SEC CARBON (TSE:5304) Beneish M-Score: -2.73 (As of Jul. 13, 2026)

What is SEC CARBON Beneish M-Score?

SEC CARBON TSE:5304 +1.23% 65 Beneish M-Score is -2.73 as of Jul. 13, 2026. GuruFocus rates TSE:5304 with a GF Score™ of 65/100 and a GF Value™ of 円1,610.81 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 1,525 Chemicals companies, SEC CARBON ranks better than 69.77% 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5304' s Beneish M-Score Range Over the Past 10 Years
Min: -5.83 Med: -2.47 Max: -1.75
Current: -2.73

During the past 13 years, the highest Beneish M-Score of SEC CARBON was -1.75. The lowest was -5.83. And the median was -2.47.

SEC CARBON Beneish M-Score Related Terms

SEC CARBON Beneish M-Score Historical Data

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The historical data trend for SEC CARBON'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.

SEC CARBON Beneish M-Score Chart

SEC CARBON Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.96

-1.83

-2.42

-2.73

SEC CARBON 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															-2.42	0.00	0.00	0.00	-2.73

TSE:5304 vs LIN, SHW, ECL: Beneish M-Score Comparison

For the Specialty Chemicals subindustry, SEC CARBON'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.

SEC CARBON Beneish M-Score vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, SEC CARBON's Beneish M-Score distribution charts can be found below:

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

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65GF Score

SEC CARBON Ltd TSE:5304

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

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SEC CARBON 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 SEC CARBON 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 * 1.2572

0.528 * 1.1418

0.404 * 1.4612

0.892 * 0.8051

0.115 * 0.5169

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.090098

0.327 * 1.3003

-2.73

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円9,378 Mil.
Revenue was 円25,101 Mil.
Gross Profit was 円7,821 Mil.
Total Current Assets was 円45,663 Mil.
Total Assets was 円87,016 Mil.
Property, Plant and Equipment(Net PPE) was 円13,316 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,048 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,775 Mil.
Long-Term Debt & Capital Lease Obligation was 円25 Mil.
Net Income was 円-74 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円7,766 Mil.

Total Receivables was 円9,266 Mil.
Revenue was 円31,179 Mil.
Gross Profit was 円11,092 Mil.
Total Current Assets was 円45,824 Mil.
Total Assets was 円81,395 Mil.
Property, Plant and Equipment(Net PPE) was 円17,623 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,304 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,446 Mil.
Long-Term Debt & Capital Lease Obligation was 円7 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)
	=	(9378 / 25101)	/	(9266 / 31179)
	=	0.373611	/	0.297187
	=	1.2572

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)
	=	(11092 / 31179)	/	(7821 / 25101)
	=	0.355752	/	0.311581
	=	1.1418

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 - (45663 + 13316) / 87016)	/	(1 - (45824 + 17623) / 81395)
	=	0.322205	/	0.220505
	=	1.4612

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
	=	25101	/	31179
	=	0.8051

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))
	=	(1304 / (1304 + 17623))	/	(2048 / (2048 + 13316))
	=	0.068896	/	0.133299
	=	0.5169

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 / 25101)	/	(0 / 31179)
	=	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)
	=	((25 + 4775) / 87016)	/	((7 + 3446) / 81395)
	=	0.055162	/	0.042423
	=	1.3003

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
	=	(-74 - 0	-	7766)	/	87016
	=	-0.090098

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.

SEC CARBON has a M-score of -2.73 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 -2.73 mean?

SEC CARBON (TSE:5304) has a Beneish M-Score of -2.73 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SEC CARBON and its competitors. According to the industry distribution chart, SEC CARBON ranks #461 out of 1525 companies in the Chemicals industry, placing it in the top 30.2%.

Is SEC CARBON's Beneish M-Score too high?

SEC CARBON's current Beneish M-Score is -2.73. Based on the distribution chart, SEC CARBON ranks #461 out of 1525 companies in the Chemicals industry, which is above the industry midpoint. Overall, SEC CARBON has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does SEC CARBON's Beneish M-Score compare to LIN and SHW?

According to the Chemicals industry distribution chart, SEC CARBON ranks #461 out of 1525 companies for Beneish M-Score. This puts SEC CARBON 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 a Chemicals company?

A good Beneish M-Score depends on the Chemicals 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 SEC CARBON and its competitors. SEC CARBON's current Beneish M-Score is -2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is SEC CARBON stock overvalued right now?

Based on GuruFocus' analysis, SEC CARBON (TSE:5304) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,610.81, compared to a current price of 円2,462.00 — trading 52.8% above its estimated fair value. The current Beneish M-Score is -2.73. SEC CARBON's overall GF Score™ is 65/100 with 3 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 SEC CARBON (TSE:5304), the current Beneish M-Score is -2.73 as of Jul. 13, 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 SEC CARBON (TSE:5304) Overvalued in 2026?

Based on GuruFocus' analysis, SEC CARBON stock appears to be overvalued. The current stock price of 円2,462.00 is trading 52.8% above its estimated GF Value™ of 円1,610.81. GuruFocus considers SEC CARBON to be Significantly Overvalued.

Key valuation signals for TSE:5304:

Beneish M-Score: -2.73
GF Value™: 円1,610.81 vs. price of 円2,462.00 (52.8% above fair value)
GF Score™: 65/100 with 3 warning signs

No single metric tells the full story. See the TSE:5304 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SEC CARBON Business Description

Industry Basic Materials Chemicals

Comparable Companies TSE:4275 TSE:4462 TSE:4082 NGO:2902 TSE:4092 TSE:5302 TSE:4968 TSE:4027 TSE:4094 TSE:4972 LIN XPAR:AI SHW ECL APD SHSE:603256 XSWX:GIVN TPE:1303 XSWX:SIKA SHSE:600309

Address 1-2-6 Shioe, Amagasaki, Hyogo, JPN

Website http://sec-carbon.com

SEC CARBON Ltd engages in the manufacture and sale of carbon products. It offers SK-B graphitized cathode blocks for aluminum smelting; graphite electrodes that are used in electric arc furnaces for steelmaking; and carbon and graphite specialties and materials for use in the semiconductor, aerospace, chemical, electrochemistry, machine, and metallurgy industries. The company also provides the fine powder that is used in various industries, such as paint, sliding materials, metallurgic uses, and batteries.

65GF Score

Get the complete analysis for TSE:5304

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

円2,462.00

Price

円1,610.81

GF Value

View TSE:5304 Analysis

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