Aitel Co (TSE:444A) Beneish M-Score: -2.76 (As of Jun. 28, 2026)


TSE:444A Aitel Co Ltd TSE:444A
20 GF Score
Price 円1,945.00
! 1 Warning Sign
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What is Aitel Co Beneish M-Score?

Aitel Co TSE:444A 20 Beneish M-Score is -2.76 as of Jun. 28, 2026. GuruFocus rates TSE:444A with a GF Score™ of 20/100. The stock has 1 warning sign investors should review.

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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:444A' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76   Med: -2.76   Max: -2.76
Current: -2.76

During the past 3 years, the highest Beneish M-Score of Aitel Co was -2.76. The lowest was -2.76. And the median was -2.76.

Aitel Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Aitel 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.

Aitel Co Beneish M-Score Chart

Aitel Co Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.76

Aitel Co Semi-Annual Data
Dec23 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 -2.76

TSE:444A vs ORLY, AZO, GPC: Beneish M-Score Comparison

For the Auto Parts subindustry, Aitel 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.

Aitel Co Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Aitel Co's Beneish M-Score distribution charts can be found below:

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


TSE:444A
20GF Score
Aitel Co Ltd TSE:444A
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Aitel 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 Aitel 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 * 0.8665+0.528 * 0.9096+0.404 * 1.1691+0.892 * 1.0648+0.115 * 1.7755
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.0731-0.327 * 0.948
=-2.76

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was 円175 Mil.
Revenue was 円2,442 Mil.
Gross Profit was 円999 Mil.
Total Current Assets was 円1,116 Mil.
Total Assets was 円1,300 Mil.
Property, Plant and Equipment(Net PPE) was 円90 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円395 Mil.
Long-Term Debt & Capital Lease Obligation was 円300 Mil.
Net Income was 円85 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円180 Mil.
 Total Receivables was 円189 Mil.
Revenue was 円2,294 Mil.
Gross Profit was 円854 Mil.
Total Current Assets was 円1,061 Mil.
Total Assets was 円1,193 Mil.
Property, Plant and Equipment(Net PPE) was 円58 Mil.
Depreciation, Depletion and Amortization(DDA) was 円13 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円373 Mil.
Long-Term Debt & Capital Lease Obligation was 円300 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)
=(174.843 / 2442.365) / (189.495 / 2293.73)
=0.071588 / 0.082614
=0.8665

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)
=(853.525 / 2293.73) / (999.179 / 2442.365)
=0.372112 / 0.409103
=0.9096

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 - (1115.647 + 90.169) / 1299.785) / (1 - (1061.077 + 58.006) / 1192.848)
=0.072296 / 0.061839
=1.1691

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
=2442.365 / 2293.73
=1.0648

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))
=(12.915 / (12.915 + 58.006)) / (10.305 / (10.305 + 90.169))
=0.182104 / 0.102564
=1.7755

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 / 2442.365) / (0 / 2293.73)
=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)
=((300.272 + 395.31) / 1299.785) / ((300.476 + 372.91) / 1192.848)
=0.535152 / 0.56452
=0.948

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
=(84.971 - 0 - 179.985) / 1299.785
=-0.0731

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.

Aitel Co has a M-score of -2.76 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 -2.76 mean?
Aitel Co (TSE:444A) has a Beneish M-Score of -2.76 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aitel Co and its competitors.
Is Aitel Co's Beneish M-Score too high?
Aitel Co's current Beneish M-Score is -2.76. Overall, Aitel Co has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does Aitel Co's Beneish M-Score compare to ORLY and AZO?
Aitel Co's Beneish M-Score of -2.76 can be compared against companies in the Vehicles & Parts 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Aitel Co and its competitors. Aitel Co's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aitel Co stock overvalued right now?
Aitel Co (TSE:444A) has a current Beneish M-Score of -2.76. The current Beneish M-Score is -2.76. Aitel Co's overall GF Score™ is 20/100 with 1 warning sign 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 Aitel Co (TSE:444A), the current Beneish M-Score is -2.76 as of Jun. 28, 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.

Aitel Co Business Description

Address 4-3-12 Miyahara, 6th floor, Shin-Osaka Meiko Building, Yodogawa-ku Osaka-shi, Osaka, JPN, 532-0003
Aitel Co Ltd is engaged in the development, sales, and installation of automotive electrical equipment. Its main customers are the imported car dealers and car leasing companies.
20GF Score

Get the complete analysis for TSE:444A

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

円1,945.00
Price