Btm (TSE:5247) Beneish M-Score: -2.04 (As of Jul. 14, 2026)

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TSE:5247 Btm Inc TSE:5247
71 GF Score
Price 円534.00
GF Value 円1,269.06
Valuation Significantly Undervalued
! 2 Warning Signs
View Full Analysis

What is Btm Beneish M-Score?

Btm TSE:5247 +1.14% 71 Beneish M-Score is -2.04 as of Jul. 14, 2026. GuruFocus rates TSE:5247 with a GF Score™ of 71/100 and a GF Value™ of 円1,269.06 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 2,631 Software companies, Btm ranks worse than 75.48% 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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5247' s Beneish M-Score Range Over the Past 10 Years
Min: -2.45   Med: -2.03   Max: -1.8
Current: -2.04

During the past 6 years, the highest Beneish M-Score of Btm was -1.80. The lowest was -2.45. And the median was -2.03.

Btm Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Btm'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.

Btm Beneish M-Score Chart

Btm Annual Data
Trend Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial 0.00 -2.45 -2.01 -1.80 -2.04

Btm Semi-Annual Data
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 -2.01 0.00 -1.80 0.00 -2.04

TSE:5247 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, Btm'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.

Btm Beneish M-Score vs Software Industry

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

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


TSE:5247
71GF Score
Btm Inc TSE:5247
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Btm 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 Btm 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 * 1.0487+0.528 * 0.9854+0.404 * 1.8434+0.892 * 1.1834+0.115 * 0.2793
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.002837-0.327 * 1.1103
=-2.04

* 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874 Mil.
Revenue was 円6,035 Mil.
Gross Profit was 円927 Mil.
Total Current Assets was 円1,847 Mil.
Total Assets was 円2,053 Mil.
Property, Plant and Equipment(Net PPE) was 円11 Mil.
Depreciation, Depletion and Amortization(DDA) was 円12 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,091 Mil.
Long-Term Debt & Capital Lease Obligation was 円237 Mil.
Net Income was 円65 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円60 Mil.
 Total Receivables was 円705 Mil.
Revenue was 円5,100 Mil.
Gross Profit was 円772 Mil.
Total Current Assets was 円1,489 Mil.
Total Assets was 円1,580 Mil.
Property, Plant and Equipment(Net PPE) was 円10 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円726 Mil.
Long-Term Debt & Capital Lease Obligation was 円195 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)
=(874.398 / 6035.354) / (704.54 / 5099.797)
=0.144879 / 0.138151
=1.0487

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)
=(771.697 / 5099.797) / (926.785 / 6035.354)
=0.151319 / 0.153559
=0.9854

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 - (1846.731 + 10.846) / 2053.163) / (1 - (1488.783 + 9.681) / 1580.119)
=0.095261 / 0.051676
=1.8434

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
=6035.354 / 5099.797
=1.1834

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))
=(1.648 / (1.648 + 9.681)) / (11.789 / (11.789 + 10.846))
=0.145467 / 0.520831
=0.2793

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 / 6035.354) / (0 / 5099.797)
=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)
=((236.661 + 1091.499) / 2053.163) / ((195 + 725.598) / 1580.119)
=0.646885 / 0.582613
=1.1103

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
=(65.481 - 0 - 59.656) / 2053.163
=0.002837

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.

Btm has a M-score of -2.04 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 -2.04 mean?
Btm (TSE:5247) has a Beneish M-Score of -2.04 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Btm and its competitors. According to the industry distribution chart, Btm ranks #1986 out of 2631 companies in the Software industry, placing it in the top 75.5%.
Is Btm's Beneish M-Score too high?
Btm's current Beneish M-Score is -2.04. Based on the distribution chart, Btm ranks #1986 out of 2631 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Btm has a GF Score™ of 71/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Btm's Beneish M-Score compare to IBM and ACN?
According to the Software industry distribution chart, Btm ranks #1986 out of 2631 companies for Beneish M-Score. This places Btm 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 Btm and its competitors. Btm's current Beneish M-Score is -2.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Btm stock overvalued right now?
Based on GuruFocus' analysis, Btm (TSE:5247) is currently considered Significantly Undervalued. The stock's GF Value™ is 円1,269.06, compared to a current price of 円534.00 — trading 57.9% below its estimated fair value. The current Beneish M-Score is -2.04. Btm's overall GF Score™ is 71/100 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 Btm (TSE:5247), the current Beneish M-Score is -2.04 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 Btm (TSE:5247) Overvalued in 2026?

Based on GuruFocus' analysis, Btm stock appears to be undervalued. The current stock price of 円534.00 is trading 57.9% below its estimated GF Value™ of 円1,269.06. GuruFocus considers Btm to be Significantly Undervalued.

Key valuation signals for TSE:5247:

  • Beneish M-Score: -2.04
  • GF Value™: 円1,269.06 vs. price of 円534.00 (57.9% below fair value)
  • GF Score™: 71/100 with 2 warning signs

No single metric tells the full story. See the TSE:5247 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Btm Business Description

Address 9-1, Shinsencho, 2nd Floor, Daiwa Shibuya Shinsen Building, Shibuya-ku, Tokyo, JPN, 150?0045
Btm Inc is engaged in the digital transformation (DX) solution service business provided by engineers nationwide. The group focuses on providing Digital Transformation Solution Services and IT Engineering Services. The majority of its revenue is generated from the IT Engineering Services business, which provides services related to software and system development in various areas of IT, including development and infrastructure projects.
71GF Score

Get the complete analysis for TSE:5247

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

円534.00
Price
円1,269.06
GF Value