Linkers (TSE:5131) Beneish M-Score: -3.80 (As of Jun. 27, 2026)


TSE:5131 Linkers Corp TSE:5131
63 GF Score
Price 円139.00
GF Value 円170.44
Valuation Modestly Undervalued
! 2 Warning Signs
View Full Analysis

What is Linkers Beneish M-Score?

Linkers TSE:5131 -0.71% 63 Beneish M-Score is -3.80 as of Jun. 27, 2026. GuruFocus rates TSE:5131 with a GF Score™ of 63/100 and a GF Value™ of 円170.44 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,020 Business Services companies, Linkers ranks better than 93.53% 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 -3.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5131' s Beneish M-Score Range Over the Past 10 Years
Min: -3.8   Med: -2.63   Max: -1.03
Current: -3.8

During the past 6 years, the highest Beneish M-Score of Linkers was -1.03. The lowest was -3.80. And the median was -2.63.

Linkers Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Linkers'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.

Linkers Beneish M-Score Chart

Linkers Annual Data
Trend Jul20 Jul21 Jul22 Jul23 Jul24 Jul25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -1.03 -2.13 -3.13 -3.80

Linkers Semi-Annual Data
Jul20 Jul21 Jul22 Jan23 Jul23 Jan24 Jul24 Jan25 Jul25 Jan26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 -3.13 0.00 -3.80 0.00

TSE:5131 vs CTAS, CPRT, GPN: Beneish M-Score Comparison

For the Specialty Business Services subindustry, Linkers'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.

Linkers Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, Linkers's Beneish M-Score distribution charts can be found below:

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


TSE:5131
63GF Score
Linkers Corp TSE:5131
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Linkers 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 Linkers 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 * 1.181+0.528 * 0.9648+0.404 * 0.9556+0.892 * 0.9291+0.115 * 0.7281
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.234987-0.327 * 1.772
=-3.80

* 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 (Jul25) TTM:Last Year (Jul24) TTM:
Total Receivables was 円144 Mil.
Revenue was 円1,361 Mil.
Gross Profit was 円920 Mil.
Total Current Assets was 円1,100 Mil.
Total Assets was 円1,364 Mil.
Property, Plant and Equipment(Net PPE) was 円25 Mil.
Depreciation, Depletion and Amortization(DDA) was 円109 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円243 Mil.
Long-Term Debt & Capital Lease Obligation was 円3 Mil.
Net Income was 円-548 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-228 Mil.
 Total Receivables was 円131 Mil.
Revenue was 円1,465 Mil.
Gross Profit was 円955 Mil.
Total Current Assets was 円1,458 Mil.
Total Assets was 円1,846 Mil.
Property, Plant and Equipment(Net PPE) was 円48 Mil.
Depreciation, Depletion and Amortization(DDA) was 円70 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円174 Mil.
Long-Term Debt & Capital Lease Obligation was 円13 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)
=(144.063 / 1360.735) / (131.288 / 1464.541)
=0.105871 / 0.089644
=1.181

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)
=(955.179 / 1464.541) / (919.856 / 1360.735)
=0.652204 / 0.675999
=0.9648

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 - (1099.564 + 24.857) / 1363.674) / (1 - (1458.482 + 48.274) / 1845.589)
=0.175447 / 0.183591
=0.9556

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
=1360.735 / 1464.541
=0.9291

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))
=(70.383 / (70.383 + 48.274)) / (109.23 / (109.23 + 24.857))
=0.593163 / 0.81462
=0.7281

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 / 1360.735) / (0 / 1464.541)
=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)
=((3.352 + 242.568) / 1363.674) / ((13.348 + 174.472) / 1845.589)
=0.180336 / 0.101767
=1.772

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
=(-548.214 - 0 - -227.769) / 1363.674
=-0.234987

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.

Linkers has a M-score of -3.80 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 -3.80 mean?
Linkers (TSE:5131) has a Beneish M-Score of -3.80 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Linkers and its competitors. According to the industry distribution chart, Linkers ranks #66 out of 1020 companies in the Business Services industry, placing it in the top 6.5%.
Is Linkers' Beneish M-Score too high?
Linkers' current Beneish M-Score is -3.80. Based on the distribution chart, Linkers ranks #66 out of 1020 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, Linkers has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Linkers' Beneish M-Score compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Linkers ranks #66 out of 1020 companies for Beneish M-Score. This places Linkers in the top 7% 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 Business Services company?
A good Beneish M-Score depends on the Business Services 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 Linkers and its competitors. Linkers's current Beneish M-Score is -3.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Linkers stock overvalued right now?
Based on GuruFocus' analysis, Linkers (TSE:5131) is currently considered Modestly Undervalued. The stock's GF Value™ is 円170.44, compared to a current price of 円139.00 — trading 18.4% below its estimated fair value. The current Beneish M-Score is -3.80. Linkers' overall GF Score™ is 63/100 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 Linkers (TSE:5131), the current Beneish M-Score is -3.80 as of Jun. 27, 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 Linkers (TSE:5131) Overvalued in 2026?

Based on GuruFocus' analysis, Linkers stock appears to be undervalued. The current stock price of 円139.00 is trading 18.4% below its estimated GF Value™ of 円170.44. GuruFocus considers Linkers to be Modestly Undervalued.

Key valuation signals for TSE:5131:

  • Beneish M-Score: -3.80
  • GF Value™: 円170.44 vs. price of 円139.00 (18.4% below fair value)
  • GF Score™: 63/100 with 2 warning signs

No single metric tells the full story. See the TSE:5131 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Linkers Business Description

Address 2-3-21 Koraku, 6th Floor, Sumitomo Fudosan Iidabashi Building, Bunkyo-ku, Tokyo, JPN, 112-0004
Linkers Corp is engaged in providing business matchmaking services and research consulting services, especially in the manufacturing sector. The various services offered by the group include Linkers Research, which investigates technology needs and seeds at the research stage and identifies the technical themes and challenges that companies should address; Linkers Sourcing, which provides technology exploration services that handle needs-based matching at the development stage; Linkers Marketing, which introduces clients technology, products, and services to corporate network and provide interview opportunities with interested companies; and Linkers for BANK, a SaaS-based business matching system that helps institutions improve their business matching operations; among others.
63GF Score

Get the complete analysis for TSE:5131

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

円139.00
Price
円170.44
GF Value