SK Kaken Co (TSE:4628) Beneish M-Score: -2.38 (As of Jun. 26, 2026)

What is SK Kaken Co Beneish M-Score?

SK Kaken Co TSE:4628 -0.64% 77 Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus rates TSE:4628 with a GF Score™ of 77/100 and a GF Value™ of 円9,406.10 (Fairly Valued). The stock has 1 warning sign investors should review. Among 1,530 Chemicals companies, SK Kaken Co ranks worse than 60.52% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4628' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72 Med: -2.51 Max: -1.36
Current: -2.38

During the past 13 years, the highest Beneish M-Score of SK Kaken Co was -1.36. The lowest was -2.72. And the median was -2.51.

SK Kaken Co Beneish M-Score Related Terms

SK Kaken Co Beneish M-Score Historical Data

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The historical data trend for SK Kaken 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.

SK Kaken Co Beneish M-Score Chart

SK Kaken Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.18

-1.36

-2.35

-2.38

SK Kaken 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															-2.38	0.00	0.00	0.00	-2.38

TSE:4628 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, SK Kaken 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.

SK Kaken Co Beneish M-Score vs Chemicals Industry

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

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

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77GF Score

SK Kaken Co Ltd TSE:4628

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

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SK Kaken 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 SK Kaken 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 * 0.9443

0.528 * 1.012

0.404 * 1.2852

0.892 * 1.0336

0.115 * 1.1366

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9814

4.679 * -0.002465

0.327 * 1.0334

-2.38

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円17,502 Mil.
Revenue was 円109,707 Mil.
Gross Profit was 円32,955 Mil.
Total Current Assets was 円137,331 Mil.
Total Assets was 円205,260 Mil.
Property, Plant and Equipment(Net PPE) was 円17,392 Mil.
Depreciation, Depletion and Amortization(DDA) was 円618 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,682 Mil.
Total Current Liabilities was 円25,827 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円12,252 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円12,758 Mil.

Total Receivables was 円17,933 Mil.
Revenue was 円106,142 Mil.
Gross Profit was 円32,268 Mil.
Total Current Assets was 円140,500 Mil.
Total Assets was 円191,106 Mil.
Property, Plant and Equipment(Net PPE) was 円13,996 Mil.
Depreciation, Depletion and Amortization(DDA) was 円568 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,644 Mil.
Total Current Liabilities was 円23,270 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)
	=	(17502 / 109707)	/	(17933 / 106142)
	=	0.159534	/	0.168953
	=	0.9443

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)
	=	(32268 / 106142)	/	(32955 / 109707)
	=	0.304008	/	0.300391
	=	1.012

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 - (137331 + 17392) / 205260)	/	(1 - (140500 + 13996) / 191106)
	=	0.24621	/	0.191569
	=	1.2852

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
	=	109707	/	106142
	=	1.0336

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))
	=	(568 / (568 + 13996))	/	(618 / (618 + 17392))
	=	0.039	/	0.034314
	=	1.1366

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)
	=	(2682 / 109707)	/	(2644 / 106142)
	=	0.024447	/	0.02491
	=	0.9814

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 + 25827) / 205260)	/	((0 + 23270) / 191106)
	=	0.125826	/	0.121765
	=	1.0334

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
	=	(12252 - 0	-	12758)	/	205260
	=	-0.002465

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.

SK Kaken Co has a M-score of -2.38 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 -2.38 mean?

SK Kaken Co (TSE:4628) has a Beneish M-Score of -2.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SK Kaken Co and its competitors. According to the industry distribution chart, SK Kaken Co ranks #926 out of 1530 companies in the Chemicals industry, placing it in the top 60.5%.

Is SK Kaken Co's Beneish M-Score too high?

SK Kaken Co's current Beneish M-Score is -2.38. Based on the distribution chart, SK Kaken Co ranks #926 out of 1530 companies in the Chemicals industry, which is below the industry midpoint. Overall, SK Kaken Co has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does SK Kaken Co's Beneish M-Score compare to LIN and SHW?

According to the Chemicals industry distribution chart, SK Kaken Co ranks #926 out of 1530 companies for Beneish M-Score. This places SK Kaken 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 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 SK Kaken Co and its competitors. SK Kaken Co's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SK Kaken Co stock overvalued right now?

Based on GuruFocus' analysis, SK Kaken Co (TSE:4628) is currently considered Fairly Valued. The stock's GF Value™ is 円9,406.10, compared to a current price of 円9,360.00 — trading 0.5% below its estimated fair value. The current Beneish M-Score is -2.38. SK Kaken Co's overall GF Score™ is 77/100 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 SK Kaken Co (TSE:4628), the current Beneish M-Score is -2.38 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 SK Kaken Co (TSE:4628) Overvalued in 2026?

Based on GuruFocus' analysis, SK Kaken Co stock appears to be undervalued. The current stock price of 円9,360.00 is trading 0.5% below its estimated GF Value™ of 円9,406.10. GuruFocus considers SK Kaken Co to be Fairly Valued.

Key valuation signals for TSE:4628:

Beneish M-Score: -2.38
GF Value™: 円9,406.10 vs. price of 円9,360.00 (0.5% below fair value)
GF Score™: 77/100 with 1 warning sign

No single metric tells the full story. See the TSE:4628 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SK Kaken Co Business Description

Industry Basic Materials Chemicals

Comparable Companies TSE:4028 TSE:4958 TSE:4369 TSE:4461 TSE:4187 TSE:4471 TSE:4023 TSE:4633 TSE:4914 TSE:3101 LIN XPAR:AI SHW ECL APD XSWX:GIVN SHSE:600309 XSWX:SIKA SZSE:002466 OCSE:NSIS B

Address 3-5-25, Nakahozumi, Ibaraki, Osaka, JPN, 567 0034

Website http://www.sk-kaken.co.jp

SK Kaken Co Ltd is a building coating manufacturer based in Japan. Its main businesses are, Decorative Coatings business which is involved in the manufacturing and sales of organic/inorganic water-based painting material, synthetic resin coating, inorganic painting material, inorganic construction materials and special finisher things; Fireproof Insulated business is engaged in the manufacturing and sales of fireproof paints and contract of fireproof, insulated construction; and Other business engages in manufacturing and sales of various transformation goods and cleaning agents.

77GF Score

Get the complete analysis for TSE:4628

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

円9,360.00

Price

円9,406.10

GF Value

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