Intelligent Wave (TSE:4847) Beneish M-Score: -3.48 (As of Jul. 09, 2026)

What is Intelligent Wave Beneish M-Score?

Intelligent Wave TSE:4847 +0.32% 83 Beneish M-Score is -3.48 as of Jul. 09, 2026. GuruFocus rates TSE:4847 with a GF Score™ of 83/100 and a GF Value™ of 円1,188.03 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 2,627 Software companies, Intelligent Wave ranks better than 87.59% 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 -3.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4847' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.73 Max: -1.77
Current: -3.48

During the past 13 years, the highest Beneish M-Score of Intelligent Wave was -1.77. The lowest was -3.48. And the median was -2.73.

Intelligent Wave Beneish M-Score Related Terms

Intelligent Wave Beneish M-Score Historical Data

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The historical data trend for Intelligent Wave'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.

Intelligent Wave Beneish M-Score Chart

Intelligent Wave Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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-2.89

-2.26

-3.24

-3.03

-3.48

Intelligent Wave 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															0.00	-3.48	0.00	0.00	0.00

TSE:4847 vs MSFT, ORCL, PLTR: Beneish M-Score Comparison

For the Software - Infrastructure subindustry, Intelligent Wave'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.

Intelligent Wave Beneish M-Score vs Software Industry

For the Software industry and Technology sector, Intelligent Wave's Beneish M-Score distribution charts can be found below:

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

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83GF Score

Intelligent Wave Inc TSE:4847

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

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Intelligent Wave 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 Intelligent Wave 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 * 0.6393

0.528 * 1.0838

0.404 * 0.991

0.892 * 1.0742

0.115 * 0.9013

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.155898

0.327 * 1.1154

-3.48

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was 円1,685 Mil.
Revenue was 円15,596 Mil.
Gross Profit was 円4,666 Mil.
Total Current Assets was 円10,461 Mil.
Total Assets was 円18,691 Mil.
Property, Plant and Equipment(Net PPE) was 円1,336 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,444 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円8,418 Mil.
Long-Term Debt & Capital Lease Obligation was 円6 Mil.
Net Income was 円1,350 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円4,264 Mil.

Total Receivables was 円2,454 Mil.
Revenue was 円14,518 Mil.
Gross Profit was 円4,708 Mil.
Total Current Assets was 円9,280 Mil.
Total Assets was 円16,848 Mil.
Property, Plant and Equipment(Net PPE) was 円1,298 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,142 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円6,807 Mil.
Long-Term Debt & Capital Lease Obligation was 円1 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)
	=	(1685.113 / 15596.131)	/	(2453.677 / 14518.292)
	=	0.108047	/	0.169006
	=	0.6393

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)
	=	(4707.993 / 14518.292)	/	(4666.452 / 15596.131)
	=	0.32428	/	0.299206
	=	1.0838

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 - (10460.943 + 1336.246) / 18690.605)	/	(1 - (9279.761 + 1297.691) / 16847.503)
	=	0.368817	/	0.372165
	=	0.991

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
	=	15596.131	/	14518.292
	=	1.0742

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))
	=	(1142.283 / (1142.283 + 1297.691))	/	(1444.236 / (1444.236 + 1336.246))
	=	0.468154	/	0.519419
	=	0.9013

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 / 15596.131)	/	(0 / 14518.292)
	=	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)
	=	((6.232 + 8417.575) / 18690.605)	/	((1.006 + 6806.548) / 16847.503)
	=	0.450697	/	0.404069
	=	1.1154

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
	=	(1349.786 - 0	-	4263.605)	/	18690.605
	=	-0.155898

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.

Intelligent Wave has a M-score of -3.48 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 -3.48 mean?

Intelligent Wave (TSE:4847) has a Beneish M-Score of -3.48 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Intelligent Wave and its competitors. According to the industry distribution chart, Intelligent Wave ranks #326 out of 2627 companies in the Software industry, placing it in the top 12.4%.

Is Intelligent Wave's Beneish M-Score too high?

Intelligent Wave's current Beneish M-Score is -3.48. Based on the distribution chart, Intelligent Wave ranks #326 out of 2627 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Intelligent Wave has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Intelligent Wave's Beneish M-Score compare to MSFT and ORCL?

According to the Software industry distribution chart, Intelligent Wave ranks #326 out of 2627 companies for Beneish M-Score. This places Intelligent Wave in the top 12% of its industry — outperforming the majority of peers. 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 Software company?

A good Beneish M-Score depends on the Software 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 Intelligent Wave and its competitors. Intelligent Wave's current Beneish M-Score is -3.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Intelligent Wave stock overvalued right now?

Based on GuruFocus' analysis, Intelligent Wave (TSE:4847) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,188.03, compared to a current price of 円952.00 — trading 19.9% below its estimated fair value. The current Beneish M-Score is -3.48. Intelligent Wave's overall GF Score™ is 83/100 with 2 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 Intelligent Wave (TSE:4847), the current Beneish M-Score is -3.48 as of Jul. 09, 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 Intelligent Wave (TSE:4847) Overvalued in 2026?

Based on GuruFocus' analysis, Intelligent Wave stock appears to be undervalued. The current stock price of 円952.00 is trading 19.9% below its estimated GF Value™ of 円1,188.03. GuruFocus considers Intelligent Wave to be Modestly Undervalued.

Key valuation signals for TSE:4847:

Beneish M-Score: -3.48
GF Value™: 円1,188.03 vs. price of 円952.00 (19.9% below fair value)
GF Score™: 83/100 with 2 warning signs

No single metric tells the full story. See the TSE:4847 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Intelligent Wave Business Description

Industry Technology Software

Comparable Companies TSE:3694 TSE:5574 TSE:4425 TSE:3915 TSE:584A TSE:4493 TSE:4475 TSE:3741 TSE:3992 TSE:3914 MSFT ORCL PLTR PANW CRWD HKSE:02513 FTNT SNPS NET CRWV

Other Exchanges IWVTF:USA

Address -21-2, Shinkawa, Chuo-ku, Kayabacho Tower, Tokyo, JPN, 104-0033

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

Intelligent Wave Inc is engaged in sales of system development services and system products, including hardware and software. It operates in two business segments including the Financial Systems Solutions business, and the Product Solutions business. In the Financial Systems Solutions business, it offers value-added system development, through software and hardware integration, and maintenance services for customers operating primarily in the financial services industry. In the Product Solutions business, it deploys and maintains high value-added systems for data security and other solutions based on the in-house developed product as well as system software procured from third parties for customers operating in a range of industries and fields.

83GF Score

Get the complete analysis for TSE:4847

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

円952.00

Price

円1,188.03

GF Value

View TSE:4847 Analysis

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