HIMACS (TSE:4299) Beneish M-Score: -2.64 (As of Jun. 26, 2026)

What is HIMACS Beneish M-Score?

HIMACS TSE:4299 +1.28% 70 Beneish M-Score is -2.64 as of Jun. 26, 2026. GuruFocus rates TSE:4299 with a GF Score™ of 70/100 and a GF Value™ of 円1,472.71 (Modestly Undervalued). Among 2,634 Software companies, HIMACS ranks better than 57.02% 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4299' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.43 Max: -1.84
Current: -2.64

During the past 13 years, the highest Beneish M-Score of HIMACS was -1.84. The lowest was -2.83. And the median was -2.43.

HIMACS Beneish M-Score Related Terms

HIMACS Beneish M-Score Historical Data

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The historical data trend for HIMACS'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.

HIMACS Beneish M-Score Chart

HIMACS Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.36

-2.70

-2.71

-1.84

-2.64

HIMACS 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															-2.71	0.00	-1.84	0.00	-2.64

TSE:4299 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, HIMACS'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.

HIMACS Beneish M-Score vs Software Industry

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

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

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70GF Score

HIMACS Ltd TSE:4299

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

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HIMACS 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 HIMACS 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 * 0.8929

0.528 * 1.04

0.404 * 1.1067

0.892 * 1.0083

0.115 * 0.6862

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.01834

0.327 * 1.0334

-2.64

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円2,674 Mil.
Revenue was 円18,216 Mil.
Gross Profit was 円3,532 Mil.
Total Current Assets was 円11,620 Mil.
Total Assets was 円13,522 Mil.
Property, Plant and Equipment(Net PPE) was 円56 Mil.
Depreciation, Depletion and Amortization(DDA) was 円22 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,326 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円1,141 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,389 Mil.

Total Receivables was 円2,970 Mil.
Revenue was 円18,066 Mil.
Gross Profit was 円3,643 Mil.
Total Current Assets was 円12,575 Mil.
Total Assets was 円14,430 Mil.
Property, Plant and Equipment(Net PPE) was 円75 Mil.
Depreciation, Depletion and Amortization(DDA) was 円18 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,402 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
	=	(2674 / 18216)	/	(2970 / 18066)
	=	0.146794	/	0.164397
	=	0.8929

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)
	=	(3643 / 18066)	/	(3532 / 18216)
	=	0.20165	/	0.193895
	=	1.04

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 - (11620 + 56) / 13522)	/	(1 - (12575 + 75) / 14430)
	=	0.136518	/	0.123354
	=	1.1067

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
	=	18216	/	18066
	=	1.0083

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))
	=	(18 / (18 + 75))	/	(22 / (22 + 56))
	=	0.193548	/	0.282051
	=	0.6862

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 / 18216)	/	(0 / 18066)
	=	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 + 2326) / 13522)	/	((0 + 2402) / 14430)
	=	0.172016	/	0.166459
	=	1.0334

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
	=	(1141 - 0	-	1389)	/	13522
	=	-0.01834

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.

HIMACS has a M-score of -2.64 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 -2.64 mean?

HIMACS (TSE:4299) has a Beneish M-Score of -2.64 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HIMACS and its competitors. According to the industry distribution chart, HIMACS ranks #1132 out of 2634 companies in the Software industry, placing it in the top 43%.

Is HIMACS's Beneish M-Score too high?

HIMACS's current Beneish M-Score is -2.64. Based on the distribution chart, HIMACS ranks #1132 out of 2634 companies in the Software industry, which is above the industry midpoint. Overall, HIMACS has a GF Score™ of 70/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does HIMACS's Beneish M-Score compare to CRM and SHOP?

According to the Software industry distribution chart, HIMACS ranks #1132 out of 2634 companies for Beneish M-Score. This puts HIMACS 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 HIMACS and its competitors. HIMACS's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is HIMACS stock overvalued right now?

Based on GuruFocus' analysis, HIMACS (TSE:4299) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,472.71, compared to a current price of 円1,186.00 — trading 19.5% below its estimated fair value. The current Beneish M-Score is -2.64. HIMACS's overall GF Score™ is 70/100. 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 HIMACS (TSE:4299), the current Beneish M-Score is -2.64 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 HIMACS (TSE:4299) Overvalued in 2026?

Based on GuruFocus' analysis, HIMACS stock appears to be undervalued. The current stock price of 円1,186.00 is trading 19.5% below its estimated GF Value™ of 円1,472.71. GuruFocus considers HIMACS to be Modestly Undervalued.

Key valuation signals for TSE:4299:

Beneish M-Score: -2.64
GF Value™: 円1,472.71 vs. price of 円1,186.00 (19.5% below fair value)
GF Score™: 70/100

No single metric tells the full story. See the TSE:4299 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

HIMACS Business Description

Industry Technology Software

Comparable Companies TSE:6047 TSE:2169 TSE:4448 TSE:4193 TSE:332A TSE:4013 TSE:4382 TSE:2307 TSE:4412 TSE:4192 XTER:SAP CRM SHOP UBER NOW ADBE CDNS INTU ADP SNOW

Address 2-3-5, Minatomirai, Nishi-ku, Queen\'s Tower C, Kanagawa, Yokohama, JPN, 220-6216

Website http://www.himacs.jp

HIMACS Ltd provides defined valued process for various system lifecycles in Japan. Its system solution services include the provision of consulting services, the design and development phase, testing and implementation of operating systems.

70GF Score

Get the complete analysis for TSE:4299

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

円1,186.00

Price

円1,472.71

GF Value

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