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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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Noevir Holdings Co's Beneish M-Score or its related term are showing as below:
TSE:4928'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.54 Max: -2.12
Current: -2.35
During the past 13 years, the highest Beneish M-Score of Noevir Holdings Co was -2.12. The lowest was -2.76. And the median was -2.54.
Noevir Holdings Co Beneish M-Score Related Terms
Noevir Holdings Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Noevir Holdings 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:4928 vs PG, CL, KVUE: Beneish M-Score Comparison
For the Household & Personal Products subindustry, Noevir Holdings 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.
Noevir Holdings Co Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Noevir Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Noevir Holdings 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 Noevir Holdings 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 * 1.1069
+
0.528 * 1.0113
+
0.404 * 0.9678
+
0.892 * 1.0141
+
0.115 * 1.2416
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9854
+
4.679 * 0.001333
-
0.327 * 1.0433
=
-2.35
* 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))
=
(1009 / (1009 + 19907))
/
(865 / (865 + 21397))
=
0.048241
/
0.038855
=
1.2416
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
=
(8030 - 0
-
7928)
/
76492
=
0.001333
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.
Noevir Holdings Co has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
Noevir Holdings Co (TSE:4928) has a Beneish M-Score of -2.35 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Noevir Holdings Co and its competitors. According to the industry distribution chart, Noevir Holdings Co ranks #1163 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 62.8%.
Is Noevir Holdings Co's Beneish M-Score too high?
Noevir Holdings Co's current Beneish M-Score is -2.35. Based on the distribution chart, Noevir Holdings Co ranks #1163 out of 1851 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Noevir Holdings Co has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Noevir Holdings Co's Beneish M-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, Noevir Holdings Co ranks #1163 out of 1851 companies for Beneish M-Score. This places Noevir Holdings 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 Noevir Holdings Co and its competitors. Noevir Holdings Co's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Noevir Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, Noevir Holdings Co (TSE:4928) is currently considered Modestly Undervalued. The stock's GF Value™ is 円5,265.32, compared to a current price of 円4,585.00 — trading 12.9% below its estimated fair value. The current Beneish M-Score is -2.35. Noevir Holdings Co's overall GF Score™ is 79/100 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 Noevir Holdings Co (TSE:4928), the current Beneish M-Score is -2.35 as of Jul. 21, 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 Noevir Holdings Co (TSE:4928) Overvalued in 2026?
Based on GuruFocus' analysis, Noevir Holdings Co stock appears to be undervalued.
The current stock price of 円4,585.00 is trading 12.9% below its estimated GF Value™ of 円5,265.32.
GuruFocus considers Noevir Holdings Co to be Modestly Undervalued.
Key valuation signals for TSE:4928:
Beneish M-Score: -2.35
GF Value™: 円5,265.32 vs. price of 円4,585.00 (12.9% below fair value)
No single metric tells the full story. See the TSE:4928 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Noevir Holdings Co Ltd is a Japan-based company that is principally engaged in two businesses: cosmetics and pharmaceuticals and health food. The cosmetics business produces and offers skincare and makeup products under a number of brands, like Noevir, NOV, and Sana. The pharmaceuticals and health food business develops, produces, and sells a broad range-of-products, including Nanten Nodo Ame cough drops, functional drinks, and other over-the-counter pharmaceuticals, such as cold remedies and eye drops, and health food products as well. These two businesses jointly contribute the majority of the company's revenue. The company also operates apparel and aircraft sales and leasing. The company has a presence in many countries across the world and focuses on developing Asian markets.
79GF Score
Get the complete analysis for TSE:4928
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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