Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
EM Systems CoTSE:4820 +1.37%69 Beneish M-Score is -2.38 as of Jul. 15, 2026. GuruFocus rates TSE:4820 with a GF Score™ of 69/100 and a GF Value™ of 円752.80 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 630 Healthcare Providers & Services companies, EM Systems Co ranks worse than 66.35% 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 EM Systems Co's Beneish M-Score or its related term are showing as below:
TSE:4820'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.44 Max: -2.25
Current: -2.38
During the past 13 years, the highest Beneish M-Score of EM Systems Co was -2.25. The lowest was -2.78. And the median was -2.44.
EM Systems Co Beneish M-Score Related Terms
EM Systems Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for EM Systems 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.
TSE:4820 vs VEEV, BTSG, TEM: Beneish M-Score Comparison
For the Health Information Services subindustry, EM Systems 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.
EM Systems Co Beneish M-Score vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, EM Systems Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EM Systems Co's Beneish M-Score falls into.
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 EM Systems 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 * 0.7843
+
0.528 * 1.0874
+
0.404 * 1.257
+
0.892 * 0.9525
+
0.115 * 1.1573
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0004
+
4.679 * 0.016142
-
0.327 * 0.6898
=
-2.38
* 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.
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.
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))
=
(1564 / (1564 + 1407))
/
(1295 / (1295 + 1552))
=
0.526422
/
0.454865
=
1.1573
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
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
=
(2452 - 0
-
2008)
/
27506
=
0.016142
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.
EM Systems Co has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
EM Systems Co (TSE:4820) has a Beneish M-Score of -2.38 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on EM Systems Co and its competitors. According to the industry distribution chart, EM Systems Co ranks #418 out of 630 companies in the Healthcare Providers & Services industry, placing it in the top 66.3%.
Is EM Systems Co's Beneish M-Score too high?
EM Systems Co's current Beneish M-Score is -2.38. Based on the distribution chart, EM Systems Co ranks #418 out of 630 companies in the Healthcare Providers & Services industry, which is below the industry midpoint. Overall, EM Systems Co has a GF Score™ of 69/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does EM Systems Co's Beneish M-Score compare to VEEV and BTSG?
According to the Healthcare Providers & Services industry distribution chart, EM Systems Co ranks #418 out of 630 companies for Beneish M-Score. This places EM Systems 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 Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services 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 EM Systems Co and its competitors. EM Systems 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 EM Systems Co stock overvalued right now?
Based on GuruFocus' analysis, EM Systems Co (TSE:4820) is currently considered Significantly Undervalued. The stock's GF Value™ is 円752.80, compared to a current price of 円517.00 — trading 31.3% below its estimated fair value. The current Beneish M-Score is -2.38. EM Systems Co's overall GF Score™ is 69/100 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 EM Systems Co (TSE:4820), the current Beneish M-Score is -2.38 as of Jul. 15, 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 EM Systems Co (TSE:4820) Overvalued in 2026?
Based on GuruFocus' analysis, EM Systems Co stock appears to be undervalued.
The current stock price of 円517.00 is trading 31.3% below its estimated GF Value™ of 円752.80.
GuruFocus considers EM Systems Co to be Significantly Undervalued.
Key valuation signals for TSE:4820:
Beneish M-Score: -2.38
GF Value™: 円752.80 vs. price of 円517.00 (31.3% below fair value)
No single metric tells the full story. See the TSE:4820 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
EM Systems Co Ltd is a Japan-based company that develops, sells, and maintains systems for the medical (clinics and insurance pharmacies) and nursing/welfare industries. It operates its business in three divisions: Pharmacy System Business develops and sells systems for pharmacies, and provides related supplies and maintenance services; Medical system involved in the development and sales of medical office administration computer systems for medical institutions and clinics; Nursing Care/Welfare Systems Business products are systems for nursing care/welfare service providers and medical and nursing care collaboration solutions; Other businesses operates through its subsidiray that provides promotes cashless payments for clinics and pharmacies and Others services.
69GF Score
Get the complete analysis for TSE:4820
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:4820 has been successfully added to your 
