Asahi Rubber (TSE:5162) Beneish M-Score: -2.99 (As of Jun. 26, 2026)

What is Asahi Rubber Beneish M-Score?

Asahi Rubber TSE:5162 71 Beneish M-Score is -2.99 as of Jun. 26, 2026. GuruFocus rates TSE:5162 with a GF Score™ of 71/100 and a GF Value™ of 円611.74 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,274 Vehicles & Parts companies, Asahi Rubber ranks better than 85.48% 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 -2.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5162' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.76 Max: -2.47
Current: -2.99

During the past 13 years, the highest Beneish M-Score of Asahi Rubber was -2.47. The lowest was -3.14. And the median was -2.76.

Asahi Rubber Beneish M-Score Related Terms

Asahi Rubber Beneish M-Score Historical Data

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The historical data trend for Asahi Rubber'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.

Asahi Rubber Beneish M-Score Chart

Asahi Rubber Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.70

-2.47

-2.83

-2.76

-2.99

Asahi Rubber Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.83	0.00	-2.76	0.00	-2.99

TSE:5162 vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Asahi Rubber'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.

Asahi Rubber Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Asahi Rubber's Beneish M-Score distribution charts can be found below:

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

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71GF Score

Asahi Rubber Inc TSE:5162

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Asahi Rubber 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 Asahi Rubber for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8706

0.528 * 0.8894

0.404 * 0.9258

0.892 * 1.0278

0.115 * 1.0927

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.069567

0.327 * 1.0419

-2.99

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円1,477 Mil.
Revenue was 円7,852 Mil.
Gross Profit was 円1,855 Mil.
Total Current Assets was 円5,304 Mil.
Total Assets was 円9,732 Mil.
Property, Plant and Equipment(Net PPE) was 円3,712 Mil.
Depreciation, Depletion and Amortization(DDA) was 円494 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,618 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,146 Mil.
Net Income was 円159 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円836 Mil.

Total Receivables was 円1,651 Mil.
Revenue was 円7,640 Mil.
Gross Profit was 円1,605 Mil.
Total Current Assets was 円5,074 Mil.
Total Assets was 円9,299 Mil.
Property, Plant and Equipment(Net PPE) was 円3,486 Mil.
Depreciation, Depletion and Amortization(DDA) was 円513 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,841 Mil.
Long-Term Debt & Capital Lease Obligation was 円611 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)
	=	(1476.924 / 7852.091)	/	(1650.51 / 7639.596)
	=	0.188093	/	0.216047
	=	0.8706

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)
	=	(1605.177 / 7639.596)	/	(1854.961 / 7852.091)
	=	0.210113	/	0.236238
	=	0.8894

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 - (5304.493 + 3711.594) / 9731.779)	/	(1 - (5073.948 + 3486.347) / 9299.013)
	=	0.073542	/	0.07944
	=	0.9258

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
	=	7852.091	/	7639.596
	=	1.0278

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))
	=	(513.43 / (513.43 + 3486.347))	/	(494.043 / (494.043 + 3711.594))
	=	0.128365	/	0.117472
	=	1.0927

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 / 7852.091)	/	(0 / 7639.596)
	=	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)
	=	((1145.84 + 2617.801) / 9731.779)	/	((610.874 + 2840.677) / 9299.013)
	=	0.386737	/	0.371174
	=	1.0419

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
	=	(158.928 - 0	-	835.935)	/	9731.779
	=	-0.069567

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.

Asahi Rubber has a M-score of -2.99 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 -2.99 mean?

Asahi Rubber (TSE:5162) has a Beneish M-Score of -2.99 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asahi Rubber and its competitors. According to the industry distribution chart, Asahi Rubber ranks #185 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 14.5%.

Is Asahi Rubber's Beneish M-Score too high?

Asahi Rubber's current Beneish M-Score is -2.99. Based on the distribution chart, Asahi Rubber ranks #185 out of 1274 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Asahi Rubber has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Asahi Rubber's Beneish M-Score compare to ORLY and AZO?

According to the Vehicles & Parts industry distribution chart, Asahi Rubber ranks #185 out of 1274 companies for Beneish M-Score. This places Asahi Rubber in the top 15% 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 Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts 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 Asahi Rubber and its competitors. Asahi Rubber's current Beneish M-Score is -2.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Asahi Rubber stock overvalued right now?

Based on GuruFocus' analysis, Asahi Rubber (TSE:5162) is currently considered Significantly Overvalued. The stock's GF Value™ is 円611.74, compared to a current price of 円819.00 — trading 33.9% above its estimated fair value. The current Beneish M-Score is -2.99. Asahi Rubber's overall GF Score™ is 71/100 with 4 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 Asahi Rubber (TSE:5162), the current Beneish M-Score is -2.99 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 Asahi Rubber (TSE:5162) Overvalued in 2026?

Based on GuruFocus' analysis, Asahi Rubber stock appears to be overvalued. The current stock price of 円819.00 is trading 33.9% above its estimated GF Value™ of 円611.74. GuruFocus considers Asahi Rubber to be Significantly Overvalued.

Key valuation signals for TSE:5162:

Beneish M-Score: -2.99
GF Value™: 円611.74 vs. price of 円819.00 (33.9% above fair value)
GF Score™: 71/100 with 4 warning signs

No single metric tells the full story. See the TSE:5162 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Asahi Rubber Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies TSE:3439 TSE:7219 TSE:7215 TSE:7217 TSE:7255 TSE:6776 TSE:6982 TSE:7284 TSE:7214 TSE:6699 ORLY TSE:5802 AZO XKRX:012330 TSE:6902 TSE:5108 XPAR:ML SHSE:600660 XTER:KBX TSX:MG

Address Dotemachi 2-7-2, Omiya ward, Saitama-shi, Tokyo, JPN

Website https://www.asahi-rubber.co.jp

Asahi Rubber Inc is engaged in manufacturing and selling small rubber parts for electrical equipment, vehicles, medical equipment, watches, and others. The segments of the company include Industrial Rubber Business and Medical and Hygienic Rubber Business.

71GF Score

Get the complete analysis for TSE:5162

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

円819.00

Price

円611.74

GF Value

View TSE:5162 Analysis

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