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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.
Warning Sign:
Beneish M-Score -1.38 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Circlace's Beneish M-Score or its related term are showing as below:
TSE:5029'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.38 Med: -1.96 Max: -1.38
Current: -1.38
During the past 7 years, the highest Beneish M-Score of Circlace was -1.38. The lowest was -2.38. And the median was -1.96.
Circlace Beneish M-Score Related Terms
Circlace Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Circlace'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:5029 vs UBER, SHOP, CRM: Beneish M-Score Comparison
For the Software - Application subindustry, Circlace'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.
Circlace Beneish M-Score vs Software Industry
For the Software industry and Technology sector, Circlace's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Circlace'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 Circlace 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 * 1.0809
+
0.528 * 1.0653
+
0.404 * 1.1149
+
0.892 * 1.1936
+
0.115 * 0.6742
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * 0.149055
-
0.327 * 0.6614
=
-1.38
* 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))
=
(27.208 / (27.208 + 210.172))
/
(63.947 / (63.947 + 312.211))
=
0.114618
/
0.17
=
0.6742
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
=
(221.764 - 0
-
-56.712)
/
1868.276
=
0.149055
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.
Circlace has a M-score of -1.38 signals that the company is likely to be a manipulator.
Circlace (TSE:5029) has a Beneish M-Score of -1.38 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Circlace and its competitors. According to the industry distribution chart, Circlace ranks #2280 out of 2631 companies in the Software industry, placing it in the top 86.7%.
Is Circlace's Beneish M-Score too high?
Circlace's current Beneish M-Score is -1.38. Based on the distribution chart, Circlace ranks #2280 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Circlace has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Circlace's Beneish M-Score compare to UBER and SHOP?
According to the Software industry distribution chart, Circlace ranks #2280 out of 2631 companies for Beneish M-Score. This places Circlace 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 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 Circlace and its competitors. Circlace's current Beneish M-Score is -1.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Circlace stock overvalued right now?
Based on GuruFocus' analysis, Circlace (TSE:5029) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,084.62, compared to a current price of 円800.00 — trading 26.2% below its estimated fair value. The current Beneish M-Score is -1.38. Circlace's overall GF Score™ is 64/100 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 Circlace (TSE:5029), the current Beneish M-Score is -1.38 as of Jul. 14, 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 Circlace (TSE:5029) Overvalued in 2026?
Based on GuruFocus' analysis, Circlace stock appears to be undervalued.
The current stock price of 円800.00 is trading 26.2% below its estimated GF Value™ of 円1,084.62.
GuruFocus considers Circlace to be Modestly Undervalued.
Key valuation signals for TSE:5029:
Beneish M-Score: -1.38
GF Value™: 円1,084.62 vs. price of 円800.00 (26.2% below fair value)
No single metric tells the full story. See the TSE:5029 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Circlace Inc is engaged in multiple businesses that promote corporate digital transformation by utilizing IT technologies, such as Salesforce, Anaplan, ServiceNow, AWS, and Microsoft, and the development of its own SaaS cloud service AGAVE. The company's reportable segments are the Consulting business and the AoraNow business. The majority of its revenue is generated from the Consulting business, which provides comprehensive support to client companies in areas such as business design, system construction, data utilization, organizational reform, and human resource development through the introduction and utilization of cloud technologies such as Salesforce, Anaplan, AGAVE, AWS, and Microsoft. The AoraNow business supports the introduction and operation of ServiceNow.
64GF Score
Get the complete analysis for TSE:5029
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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