Eisai Co (TSE:4523) Beneish M-Score: -2.50 (As of Jun. 29, 2026)

What is Eisai Co Beneish M-Score?

Eisai Co TSE:4523 +3.86% 64 Beneish M-Score is -2.50 as of Jun. 29, 2026. GuruFocus rates TSE:4523 with a GF Score™ of 64/100 and a GF Value™ of 円5,703.17 (Significantly Undervalued). The stock has 7 warning signs investors should review. Among 908 Drug Manufacturers companies, Eisai Co ranks worse than 50.11% 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4523' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.54 Max: -2.23
Current: -2.5

During the past 13 years, the highest Beneish M-Score of Eisai Co was -2.23. The lowest was -2.98. And the median was -2.54.

Eisai Co Beneish M-Score Related Terms

Eisai Co Beneish M-Score Historical Data

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The historical data trend for Eisai 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.

Eisai Co Beneish M-Score Chart

Eisai Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.61

-2.30

-2.43

-2.45

-2.50

Eisai 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															-2.45	-2.45	-2.41	-2.61	-2.50

TSE:4523 vs ZTS, UTHR: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Eisai 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.

Eisai Co Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Eisai Co's Beneish M-Score distribution charts can be found below:

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

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64GF Score

Eisai Co Ltd TSE:4523

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

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Eisai 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 Eisai 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 * 0.9868

0.528 * 1.0232

0.404 * 1.0058

0.892 * 1.0456

0.115 * 1.0222

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0204

4.679 * -0.01571

0.327 * 0.9627

-2.50

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円227,002 Mil.
Revenue was 205428 + 219937 + 197362 + 202651 = 円825,378 Mil.
Gross Profit was 153413 + 168853 + 151838 + 160051 = 円634,155 Mil.
Total Current Assets was 円761,637 Mil.
Total Assets was 円1,449,113 Mil.
Property, Plant and Equipment(Net PPE) was 円161,042 Mil.
Depreciation, Depletion and Amortization(DDA) was 円39,550 Mil.
Selling, General, & Admin. Expense(SGA) was 円435,285 Mil.
Total Current Liabilities was 円340,254 Mil.
Long-Term Debt & Capital Lease Obligation was 円134,777 Mil.
Net Income was -3249 + 17178 + 10154 + 14475 = 円38,558 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 4093 + 34957 + 21179 + 1094 = 円61,323 Mil.

Total Receivables was 円220,022 Mil.
Revenue was 188236 + 216141 + 195994 + 189029 = 円789,400 Mil.
Gross Profit was 147633 + 170206 + 153482 + 149272 = 円620,593 Mil.
Total Current Assets was 円727,659 Mil.
Total Assets was 円1,386,547 Mil.
Property, Plant and Equipment(Net PPE) was 円158,088 Mil.
Depreciation, Depletion and Amortization(DDA) was 円39,906 Mil.
Selling, General, & Admin. Expense(SGA) was 円407,983 Mil.
Total Current Liabilities was 円372,294 Mil.
Long-Term Debt & Capital Lease Obligation was 円99,832 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)
	=	(227002 / 825378)	/	(220022 / 789400)
	=	0.275028	/	0.278721
	=	0.9868

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)
	=	(620593 / 789400)	/	(634155 / 825378)
	=	0.786158	/	0.768321
	=	1.0232

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 - (761637 + 161042) / 1449113)	/	(1 - (727659 + 158088) / 1386547)
	=	0.36328	/	0.361185
	=	1.0058

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
	=	825378	/	789400
	=	1.0456

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))
	=	(39906 / (39906 + 158088))	/	(39550 / (39550 + 161042))
	=	0.201552	/	0.197166
	=	1.0222

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)
	=	(435285 / 825378)	/	(407983 / 789400)
	=	0.527377	/	0.516827
	=	1.0204

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)
	=	((134777 + 340254) / 1449113)	/	((99832 + 372294) / 1386547)
	=	0.327808	/	0.340505
	=	0.9627

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
	=	(38558 - 0	-	61323)	/	1449113
	=	-0.01571

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.

Eisai Co has a M-score of -2.50 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 -2.50 mean?

Eisai Co (TSE:4523) has a Beneish M-Score of -2.50 as of Jun. 29, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eisai Co and its competitors. According to the industry distribution chart, Eisai Co ranks #455 out of 908 companies in the Drug Manufacturers industry, placing it in the top 50.1%.

Is Eisai Co's Beneish M-Score too high?

Eisai Co's current Beneish M-Score is -2.50. Based on the distribution chart, Eisai Co ranks #455 out of 908 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, Eisai Co has a GF Score™ of 64/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Eisai Co's Beneish M-Score compare to ZTS and UTHR?

According to the Drug Manufacturers industry distribution chart, Eisai Co ranks #455 out of 908 companies for Beneish M-Score. This places Eisai Co in the lower 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 Drug Manufacturers company?

A good Beneish M-Score depends on the Drug Manufacturers 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 Eisai Co and its competitors. Eisai Co's current Beneish M-Score is -2.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Eisai Co stock overvalued right now?

Based on GuruFocus' analysis, Eisai Co (TSE:4523) is currently considered Significantly Undervalued. The stock's GF Value™ is 円5,703.17, compared to a current price of 円4,145.00 — trading 27.3% below its estimated fair value. The current Beneish M-Score is -2.50. Eisai Co's overall GF Score™ is 64/100 with 7 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 Eisai Co (TSE:4523), the current Beneish M-Score is -2.50 as of Jun. 29, 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 Eisai Co (TSE:4523) Overvalued in 2026?

Based on GuruFocus' analysis, Eisai Co stock appears to be undervalued. The current stock price of 円4,145.00 is trading 27.3% below its estimated GF Value™ of 円5,703.17. GuruFocus considers Eisai Co to be Significantly Undervalued.

Key valuation signals for TSE:4523:

Beneish M-Score: -2.50
GF Value™: 円5,703.17 vs. price of 円4,145.00 (27.3% below fair value)
GF Score™: 64/100 with 7 warning signs

No single metric tells the full story. See the TSE:4523 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Eisai Co Business Description

Industry Healthcare Drug Manufacturers

Comparable Companies TSE:4151 TSE:4506 TSE:4540 TSE:4516 TSE:4887 TSE:4553 TSE:4547 TSE:4521 TSE:4534 TSE:4559 XTER:MRK XSWX:GALD TSE:4502 SHSE:600276 NSE:SUNPHARMA LSE:HLN XTAE:TEVA XSWX:SDZ ZTS UTHR

Other Exchanges ESAIY:USA ESALF:USA EII:Germany

Address 4-6-10 Koishikawa, Bunkyo-ku, Tokyo, JPN, 112-8088

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

Eisai Co Ltd is a specialty and generic drug manufacturing company. The company's business consists of research and development, manufacturing, sales, import, and export of pharmaceuticals. The pharmaceutical business is categorized by region, including East Asia & Global South; Europe, Middle East, Africa, Russia, Oceania (EMEA); Americas; China; and Japan. The company also reports a consumer healthcare business for Japan. The vast majority of the company's revenue is derived from its American pharmaceutical business, followed by its Japanese pharmaceuticals segment. The company utilizes licensing strategies in order to expand its research, development, manufacturing, and marketing capabilities.

64GF Score

Get the complete analysis for TSE:4523

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

円4,145.00

Price

円5,703.17

GF Value

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