CellSource Co (TSE:4880) Beneish M-Score: -2.71 (As of Jul. 09, 2026)


TSE:4880 CellSource Co Ltd TSE:4880
69 GF Score
Price 円319.00
GF Value 円781.48
Valuation Significantly Undervalued
! 6 Warning Signs
View Full Analysis

What is CellSource Co Beneish M-Score?

CellSource Co TSE:4880 -2.15% 69 Beneish M-Score is -2.71 as of Jul. 09, 2026. GuruFocus rates TSE:4880 with a GF Score™ of 69/100 and a GF Value™ of 円781.48 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 822 Biotechnology companies, CellSource Co ranks better than 65.57% 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4880' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71   Med: -2.22   Max: -1.44
Current: -2.71

During the past 9 years, the highest Beneish M-Score of CellSource Co was -1.44. The lowest was -2.71. And the median was -2.22.

CellSource Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CellSource 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.

CellSource Co Beneish M-Score Chart

CellSource Co Annual Data
Trend Oct17 Oct18 Oct19 Oct20 Oct21 Oct22 Oct23 Oct24 Oct25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -1.44 -1.54 -2.58 -2.22 -2.71

CellSource Co Semi-Annual Data
Oct17 Oct18 Oct19 Apr20 Oct20 Apr21 Oct21 Apr22 Oct22 Apr23 Oct23 Apr24 Oct24 Apr25 Oct25 Apr26
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 0.00 -2.22 0.00 -2.71 0.00

TSE:4880 vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, CellSource 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.

CellSource Co Beneish M-Score vs Biotechnology Industry

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

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


TSE:4880
69GF Score
CellSource Co Ltd TSE:4880
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CellSource 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 CellSource 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 * 1.2064+0.528 * 0.9869+0.404 * 0.4906+0.892 * 0.8522+0.115 * 0.654
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.045905-0.327 * 0.9675
=-2.71

* 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 (Oct25) TTM:Last Year (Oct24) TTM:
Total Receivables was 円338 Mil.
Revenue was 円3,711 Mil.
Gross Profit was 円2,087 Mil.
Total Current Assets was 円5,488 Mil.
Total Assets was 円7,024 Mil.
Property, Plant and Equipment(Net PPE) was 円1,277 Mil.
Depreciation, Depletion and Amortization(DDA) was 円198 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円443 Mil.
Long-Term Debt & Capital Lease Obligation was 円36 Mil.
Net Income was 円11 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円333 Mil.
 Total Receivables was 円329 Mil.
Revenue was 円4,355 Mil.
Gross Profit was 円2,417 Mil.
Total Current Assets was 円5,069 Mil.
Total Assets was 円7,075 Mil.
Property, Plant and Equipment(Net PPE) was 円1,474 Mil.
Depreciation, Depletion and Amortization(DDA) was 円142 Mil.
Selling, General, & Admin. Expense(SGA) was 円396 Mil.
Total Current Liabilities was 円442 Mil.
Long-Term Debt & Capital Lease Obligation was 円57 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)
=(337.998 / 3711.455) / (328.759 / 4355.063)
=0.091069 / 0.075489
=1.2064

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)
=(2417.411 / 4355.063) / (2087.476 / 3711.455)
=0.555081 / 0.562441
=0.9869

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 - (5487.599 + 1277.014) / 7023.969) / (1 - (5068.814 + 1473.643) / 7074.909)
=0.036924 / 0.075259
=0.4906

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
=3711.455 / 4355.063
=0.8522

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))
=(141.997 / (141.997 + 1473.643)) / (198.258 / (198.258 + 1277.014))
=0.087889 / 0.134387
=0.654

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 / 3711.455) / (395.813 / 4355.063)
=0 / 0.090886
=0

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)
=((35.829 + 442.839) / 7023.969) / ((56.719 + 441.592) / 7074.909)
=0.068148 / 0.070434
=0.9675

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
=(10.659 - 0 - 333.095) / 7023.969
=-0.045905

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.

CellSource Co has a M-score of -2.71 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 -2.71 mean?
CellSource Co (TSE:4880) has a Beneish M-Score of -2.71 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CellSource Co and its competitors. According to the industry distribution chart, CellSource Co ranks #283 out of 822 companies in the Biotechnology industry, placing it in the top 34.4%.
Is CellSource Co's Beneish M-Score too high?
CellSource Co's current Beneish M-Score is -2.71. Based on the distribution chart, CellSource Co ranks #283 out of 822 companies in the Biotechnology industry, which is above the industry midpoint. Overall, CellSource 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 CellSource Co's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, CellSource Co ranks #283 out of 822 companies for Beneish M-Score. This puts CellSource 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 CellSource Co and its competitors. CellSource Co's current Beneish M-Score is -2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CellSource Co stock overvalued right now?
Based on GuruFocus' analysis, CellSource Co (TSE:4880) is currently considered Significantly Undervalued. The stock's GF Value™ is 円781.48, compared to a current price of 円319.00 — trading 59.2% below its estimated fair value. The current Beneish M-Score is -2.71. CellSource Co's overall GF Score™ is 69/100 with 6 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 CellSource Co (TSE:4880), the current Beneish M-Score is -2.71 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 CellSource Co (TSE:4880) Overvalued in 2026?

Based on GuruFocus' analysis, CellSource Co stock appears to be undervalued. The current stock price of 円319.00 is trading 59.2% below its estimated GF Value™ of 円781.48. GuruFocus considers CellSource Co to be Significantly Undervalued.

Key valuation signals for TSE:4880:

  • Beneish M-Score: -2.71
  • GF Value™: 円781.48 vs. price of 円319.00 (59.2% below fair value)
  • GF Score™: 69/100 with 6 warning signs

No single metric tells the full story. See the TSE:4880 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CellSource Co Business Description

Address Shibuya Mitake Building, 2nd Floor, 1-19-5 Shibuya, Shibuya-ku, Tokyo, JPN, 150-0002
CellSource Co Ltd is engaged in contract manufacturing of fat-and blood-derived organizations and cells from medical institutions, provision of legal support to medical institutions in the regenerative medicine business. The company is also involved in sales of medical devices, and sales of own-brand cosmetics in the consumer business.
69GF Score

Get the complete analysis for TSE:4880

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

円319.00
Price
円781.48
GF Value