Noile-Immune Biotech (TSE:4893) Beneish M-Score: -3.77 (As of Jun. 26, 2026)


TSE:4893 Noile-Immune Biotech Inc TSE:4893
53 GF Score
Price 円120.00
GF Value 円4.38
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Noile-Immune Biotech Beneish M-Score?

Noile-Immune Biotech TSE:4893 +0.84% 53 Beneish M-Score is -3.77 as of Jun. 26, 2026. GuruFocus rates TSE:4893 with a GF Score™ of 53/100 and a GF Value™ of 円4.38 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 831 Biotechnology companies, Noile-Immune Biotech ranks better than 87.12% 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 -3.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:4893' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Med: -1.05   Max: 163.15
Current: -3.77

During the past 6 years, the highest Beneish M-Score of Noile-Immune Biotech was 163.15. The lowest was -3.77. And the median was -1.05.

Noile-Immune Biotech Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Noile-Immune Biotech'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.

Noile-Immune Biotech Beneish M-Score Chart

Noile-Immune Biotech Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 1.04 -3.14 163.15 -3.77

Noile-Immune Biotech Quarterly Data
Dec20 Dec21 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Dec24 Mar25 Jun25 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 163.15 0.00 0.00 -3.77 0.00

TSE:4893 vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, Noile-Immune Biotech'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.

Noile-Immune Biotech Beneish M-Score vs Biotechnology Industry

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

* The bar in red indicates where Noile-Immune Biotech's Beneish M-Score falls into.


TSE:4893
53GF Score
Noile-Immune Biotech Inc TSE:4893
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Noile-Immune Biotech 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 Noile-Immune Biotech 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 * 0.0004+0.528 * 0.9743+0.404 * 1.3577+0.892 * 0.659+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3484+4.679 * -0.010299-0.327 * 1.2822
=-3.77

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was 円0.00 Mil.
Revenue was 円5.00 Mil.
Gross Profit was 円5.00 Mil.
Total Current Assets was 円3,983.44 Mil.
Total Assets was 円4,011.58 Mil.
Property, Plant and Equipment(Net PPE) was 円0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was 円0.00 Mil.
Selling, General, & Admin. Expense(SGA) was 円441.38 Mil.
Total Current Liabilities was 円74.41 Mil.
Long-Term Debt & Capital Lease Obligation was 円0.00 Mil.
Net Income was 円-793.54 Mil.
Gross Profit was 円0.00 Mil.
Cash Flow from Operations was 円-752.22 Mil.
 Total Receivables was 円15.55 Mil.
Revenue was 円7.59 Mil.
Gross Profit was 円7.39 Mil.
Total Current Assets was 円4,775.38 Mil.
Total Assets was 円4,800.17 Mil.
Property, Plant and Equipment(Net PPE) was 円0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was 円0.00 Mil.
Selling, General, & Admin. Expense(SGA) was 円496.70 Mil.
Total Current Liabilities was 円69.44 Mil.
Long-Term Debt & Capital Lease Obligation was 円0.00 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)
=(0.004 / 5) / (15.551 / 7.587)
=0.0008 / 2.04969
=0.0004

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)
=(7.392 / 7.587) / (5 / 5)
=0.974298 / 1
=0.9743

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 - (3983.44 + 0) / 4011.579) / (1 - (4775.376 + 0) / 4800.172)
=0.007014 / 0.005166
=1.3577

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
=5 / 7.587
=0.659

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

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)
=(441.377 / 5) / (496.699 / 7.587)
=88.2754 / 65.467115
=1.3484

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 + 74.405) / 4011.579) / ((0 + 69.441) / 4800.172)
=0.018548 / 0.014466
=1.2822

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
=(-793.536 - 0 - -752.219) / 4011.579
=-0.010299

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.

Noile-Immune Biotech has a M-score of -3.77 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 -3.77 mean?
Noile-Immune Biotech (TSE:4893) has a Beneish M-Score of -3.77 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Noile-Immune Biotech and its competitors. According to the industry distribution chart, Noile-Immune Biotech ranks #107 out of 831 companies in the Biotechnology industry, placing it in the top 12.9%.
Is Noile-Immune Biotech's Beneish M-Score too high?
Noile-Immune Biotech's current Beneish M-Score is -3.77. Based on the distribution chart, Noile-Immune Biotech ranks #107 out of 831 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Noile-Immune Biotech has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Noile-Immune Biotech's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Noile-Immune Biotech ranks #107 out of 831 companies for Beneish M-Score. This places Noile-Immune Biotech in the top 13% 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 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 Noile-Immune Biotech and its competitors. Noile-Immune Biotech's current Beneish M-Score is -3.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Noile-Immune Biotech stock overvalued right now?
Based on GuruFocus' analysis, Noile-Immune Biotech (TSE:4893) is currently considered Significantly Overvalued. The stock's GF Value™ is 円4.38, compared to a current price of 円120.00 — trading 2639.7% above its estimated fair value. The current Beneish M-Score is -3.77. Noile-Immune Biotech's overall GF Score™ is 53/100 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 Noile-Immune Biotech (TSE:4893), the current Beneish M-Score is -3.77 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 Noile-Immune Biotech (TSE:4893) Overvalued in 2026?

Based on GuruFocus' analysis, Noile-Immune Biotech stock appears to be overvalued. The current stock price of 円120.00 is trading 2639.7% above its estimated GF Value™ of 円4.38. GuruFocus considers Noile-Immune Biotech to be Significantly Overvalued.

Key valuation signals for TSE:4893:

  • Beneish M-Score: -3.77
  • GF Value™: 円4.38 vs. price of 円120.00 (2639.7% above fair value)
  • GF Score™: 53/100 with 2 warning signs

No single metric tells the full story. See the TSE:4893 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Noile-Immune Biotech Business Description

Address 2-12-10 Shiba-Daimon, 5th Floor, T&G Hamamatsucho Building, Minato-ku, Yamaguchi, Tokyo, JPN, 105-0012
Noile-Immune Biotech Inc is engaged in the development of CAR-T cell therapy for solid cancers using its proprietary technology. The company's development pipeline and collaborative projects with other companies include different product candidates such as NIB102, NIB103, NIB104, ADAP01, AUTL01, etc. It operates in a single segment, the cancer immunotherapy drug discovery business.
53GF Score

Get the complete analysis for TSE:4893

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

円120.00
Price
円4.38
GF Value