Cynd Co (TSE:4256) Beneish M-Score: -2.69 (As of Jun. 26, 2026)


TSE:4256 Cynd Co Ltd TSE:4256
84 GF Score
Price 円913.00
GF Value 円1,259.00
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is Cynd Co Beneish M-Score?

Cynd Co TSE:4256 -0.65% 84 Beneish M-Score is -2.69 as of Jun. 26, 2026. GuruFocus rates TSE:4256 with a GF Score™ of 84/100 and a GF Value™ of 円1,259.00 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 2,634 Software companies, Cynd Co ranks better than 60.78% 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 Cynd Co's Beneish M-Score or its related term are showing as below:

TSE:4256' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69   Med: -2.6   Max: 34.39
Current: -2.69

During the past 7 years, the highest Beneish M-Score of Cynd Co was 34.39. The lowest was -2.69. And the median was -2.60.

Cynd Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cynd 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.

Cynd Co Beneish M-Score Chart

Cynd Co Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -2.18 34.39 -2.60 -2.60 -2.69

Cynd Co Semi-Annual Data
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 -2.60 0.00 -2.60 0.00 -2.69

TSE:4256 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Cynd 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.

Cynd Co Beneish M-Score vs Software Industry

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

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


TSE:4256
84GF Score
Cynd Co Ltd TSE:4256
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cynd 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 Cynd 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 * 1.0109+0.528 * 1.0125+0.404 * 0.8797+0.892 * 1.1342+0.115 * 1.1136
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.075796-0.327 * 0.8619
=-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194 Mil.
Revenue was 円2,542 Mil.
Gross Profit was 円1,953 Mil.
Total Current Assets was 円2,520 Mil.
Total Assets was 円4,881 Mil.
Property, Plant and Equipment(Net PPE) was 円288 Mil.
Depreciation, Depletion and Amortization(DDA) was 円323 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円727 Mil.
Long-Term Debt & Capital Lease Obligation was 円600 Mil.
Net Income was 円172 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円542 Mil.
 Total Receivables was 円169 Mil.
Revenue was 円2,241 Mil.
Gross Profit was 円1,744 Mil.
Total Current Assets was 円2,282 Mil.
Total Assets was 円4,864 Mil.
Property, Plant and Equipment(Net PPE) was 円233 Mil.
Depreciation, Depletion and Amortization(DDA) was 円334 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円762 Mil.
Long-Term Debt & Capital Lease Obligation was 円771 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)
=(194.135 / 2542.083) / (169.311 / 2241.255)
=0.076368 / 0.075543
=1.0109

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)
=(1743.524 / 2241.255) / (1953.058 / 2542.083)
=0.777923 / 0.76829
=1.0125

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 - (2519.823 + 287.91) / 4880.69) / (1 - (2282.37 + 233.184) / 4863.708)
=0.424726 / 0.482791
=0.8797

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
=2542.083 / 2241.255
=1.1342

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))
=(333.708 / (333.708 + 233.184)) / (322.863 / (322.863 + 287.91))
=0.588662 / 0.528614
=1.1136

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 / 2542.083) / (0 / 2241.255)
=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)
=((600.035 + 726.559) / 4880.69) / ((771.455 + 762.31) / 4863.708)
=0.271805 / 0.315349
=0.8619

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
=(172.473 - 0 - 542.412) / 4880.69
=-0.075796

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.

Cynd 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?
Cynd Co (TSE:4256) has a Beneish M-Score of -2.69 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cynd Co and its competitors. According to the industry distribution chart, Cynd Co ranks #1033 out of 2634 companies in the Software industry, placing it in the top 39.2%.
Is Cynd Co's Beneish M-Score too high?
Cynd Co's current Beneish M-Score is -2.69. Based on the distribution chart, Cynd Co ranks #1033 out of 2634 companies in the Software industry, which is above the industry midpoint. Overall, Cynd Co has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Cynd Co's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Cynd Co ranks #1033 out of 2634 companies for Beneish M-Score. This puts Cynd 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 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 Cynd Co and its competitors. Cynd 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 Cynd Co stock overvalued right now?
Based on GuruFocus' analysis, Cynd Co (TSE:4256) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,259.00, compared to a current price of 円913.00 — trading 27.5% below its estimated fair value. The current Beneish M-Score is -2.69. Cynd Co's overall GF Score™ is 84/100 with 3 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 Cynd Co (TSE:4256), the current Beneish M-Score is -2.69 as of Jun. 26, 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 Cynd Co (TSE:4256) Overvalued in 2026?

Based on GuruFocus' analysis, Cynd Co stock appears to be undervalued. The current stock price of 円913.00 is trading 27.5% below its estimated GF Value™ of 円1,259.00. GuruFocus considers Cynd Co to be Modestly Undervalued.

Key valuation signals for TSE:4256:

  • Beneish M-Score: -2.69
  • GF Value™: 円1,259.00 vs. price of 円913.00 (27.5% below fair value)
  • GF Score™: 84/100 with 3 warning signs

No single metric tells the full story. See the TSE:4256 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Cynd Co Business Description

Address 25-1 Nishigotanda 1-chome, Shinagawa-ku, Tokyo, JPN, 141-0031
Cynd Co Ltd is engaged in the development and provision reservation management system (BeautyMerit) for beauty salons that centrally manages inventory, prices, etc. on customer attraction sites and in-house reservation engines of multiple beauty salons. The company has a single segment, the beauty salon solutions business.
84GF Score

Get the complete analysis for TSE:4256

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

円913.00
Price
円1,259.00
GF Value