit was 円8,650 Mil.
Total Current Assets was 円16,428 Mil.
Total Assets was 円23,275 Mil.
Property, Plant and Equipment(Net PPE) was 円5,265 Mil.
Depreciation, Depletion and Amortization(DDA) was 円373 Mil.
Selling, General, & Admin. Expense(SGA) was 円7,560 Mil.
Total Current Liabilities was 円9,384 Mil.
Long-Term Debt & Capital Lease Obligation was 円396 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)
=(6508 / 37022) / (5754 / 34894)
=0.175787 / 0.164899
=1.066

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)
=(8650 / 34894) / (9058 / 37022)
=0.247894 / 0.244665
=1.0132

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 - (18337 + 5378) / 25056) / (1 - (16428 + 5265) / 23275)
=0.05352 / 0.06797
=0.7874

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
=37022 / 34894
=1.061

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))
=(373 / (373 + 5265)) / (337 / (337 + 5378))
=0.066158 / 0.058968
=1.1219

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)
=(7868 / 37022) / (7560 / 34894)
=0.212522 / 0.216656
=0.9809

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)
=((395 + 10395) / 25056) / ((396 + 9384) / 23275)
=0.430635 / 0.420193
=1.0249

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
=(912 - 0 - -6) / 25056
=0.036638

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.

Lion Office Products has a M-score of -2.26 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 -2.26 mean?
Lion Office Products (TSE:423A) has a Beneish M-Score of -2.26 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Lion Office Products and its competitors. According to the industry distribution chart, Lion Office Products ranks #1909 out of 2909 companies in the Industrial Products industry, placing it in the top 65.6%.
Is Lion Office Products' Beneish M-Score too high?
Lion Office Products' current Beneish M-Score is -2.26. Based on the distribution chart, Lion Office Products ranks #1909 out of 2909 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Lion Office Products has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does Lion Office Products' Beneish M-Score compare to competitors?
According to the Industrial Products industry distribution chart, Lion Office Products ranks #1909 out of 2909 companies for Beneish M-Score. This places Lion Office Products 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 an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 Lion Office Products and its competitors. Lion Office Products's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lion Office Products stock overvalued right now?
Lion Office Products (TSE:423A) has a current Beneish M-Score of -2.26. The current Beneish M-Score is -2.26. Lion Office Products' overall GF Score™ is 16/100 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 Lion Office Products (TSE:423A), the current Beneish M-Score is -2.26 as of Jul. 21, 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.

Lion Office Products Business Description

Address 2-6-11 Higashinakano, Nakano-ku, Tokyo, JPN, 164-0003
Lion Office Products Corp is engaged in Manufacture and sales of stationery, office supplies and office furniture/Office space design, construction, interior finishing work/Sales of ICT devices in the education market/E-commerce.
16GF 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303.00
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