Cinc (TSE:4378) Beneish M-Score: -2.55 (As of Jul. 11, 2026)


TSE:4378 Cinc Corp TSE:4378
73 GF Score
Price 円537.00
GF Value 円763.36
Valuation Possible Value Trap
! 4 Warning Signs
View Full Analysis

What is Cinc Beneish M-Score?

Cinc TSE:4378 +3.47% 73 Beneish M-Score is -2.55 as of Jul. 11, 2026. GuruFocus rates TSE:4378 with a GF Score™ of 73/100 and a GF Value™ of 円763.36 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 2,627 Software companies, Cinc ranks better than 50.48% 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4378' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.38   Max: -1.84
Current: -2.55

During the past 7 years, the highest Beneish M-Score of Cinc was -1.84. The lowest was -2.81. And the median was -2.38.

Cinc Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cinc'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.

Cinc Beneish M-Score Chart

Cinc Annual Data
Trend Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial -2.38 -1.84 -2.20 -2.81 -2.55

Cinc Semi-Annual Data
Oct19 Oct20 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25 Apr26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.81 0.00 -2.55 0.00

TSE:4378 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Cinc'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.

Cinc Beneish M-Score vs Software Industry

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

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


TSE:4378
73GF Score
Cinc Corp TSE:4378
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cinc 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 Cinc 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 * 0.9896+0.528 * 1.0448+0.404 * 1.1218+0.892 * 0.9192+0.115 * 1.036
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.008254-0.327 * 1.0917
=-2.55

* 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 (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was 円170 Mil.
Revenue was 円1,825 Mil.
Gross Profit was 円1,158 Mil.
Total Current Assets was 円1,071 Mil.
Total Assets was 円1,380 Mil.
Property, Plant and Equipment(Net PPE) was 円182 Mil.
Depreciation, Depletion and Amortization(DDA) was 円53 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円291 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円-153 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-141 Mil.
 Total Receivables was 円186 Mil.
Revenue was 円1,985 Mil.
Gross Profit was 円1,316 Mil.
Total Current Assets was 円1,580 Mil.
Total Assets was 円1,911 Mil.
Property, Plant and Equipment(Net PPE) was 円174 Mil.
Depreciation, Depletion and Amortization(DDA) was 円54 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円369 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)
=(169.546 / 1824.903) / (186.391 / 1985.268)
=0.092907 / 0.093887
=0.9896

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)
=(1316.358 / 1985.268) / (1158.092 / 1824.903)
=0.663063 / 0.634605
=1.0448

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 - (1071.28 + 181.639) / 1380.111) / (1 - (1579.774 + 173.831) / 1910.567)
=0.092161 / 0.082155
=1.1218

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
=1824.903 / 1985.268
=0.9192

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))
=(53.593 / (53.593 + 173.831)) / (53.478 / (53.478 + 181.639))
=0.235652 / 0.227453
=1.036

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 / 1824.903) / (0 / 1985.268)
=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 + 290.682) / 1380.111) / ((0 + 368.602) / 1910.567)
=0.210622 / 0.192928
=1.0917

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
=(-152.586 - 0 - -141.195) / 1380.111
=-0.008254

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.

Cinc has a M-score of -2.55 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 -2.55 mean?
Cinc (TSE:4378) has a Beneish M-Score of -2.55 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cinc and its competitors. According to the industry distribution chart, Cinc ranks #1301 out of 2627 companies in the Software industry, placing it in the top 49.5%.
Is Cinc's Beneish M-Score too high?
Cinc's current Beneish M-Score is -2.55. Based on the distribution chart, Cinc ranks #1301 out of 2627 companies in the Software industry, which is above the industry midpoint. Overall, Cinc has a GF Score™ of 73/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Cinc's Beneish M-Score compare to MSFT and ORCL?
According to the Software industry distribution chart, Cinc ranks #1301 out of 2627 companies for Beneish M-Score. This puts Cinc 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 Cinc and its competitors. Cinc's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cinc stock overvalued right now?
Based on GuruFocus' analysis, Cinc (TSE:4378) is currently considered Possible Value Trap. The stock's GF Value™ is 円763.36, compared to a current price of 円537.00 — trading 29.7% below its estimated fair value. The current Beneish M-Score is -2.55. Cinc's overall GF Score™ is 73/100 with 4 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 Cinc (TSE:4378), the current Beneish M-Score is -2.55 as of Jul. 11, 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 Cinc (TSE:4378) Overvalued in 2026?

Based on GuruFocus' analysis, Cinc stock appears to be undervalued. The current stock price of 円537.00 is trading 29.7% below its estimated GF Value™ of 円763.36. GuruFocus considers Cinc to be Possible Value Trap.

Key valuation signals for TSE:4378:

  • Beneish M-Score: -2.55
  • GF Value™: 円763.36 vs. price of 円537.00 (29.7% below fair value)
  • GF Score™: 73/100 with 4 warning signs

No single metric tells the full story. See the TSE:4378 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Cinc Business Description

Address 1-9-13 Akasaka, Minato-ku, Tokyo, JPN, 107-0052
Cinc Corp develop and provide SaaS products using natural language processing technology and artificial intelligence, and provide consulting services based on big data.
73GF Score

Get the complete analysis for TSE:4378

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

円537.00
Price
円763.36
GF Value