Bando Chemical Industries (TSE:5195) Beneish M-Score: -2.61 (As of Jun. 27, 2026)

What is Bando Chemical Industries Beneish M-Score?

Bando Chemical Industries TSE:5195 +0.14% 77 Beneish M-Score is -2.61 as of Jun. 27, 2026. GuruFocus rates TSE:5195 with a GF Score™ of 77/100 and a GF Value™ of 円1,985.98 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 2,926 Industrial Products companies, Bando Chemical Industries ranks better than 64.7% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5195' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.64 Max: -2.02
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Bando Chemical Industries was -2.02. The lowest was -2.87. And the median was -2.64.

Bando Chemical Industries Beneish M-Score Related Terms

Bando Chemical Industries Beneish M-Score Historical Data

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The historical data trend for Bando Chemical Industries'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.

Bando Chemical Industries Beneish M-Score Chart

Bando Chemical Industries Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.76

-2.49

-2.66

-2.87

-2.61

Bando Chemical Industries Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.87	-2.97	-2.86	-2.85	-2.61

TSE:5195 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Bando Chemical Industries'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.

Bando Chemical Industries Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Bando Chemical Industries's Beneish M-Score distribution charts can be found below:

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

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77GF Score

Bando Chemical Industries Ltd TSE:5195

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

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Bando Chemical Industries 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 Bando Chemical Industries 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 * 0.987

0.528 * 0.9494

0.404 * 1.0567

0.892 * 1.0317

0.115 * 1.119

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0092

4.679 * -0.038092

0.327 * 0.929

-2.61

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円23,398 Mil.
Revenue was 30066 + 30097 + 30002 + 29092 = 円119,257 Mil.
Gross Profit was 9162 + 9260 + 8780 + 8426 = 円35,628 Mil.
Total Current Assets was 円68,332 Mil.
Total Assets was 円131,892 Mil.
Property, Plant and Equipment(Net PPE) was 円32,653 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,450 Mil.
Selling, General, & Admin. Expense(SGA) was 円26,076 Mil.
Total Current Liabilities was 円33,583 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 3412 + 2337 + 2167 + 2652 = 円10,568 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 3162 + 4085 + 3038 + 5307 = 円15,592 Mil.

Total Receivables was 円22,978 Mil.
Revenue was 28318 + 29177 + 28754 + 29344 = 円115,593 Mil.
Gross Profit was 8364 + 8057 + 8123 + 8243 = 円32,787 Mil.
Total Current Assets was 円63,396 Mil.
Total Assets was 円120,693 Mil.
Property, Plant and Equipment(Net PPE) was 円30,532 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,818 Mil.
Selling, General, & Admin. Expense(SGA) was 円25,044 Mil.
Total Current Liabilities was 円31,292 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,787 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)
	=	(23398 / 119257)	/	(22978 / 115593)
	=	0.196198	/	0.198784
	=	0.987

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)
	=	(32787 / 115593)	/	(35628 / 119257)
	=	0.283642	/	0.29875
	=	0.9494

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 - (68332 + 32653) / 131892)	/	(1 - (63396 + 30532) / 120693)
	=	0.234336	/	0.221761
	=	1.0567

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
	=	119257	/	115593
	=	1.0317

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))
	=	(5818 / (5818 + 30532))	/	(5450 / (5450 + 32653))
	=	0.160055	/	0.143033
	=	1.119

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)
	=	(26076 / 119257)	/	(25044 / 115593)
	=	0.218654	/	0.216657
	=	1.0092

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 + 33583) / 131892)	/	((1787 + 31292) / 120693)
	=	0.254625	/	0.274076
	=	0.929

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
	=	(10568 - 0	-	15592)	/	131892
	=	-0.038092

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.

Bando Chemical Industries has a M-score of -2.61 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 -2.61 mean?

Bando Chemical Industries (TSE:5195) has a Beneish M-Score of -2.61 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bando Chemical Industries and its competitors. According to the industry distribution chart, Bando Chemical Industries ranks #1033 out of 2926 companies in the Industrial Products industry, placing it in the top 35.3%.

Is Bando Chemical Industries' Beneish M-Score too high?

Bando Chemical Industries' current Beneish M-Score is -2.61. Based on the distribution chart, Bando Chemical Industries ranks #1033 out of 2926 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Bando Chemical Industries has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Bando Chemical Industries' Beneish M-Score compare to GEV and ETN?

According to the Industrial Products industry distribution chart, Bando Chemical Industries ranks #1033 out of 2926 companies for Beneish M-Score. This puts Bando Chemical Industries in the upper 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 an Industrial Products company?

A good Beneish M-Score depends on the Industrial Products 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 Bando Chemical Industries and its competitors. Bando Chemical Industries's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Bando Chemical Industries stock overvalued right now?

Based on GuruFocus' analysis, Bando Chemical Industries (TSE:5195) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,985.98, compared to a current price of 円2,221.00 — trading 11.8% above its estimated fair value. The current Beneish M-Score is -2.61. Bando Chemical Industries' overall GF Score™ is 77/100 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 Bando Chemical Industries (TSE:5195), the current Beneish M-Score is -2.61 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 Bando Chemical Industries (TSE:5195) Overvalued in 2026?

Based on GuruFocus' analysis, Bando Chemical Industries stock appears to be overvalued. The current stock price of 円2,221.00 is trading 11.8% above its estimated GF Value™ of 円1,985.98. GuruFocus considers Bando Chemical Industries to be Modestly Overvalued.

Key valuation signals for TSE:5195:

Beneish M-Score: -2.61
GF Value™: 円1,985.98 vs. price of 円2,221.00 (11.8% above fair value)
GF Score™: 77/100 with 4 warning signs

No single metric tells the full story. See the TSE:5195 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bando Chemical Industries Business Description

Industry Industrials Industrial Products

Comparable Companies TSE:6104 TSE:6258 TSE:6143 TSE:6459 TSE:8059 TSE:6351 TSE:6349 TSE:6277 TSE:6340 TSE:6023 GEV XTER:SIE XPAR:SU XTER:ENR ETN PH OSTO:ATCO A CMI EMR TSE:7011

Address 6-6, Minatojima Minamimachi 4-chome, Chuo-ku, Kobe, JPN, 650-0047

Website http://www.bando.co.jp

Bando Chemical Industries Ltd manufactures and sells rubber and plastic products such as power transmission belts and systems, belts used in precision equipment, and multimedia parts made form urethane and resins. It operates its business under Belt, Advanced Elastomer Products, and Other segments. Belt segment manufactures and sells transmission belts for automobiles and general industry use, conveyor belts, resin conveyor belts, synchronous conveyor belts, transportation system products, hulling roll and railway track product, among others. Elastomer segment manufactures and sells polyurethane functional components, precision abrasives, films for building materials, medical films and industrial films, among others. Bando earns the majority of its revenue from Belt business.

77GF Score

Get the complete analysis for TSE:5195

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

円2,221.00

Price

円1,985.98

GF Value

View TSE:5195 Analysis

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