Fuso Chemical Co (TSE:4368) Beneish M-Score: -2.70 (As of Jun. 26, 2026)

What is Fuso Chemical Co Beneish M-Score?

Fuso Chemical Co TSE:4368 +5.59% 83 Beneish M-Score is -2.70 as of Jun. 26, 2026. GuruFocus rates TSE:4368 with a GF Score™ of 83/100 and a GF Value™ of 円1,740.32 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,530 Chemicals companies, Fuso Chemical Co ranks better than 66.99% 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4368' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.66 Max: -1.99
Current: -2.7

During the past 13 years, the highest Beneish M-Score of Fuso Chemical Co was -1.99. The lowest was -2.89. And the median was -2.66.

Fuso Chemical Co Beneish M-Score Related Terms

Fuso Chemical Co Beneish M-Score Historical Data

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The historical data trend for Fuso Chemical 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.

Fuso Chemical Co Beneish M-Score Chart

Fuso Chemical Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.35

-2.61

-2.16

-2.83

-2.70

Fuso Chemical Co Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.83	0.00	0.00	0.00	-2.70

TSE:4368 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, Fuso Chemical 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.

Fuso Chemical Co Beneish M-Score vs Chemicals Industry

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

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

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83GF Score

Fuso Chemical Co Ltd TSE:4368

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

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Fuso Chemical 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 Fuso Chemical 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 * 0.9362

0.528 * 0.9805

0.404 * 1.15

0.892 * 1.1068

0.115 * 0.7616

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.068844

0.327 * 0.8599

-2.70

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円16,626 Mil.
Revenue was 円76,926 Mil.
Gross Profit was 円29,317 Mil.
Total Current Assets was 円78,476 Mil.
Total Assets was 円152,256 Mil.
Property, Plant and Equipment(Net PPE) was 円64,540 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,937 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円19,844 Mil.
Long-Term Debt & Capital Lease Obligation was 円12,900 Mil.
Net Income was 円14,312 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円24,794 Mil.

Total Receivables was 円16,046 Mil.
Revenue was 円69,502 Mil.
Gross Profit was 円25,971 Mil.
Total Current Assets was 円67,052 Mil.
Total Assets was 円141,502 Mil.
Property, Plant and Equipment(Net PPE) was 円66,983 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,309 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円18,490 Mil.
Long-Term Debt & Capital Lease Obligation was 円16,900 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)
	=	(16626.358 / 76926.023)	/	(16046.056 / 69501.527)
	=	0.216134	/	0.230873
	=	0.9362

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)
	=	(25971.154 / 69501.527)	/	(29317.386 / 76926.023)
	=	0.373677	/	0.381111
	=	0.9805

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 - (78476.053 + 64540.33) / 152256.278)	/	(1 - (67052.435 + 66982.585) / 141502.071)
	=	0.060686	/	0.05277
	=	1.15

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
	=	76926.023	/	69501.527
	=	1.1068

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))
	=	(8309.318 / (8309.318 + 66982.585))	/	(10936.736 / (10936.736 + 64540.33))
	=	0.110361	/	0.144901
	=	0.7616

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 / 76926.023)	/	(0 / 69501.527)
	=	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)
	=	((12900 + 19844.13) / 152256.278)	/	((16900 + 18489.603) / 141502.071)
	=	0.215059	/	0.2501
	=	0.8599

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
	=	(14311.582 - 0	-	24793.525)	/	152256.278
	=	-0.068844

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.

Fuso Chemical Co has a M-score of -2.70 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 -2.70 mean?

Fuso Chemical Co (TSE:4368) has a Beneish M-Score of -2.70 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Fuso Chemical Co and its competitors. According to the industry distribution chart, Fuso Chemical Co ranks #505 out of 1530 companies in the Chemicals industry, placing it in the top 33%.

Is Fuso Chemical Co's Beneish M-Score too high?

Fuso Chemical Co's current Beneish M-Score is -2.70. Based on the distribution chart, Fuso Chemical Co ranks #505 out of 1530 companies in the Chemicals industry, which is above the industry midpoint. Overall, Fuso Chemical Co has a GF Score™ of 83/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Fuso Chemical Co's Beneish M-Score compare to DOW?

According to the Chemicals industry distribution chart, Fuso Chemical Co ranks #505 out of 1530 companies for Beneish M-Score. This puts Fuso Chemical 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 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 Fuso Chemical Co and its competitors. Fuso Chemical Co's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fuso Chemical Co stock overvalued right now?

Based on GuruFocus' analysis, Fuso Chemical Co (TSE:4368) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,740.32, compared to a current price of 円4,815.00 — trading 176.7% above its estimated fair value. The current Beneish M-Score is -2.70. Fuso Chemical Co's overall GF Score™ is 83/100 with 8 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 Fuso Chemical Co (TSE:4368), the current Beneish M-Score is -2.70 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 Fuso Chemical Co (TSE:4368) Overvalued in 2026?

Based on GuruFocus' analysis, Fuso Chemical Co stock appears to be overvalued. The current stock price of 円4,815.00 is trading 176.7% above its estimated GF Value™ of 円1,740.32. GuruFocus considers Fuso Chemical Co to be Significantly Overvalued.

Key valuation signals for TSE:4368:

Beneish M-Score: -2.70
GF Value™: 円1,740.32 vs. price of 円4,815.00 (176.7% above fair value)
GF Score™: 83/100 with 8 warning signs

No single metric tells the full story. See the TSE:4368 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fuso Chemical Co Business Description

Industry Basic Materials Chemicals

Comparable Companies TSE:3405 TSE:4061 TSE:4272 TSE:4114 TSE:4041 TSE:4970 TSE:4189 TSE:4220 TSE:4042 TSE:5013 TSE:4063 XTER:BAS SAU:2010 SHSE:600989 DOW TSE:4004 SZSE:002460 XKRX:051910 SZSE:000408 SHSE:600346

Address 4-10-3 Koraibashi, Nissei Fushimicho Building New Building 5th Floor, Chuo-ku, Osaka, JPN, 541-0043

Website http://www.fusokk.co.jp

Fuso Chemical Co Ltd is a Japan-based company which is mainly engaged in the life science business and the electronic material and functional chemical business. It is involved in the manufacturing and selling of fruit acids, including apple acids, gluconic acid and citric acids, as well as application development products. It also provides electronic materials, including high-purity spherical silica; functional chemicals, including plastic, paint additives and resin additives, as well as fine chemicals.

83GF Score

Get the complete analysis for TSE:4368

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

円4,815.00

Price

円1,740.32

GF Value

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