Nulab (TSE:5033) Beneish M-Score: -2.39 (As of Jun. 26, 2026)


TSE:5033 Nulab Inc TSE:5033
81 GF Score
Price 円876.00
GF Value 円1,075.18
Valuation Modestly Undervalued
! 5 Warning Signs
View Full Analysis

What is Nulab Beneish M-Score?

Nulab TSE:5033 -1.46% 81 Beneish M-Score is -2.39 as of Jun. 26, 2026. GuruFocus rates TSE:5033 with a GF Score™ of 81/100 and a GF Value™ of 円1,075.18 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 2,634 Software companies, Nulab ranks worse than 60.02% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5033' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17   Med: -2.65   Max: -2.39
Current: -2.39

During the past 7 years, the highest Beneish M-Score of Nulab was -2.39. The lowest was -3.17. And the median was -2.65.

Nulab Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nulab'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.

Nulab Beneish M-Score Chart

Nulab Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial -2.99 -2.65 -3.17 -2.64 -2.39

Nulab Semi-Annual Data
Mar20 Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -3.17 0.00 -2.64 0.00 -2.39

TSE:5033 vs CRM, SHOP, UBER: Beneish M-Score Comparison

For the Software - Application subindustry, Nulab'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.

Nulab Beneish M-Score vs Software Industry

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

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


TSE:5033
81GF Score
Nulab Inc TSE:5033
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nulab 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 Nulab 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 * 0.982+0.528 * 0.9764+0.404 * 1.4406+0.892 * 1.0684+0.115 * 0.9153
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.023039-0.327 * 1.021
=-2.39

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was 円184 Mil.
Revenue was 円4,394 Mil.
Gross Profit was 円3,243 Mil.
Total Current Assets was 円3,772 Mil.
Total Assets was 円4,519 Mil.
Property, Plant and Equipment(Net PPE) was 円37 Mil.
Depreciation, Depletion and Amortization(DDA) was 円120 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,532 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円179 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円283 Mil.
 Total Receivables was 円176 Mil.
Revenue was 円4,112 Mil.
Gross Profit was 円2,964 Mil.
Total Current Assets was 円3,737 Mil.
Total Assets was 円4,244 Mil.
Property, Plant and Equipment(Net PPE) was 円45 Mil.
Depreciation, Depletion and Amortization(DDA) was 円103 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,329 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
=(184.347 / 4393.663) / (175.7 / 4112.318)
=0.041957 / 0.042725
=0.982

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)
=(2963.61 / 4112.318) / (3242.995 / 4393.663)
=0.720667 / 0.738107
=0.9764

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 - (3771.876 + 37.414) / 4519.483) / (1 - (3736.847 + 44.568) / 4244.393)
=0.15714 / 0.10908
=1.4406

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
=4393.663 / 4112.318
=1.0684

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))
=(103.038 / (103.038 + 44.568)) / (120.204 / (120.204 + 37.414))
=0.698061 / 0.762629
=0.9153

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 / 4393.663) / (0 / 4112.318)
=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)
=((0 + 2532.161) / 4519.483) / ((0 + 2329.093) / 4244.393)
=0.560277 / 0.548746
=1.021

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
=(178.546 - 0 - 282.672) / 4519.483
=-0.023039

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.

Nulab has a M-score of -2.39 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 -2.39 mean?
Nulab (TSE:5033) has a Beneish M-Score of -2.39 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nulab and its competitors. According to the industry distribution chart, Nulab ranks #1581 out of 2634 companies in the Software industry, placing it in the top 60%.
Is Nulab's Beneish M-Score too high?
Nulab's current Beneish M-Score is -2.39. Based on the distribution chart, Nulab ranks #1581 out of 2634 companies in the Software industry, which is below the industry midpoint. Overall, Nulab has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nulab's Beneish M-Score compare to CRM and SHOP?
According to the Software industry distribution chart, Nulab ranks #1581 out of 2634 companies for Beneish M-Score. This places Nulab 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 Nulab and its competitors. Nulab's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nulab stock overvalued right now?
Based on GuruFocus' analysis, Nulab (TSE:5033) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,075.18, compared to a current price of 円876.00 — trading 18.5% below its estimated fair value. The current Beneish M-Score is -2.39. Nulab's overall GF Score™ is 81/100 with 5 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 Nulab (TSE:5033), the current Beneish M-Score is -2.39 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 Nulab (TSE:5033) Overvalued in 2026?

Based on GuruFocus' analysis, Nulab stock appears to be undervalued. The current stock price of 円876.00 is trading 18.5% below its estimated GF Value™ of 円1,075.18. GuruFocus considers Nulab to be Modestly Undervalued.

Key valuation signals for TSE:5033:

  • Beneish M-Score: -2.39
  • GF Value™: 円1,075.18 vs. price of 円876.00 (18.5% below fair value)
  • GF Score™: 81/100 with 5 warning signs

No single metric tells the full story. See the TSE:5033 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Nulab Business Description

Address 1-8-6 Daimyo, Chuo Ward, Fukuoka Prefecture, Fukuoka, JPN, 810-0041
Nulab Inc is engaged in developing and providing services that promote team collaboration. Its services are Backlog which is a Project management tool; Cacoo is a Visual collaboration tool; Typetalk is a Business chat tool; and Nulab Pass is a tool to strengthen information security and governance in organizations.
81GF Score

Get the complete analysis for TSE:5033

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

円876.00
Price
円1,075.18
GF Value