Nicca Chemical Co (TSE:4463) Beneish M-Score: -2.73 (As of Jul. 12, 2026)

What is Nicca Chemical Co Beneish M-Score?

Nicca Chemical Co TSE:4463 +0.71% 66 Beneish M-Score is -2.73 as of Jul. 12, 2026. GuruFocus rates TSE:4463 with a GF Score™ of 66/100 and a GF Value™ of 円1,221.58 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,525 Chemicals companies, Nicca Chemical Co ranks better than 69.77% 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4463' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.6 Max: -2.36
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Nicca Chemical Co was -2.36. The lowest was -3.04. And the median was -2.60.

Nicca Chemical Co Beneish M-Score Related Terms

Nicca Chemical Co Beneish M-Score Historical Data

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The historical data trend for Nicca 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.

Nicca Chemical Co Beneish M-Score Chart

Nicca Chemical Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.52

-2.36

-2.60

-2.70

-2.73

Nicca Chemical Co Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.60	0.00	-2.70	0.00	-2.73

TSE:4463 vs DOW: Beneish M-Score Comparison

For the Chemicals subindustry, Nicca 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.

Nicca Chemical Co Beneish M-Score vs Chemicals Industry

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

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

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66GF Score

Nicca Chemical Co Ltd TSE:4463

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

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Nicca 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 Nicca 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 * 0.9679

0.528 * 0.9835

0.404 * 0.9558

0.892 * 1.0297

0.115 * 1.4252

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.042646

0.327 * 1.2154

-2.73

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was 円11,955 Mil.
Revenue was 円55,705 Mil.
Gross Profit was 円20,197 Mil.
Total Current Assets was 円35,715 Mil.
Total Assets was 円74,052 Mil.
Property, Plant and Equipment(Net PPE) was 円33,635 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,128 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円22,983 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,866 Mil.
Net Income was 円2,384 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円5,542 Mil.

Total Receivables was 円11,996 Mil.
Revenue was 円54,099 Mil.
Gross Profit was 円19,291 Mil.
Total Current Assets was 円34,221 Mil.
Total Assets was 円62,366 Mil.
Property, Plant and Equipment(Net PPE) was 円24,002 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,224 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円17,143 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,234 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)
	=	(11955 / 55705)	/	(11996 / 54099)
	=	0.214613	/	0.221742
	=	0.9679

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)
	=	(19291 / 54099)	/	(20197 / 55705)
	=	0.356587	/	0.362571
	=	0.9835

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 - (35715 + 33635) / 74052)	/	(1 - (34221 + 24002) / 62366)
	=	0.063496	/	0.06643
	=	0.9558

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
	=	55705	/	54099
	=	1.0297

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))
	=	(2224 / (2224 + 24002))	/	(2128 / (2128 + 33635))
	=	0.084801	/	0.059503
	=	1.4252

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 / 55705)	/	(0 / 54099)
	=	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)
	=	((7866 + 22983) / 74052)	/	((4234 + 17143) / 62366)
	=	0.416586	/	0.342767
	=	1.2154

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
	=	(2384 - 0	-	5542)	/	74052
	=	-0.042646

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.

Nicca Chemical Co has a M-score of -2.73 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 -2.73 mean?

Nicca Chemical Co (TSE:4463) has a Beneish M-Score of -2.73 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nicca Chemical Co and its competitors. According to the industry distribution chart, Nicca Chemical Co ranks #461 out of 1525 companies in the Chemicals industry, placing it in the top 30.2%.

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

Nicca Chemical Co's current Beneish M-Score is -2.73. Based on the distribution chart, Nicca Chemical Co ranks #461 out of 1525 companies in the Chemicals industry, which is above the industry midpoint. Overall, Nicca Chemical Co has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

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

According to the Chemicals industry distribution chart, Nicca Chemical Co ranks #461 out of 1525 companies for Beneish M-Score. This puts Nicca 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 Nicca Chemical Co and its competitors. Nicca Chemical Co's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Nicca Chemical Co stock overvalued right now?

Based on GuruFocus' analysis, Nicca Chemical Co (TSE:4463) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,221.58, compared to a current price of 円1,712.00 — trading 40.1% above its estimated fair value. The current Beneish M-Score is -2.73. Nicca Chemical Co's overall GF Score™ is 66/100 with 3 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 Nicca Chemical Co (TSE:4463), the current Beneish M-Score is -2.73 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 Nicca Chemical Co (TSE:4463) Overvalued in 2026?

Based on GuruFocus' analysis, Nicca Chemical Co stock appears to be overvalued. The current stock price of 円1,712.00 is trading 40.1% above its estimated GF Value™ of 円1,221.58. GuruFocus considers Nicca Chemical Co to be Significantly Overvalued.

Key valuation signals for TSE:4463:

Beneish M-Score: -2.73
GF Value™: 円1,221.58 vs. price of 円1,712.00 (40.1% above fair value)
GF Score™: 66/100 with 3 warning signs

No single metric tells the full story. See the TSE:4463 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nicca Chemical Co Business Description

Industry Basic Materials Chemicals

Comparable Companies TSE:8158 TSE:3553 TSE:4366 TSE:5013 TSE:5142 TSE:4093 TSE:4025 TSE:9227 TSE:5729 TSE:6568 TSE:4063 XTER:BAS SAU:2010 SZSE:002080 SHSE:600989 DOW SHSE:600160 TSE:4004 SHSE:600346 SZSE:002460

Address 23-1, Bunkyo 4-chome, Fukui, JPN, 910-8670

Website https://www.nicca.co.jp

Nicca Chemical Co Ltd is engaged in the chemical business. It manufactures and sells surfactants for the textile chemicals, metals, pulp and paper, paints, dyes, and synthetic resins, cosmetics, and pharmaceutical products. It also offers a range of surfactants for dry cleaning and professional cleaning agents. The company's segment includes Chemicals and Cosmetics. The company generates the majority of its revenue from Chemicals.

66GF Score

Get the complete analysis for TSE:4463

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

円1,712.00

Price

円1,221.58

GF Value

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