Eiken Chemical Co (TSE:4549) Beneish M-Score: -2.59 (As of Jun. 26, 2026)


TSE:4549 Eiken Chemical Co Ltd TSE:4549
81 GF Score
Price 円2,489.00
GF Value 円2,477.93
Valuation Fairly Valued
! 4 Warning Signs
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What is Eiken Chemical Co Beneish M-Score?

Eiken Chemical Co TSE:4549 -1.46% 81 Beneish M-Score is -2.59 as of Jun. 26, 2026. GuruFocus rates TSE:4549 with a GF Score™ of 81/100 and a GF Value™ of 円2,477.93 (Fairly Valued). The stock has 4 warning signs investors should review. Among 766 Medical Devices & Instruments companies, Eiken Chemical Co ranks better than 51.04% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4549' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79   Med: -2.64   Max: -2.24
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Eiken Chemical Co was -2.24. The lowest was -2.79. And the median was -2.64.

Eiken Chemical Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Eiken 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.

Eiken Chemical Co Beneish M-Score Chart

Eiken Chemical Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.76 -2.68 -2.56 -2.75 -2.59

Eiken Chemical 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.75 0.00 0.00 0.00 -2.59

TSE:4549 vs ABT, SYK, MDT: Beneish M-Score Comparison

For the Medical Devices subindustry, Eiken 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.

Eiken Chemical Co Beneish M-Score vs Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Eiken Chemical Co's Beneish M-Score distribution charts can be found below:

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


TSE:4549
81GF Score
Eiken Chemical Co Ltd TSE:4549
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Eiken 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 Eiken Chemical 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 * 0.9008+0.528 * 1.0551+0.404 * 0.831+0.892 * 1.0335+0.115 * 1.056
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.005378-0.327 * 0.9847
=-2.59

* 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10,168 Mil.
Revenue was 円41,899 Mil.
Gross Profit was 円16,175 Mil.
Total Current Assets was 円32,040 Mil.
Total Assets was 円62,657 Mil.
Property, Plant and Equipment(Net PPE) was 円23,338 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,536 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円14,636 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,580 Mil.
Net Income was 円3,708 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円4,045 Mil.
 Total Receivables was 円10,921 Mil.
Revenue was 円40,539 Mil.
Gross Profit was 円16,512 Mil.
Total Current Assets was 円31,532 Mil.
Total Assets was 円62,372 Mil.
Property, Plant and Equipment(Net PPE) was 円22,121 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,554 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円14,376 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,038 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)
=(10168 / 41899) / (10921 / 40539)
=0.242679 / 0.269395
=0.9008

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)
=(16512 / 40539) / (16175 / 41899)
=0.407311 / 0.386047
=1.0551

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 - (32040 + 23338) / 62657) / (1 - (31532 + 22121) / 62372)
=0.116172 / 0.13979
=0.831

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
=41899 / 40539
=1.0335

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))
=(2554 / (2554 + 22121)) / (2536 / (2536 + 23338))
=0.103506 / 0.098013
=1.056

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 / 41899) / (0 / 40539)
=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)
=((3580 + 14636) / 62657) / ((4038 + 14376) / 62372)
=0.290726 / 0.295229
=0.9847

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
=(3708 - 0 - 4045) / 62657
=-0.005378

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.

Eiken Chemical Co has a M-score of -2.59 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 -2.59 mean?
Eiken Chemical Co (TSE:4549) has a Beneish M-Score of -2.59 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eiken Chemical Co and its competitors. According to the industry distribution chart, Eiken Chemical Co ranks #375 out of 766 companies in the Medical Devices & Instruments industry, placing it in the top 49%.
Is Eiken Chemical Co's Beneish M-Score too high?
Eiken Chemical Co's current Beneish M-Score is -2.59. Based on the distribution chart, Eiken Chemical Co ranks #375 out of 766 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Eiken Chemical Co has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Eiken Chemical Co's Beneish M-Score compare to ABT and SYK?
According to the Medical Devices & Instruments industry distribution chart, Eiken Chemical Co ranks #375 out of 766 companies for Beneish M-Score. This puts Eiken 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 Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 Eiken Chemical Co and its competitors. Eiken Chemical Co's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eiken Chemical Co stock overvalued right now?
Based on GuruFocus' analysis, Eiken Chemical Co (TSE:4549) is currently considered Fairly Valued. The stock's GF Value™ is 円2,477.93, compared to a current price of 円2,489.00 — trading 0.4% above its estimated fair value. The current Beneish M-Score is -2.59. Eiken Chemical Co's overall GF Score™ is 81/100 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 Eiken Chemical Co (TSE:4549), the current Beneish M-Score is -2.59 as of Jun. 26, 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 Eiken Chemical Co (TSE:4549) Overvalued in 2026?

Based on GuruFocus' analysis, Eiken Chemical Co stock appears to be overvalued. The current stock price of 円2,489.00 is trading 0.4% above its estimated GF Value™ of 円2,477.93. GuruFocus considers Eiken Chemical Co to be Fairly Valued.

Key valuation signals for TSE:4549:

  • Beneish M-Score: -2.59
  • GF Value™: 円2,477.93 vs. price of 円2,489.00 (0.4% above fair value)
  • GF Score™: 81/100 with 4 warning signs

No single metric tells the full story. See the TSE:4549 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Eiken Chemical Co Business Description

Address 4-19-9 Taito, Taito-ku, Tokyo, JPN, 110-8408
Eiken Chemical Co Ltd is a Japan-based company. It manufactures and sells clinical diagnostics and equipment. The company is engaged in processing, manufacture, purchase and sale of test agents, property and casualty insurance agency business. It as a general manufacturer of clinical diagnostics offers a wide range of in vitro diagnostic aids for all fields of medicine. Its major products include the Fecal immunochemical test, Molecular Genetics (LAMP), Microbiology, among many others.
81GF Score

Get the complete analysis for TSE:4549

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

円2,489.00
Price
円2,477.93
GF Value