True Data (TSE:4416) Beneish M-Score: -2.64 (As of Jul. 12, 2026)


TSE:4416 True Data Inc TSE:4416
65 GF Score
Price 円462.00
GF Value 円647.97
Valuation Modestly Undervalued
View Full Analysis

What is True Data Beneish M-Score?

True Data TSE:4416 +3.82% 65 Beneish M-Score is -2.64 as of Jul. 12, 2026. GuruFocus rates TSE:4416 with a GF Score™ of 65/100 and a GF Value™ of 円647.97 (Modestly Undervalued). Among 2,631 Software companies, True Data ranks better than 57.01% 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 True Data's Beneish M-Score or its related term are showing as below:

TSE:4416' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.7   Max: -2.28
Current: -2.64

During the past 7 years, the highest Beneish M-Score of True Data was -2.28. The lowest was -2.94. And the median was -2.70.

True Data Beneish M-Score Historical Data

* Premium members only.

The historical data trend for True Data'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.

True Data Beneish M-Score Chart

True Data Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -2.76 -2.94 -2.70 -2.28 -2.64

True Data 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 -2.70 0.00 -2.28 0.00 -2.64

TSE:4416 vs UBER, SHOP, CRM: Beneish M-Score Comparison

For the Software - Application subindustry, True Data'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.

True Data Beneish M-Score vs Software Industry

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

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


TSE:4416
65GF Score
True Data Inc TSE:4416
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

True Data 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 True Data 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 * 1.1+0.528 * 1.0267+0.404 * 0.8802+0.892 * 1.2034+0.115 * 0.8964
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.070755-0.327 * 1.1703
=-2.64

* 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259 Mil.
Revenue was 円1,870 Mil.
Gross Profit was 円1,049 Mil.
Total Current Assets was 円1,315 Mil.
Total Assets was 円1,534 Mil.
Property, Plant and Equipment(Net PPE) was 円27 Mil.
Depreciation, Depletion and Amortization(DDA) was 円66 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円366 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円81 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円189 Mil.
 Total Receivables was 円196 Mil.
Revenue was 円1,554 Mil.
Gross Profit was 円895 Mil.
Total Current Assets was 円1,142 Mil.
Total Assets was 円1,363 Mil.
Property, Plant and Equipment(Net PPE) was 円27 Mil.
Depreciation, Depletion and Amortization(DDA) was 円47 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円278 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)
=(259.266 / 1870.468) / (195.859 / 1554.285)
=0.13861 / 0.126012
=1.1

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)
=(894.843 / 1554.285) / (1048.904 / 1870.468)
=0.575726 / 0.560771
=1.0267

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 - (1315.188 + 26.892) / 1534.079) / (1 - (1142.272 + 26.62) / 1362.64)
=0.125156 / 0.142186
=0.8802

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
=1870.468 / 1554.285
=1.2034

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))
=(46.597 / (46.597 + 26.62)) / (65.829 / (65.829 + 26.892))
=0.636423 / 0.709969
=0.8964

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 / 1870.468) / (0 / 1554.285)
=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 + 366.305) / 1534.079) / ((0 + 278.021) / 1362.64)
=0.238778 / 0.204031
=1.1703

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
=(80.508 - 0 - 189.052) / 1534.079
=-0.070755

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.

True Data 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?
True Data (TSE:4416) has a Beneish M-Score of -2.64 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on True Data and its competitors. According to the industry distribution chart, True Data ranks #1131 out of 2631 companies in the Software industry, placing it in the top 43%.
Is True Data's Beneish M-Score too high?
True Data's current Beneish M-Score is -2.64. Based on the distribution chart, True Data ranks #1131 out of 2631 companies in the Software industry, which is above the industry midpoint. Overall, True Data has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does True Data's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, True Data ranks #1131 out of 2631 companies for Beneish M-Score. This puts True Data 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 True Data and its competitors. True Data'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 True Data stock overvalued right now?
Based on GuruFocus' analysis, True Data (TSE:4416) is currently considered Modestly Undervalued. The stock's GF Value™ is 円647.97, compared to a current price of 円462.00 — trading 28.7% below its estimated fair value. The current Beneish M-Score is -2.64. True Data's overall GF Score™ is 65/100. 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 True Data (TSE:4416), the current Beneish M-Score is -2.64 as of Jul. 12, 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 True Data (TSE:4416) Overvalued in 2026?

Based on GuruFocus' analysis, True Data stock appears to be undervalued. The current stock price of 円462.00 is trading 28.7% below its estimated GF Value™ of 円647.97. GuruFocus considers True Data to be Modestly Undervalued.

Key valuation signals for TSE:4416:

  • Beneish M-Score: -2.64
  • GF Value™: 円647.97 vs. price of 円462.00 (28.7% below fair value)
  • GF Score™: 65/100

No single metric tells the full story. See the TSE:4416 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

True Data Business Description

Address 1-10-11 Shibadaimon, 4th Floor, Daimon Center Building, Minato-ku, Tokyo, JPN, 105?0012
True Data Inc operates a big data platform based on the data generated daily from consumer purchasing behavior. The company deals with POS data with customer IDs from drug stores, supermarkets, and other retailers, and provides analysis and disclosure support tools using such data, as well as other services related to data marketing. Its services are divided into solutions for manufacturers, retailers, and all industries. In the solutions for manufacturers, it provides services such as Eagle Eye, Dolphin Eye, and POS Analysis Cloud. In the solutions for retailers, it offers services such as Shopping Scan, and for all industries, it provides data and analysis reports related to consumer purchases, data utilization support services such as AI, and other related services.
65GF Score

Get the complete analysis for TSE:4416

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

円462.00
Price
円647.97
GF Value