Kyoei Steel (TSE:5440) Beneish M-Score: -2.74 (As of Jun. 27, 2026)

What is Kyoei Steel Beneish M-Score?

Kyoei Steel TSE:5440 +1.93% 74 Beneish M-Score is -2.74 as of Jun. 27, 2026. GuruFocus rates TSE:5440 with a GF Score™ of 74/100 and a GF Value™ of 円2,013.67 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 592 Steel companies, Kyoei Steel ranks better than 67.4% 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5440' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.53 Max: -1.62
Current: -2.74

During the past 13 years, the highest Beneish M-Score of Kyoei Steel was -1.62. The lowest was -3.28. And the median was -2.53.

Kyoei Steel Beneish M-Score Related Terms

Kyoei Steel Beneish M-Score Historical Data

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The historical data trend for Kyoei Steel'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.

Kyoei Steel Beneish M-Score Chart

Kyoei Steel Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-1.70

-2.41

-2.57

-2.94

-2.74

Kyoei Steel 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															-2.94	0.00	0.00	0.00	-2.74

TSE:5440 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Kyoei Steel'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.

Kyoei Steel Beneish M-Score vs Steel Industry

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

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

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74GF Score

Kyoei Steel Ltd TSE:5440

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

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Kyoei Steel 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 Kyoei Steel 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 * 0.9522

0.528 * 0.9358

0.404 * 1.0304

0.892 * 0.976

0.115 * 1.1598

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.039842

0.327 * 1.0179

-2.74

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円49,839 Mil.
Revenue was 円315,106 Mil.
Gross Profit was 円39,975 Mil.
Total Current Assets was 円221,057 Mil.
Total Assets was 円373,127 Mil.
Property, Plant and Equipment(Net PPE) was 円117,426 Mil.
Depreciation, Depletion and Amortization(DDA) was 円7,988 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円102,677 Mil.
Long-Term Debt & Capital Lease Obligation was 円38,670 Mil.
Net Income was 円9,864 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円24,730 Mil.

Total Receivables was 円53,628 Mil.
Revenue was 円322,849 Mil.
Gross Profit was 円38,327 Mil.
Total Current Assets was 円211,297 Mil.
Total Assets was 円352,828 Mil.
Property, Plant and Equipment(Net PPE) was 円109,738 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,753 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円103,259 Mil.
Long-Term Debt & Capital Lease Obligation was 円28,053 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)
	=	(49839 / 315106)	/	(53628 / 322849)
	=	0.158166	/	0.166109
	=	0.9522

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)
	=	(38327 / 322849)	/	(39975 / 315106)
	=	0.118715	/	0.126862
	=	0.9358

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 - (221057 + 117426) / 373127)	/	(1 - (211297 + 109738) / 352828)
	=	0.092848	/	0.090109
	=	1.0304

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
	=	315106	/	322849
	=	0.976

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))
	=	(8753 / (8753 + 109738))	/	(7988 / (7988 + 117426))
	=	0.073871	/	0.063693
	=	1.1598

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 / 315106)	/	(0 / 322849)
	=	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)
	=	((38670 + 102677) / 373127)	/	((28053 + 103259) / 352828)
	=	0.378817	/	0.37217
	=	1.0179

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
	=	(9864 - 0	-	24730)	/	373127
	=	-0.039842

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.

Kyoei Steel has a M-score of -2.74 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 -2.74 mean?

Kyoei Steel (TSE:5440) has a Beneish M-Score of -2.74 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Kyoei Steel and its competitors. According to the industry distribution chart, Kyoei Steel ranks #193 out of 592 companies in the Steel industry, placing it in the top 32.6%.

Is Kyoei Steel's Beneish M-Score too high?

Kyoei Steel's current Beneish M-Score is -2.74. Based on the distribution chart, Kyoei Steel ranks #193 out of 592 companies in the Steel industry, which is above the industry midpoint. Overall, Kyoei Steel has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Kyoei Steel's Beneish M-Score compare to NUE and STLD?

According to the Steel industry distribution chart, Kyoei Steel ranks #193 out of 592 companies for Beneish M-Score. This puts Kyoei Steel 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 Steel company?

A good Beneish M-Score depends on the Steel 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 Kyoei Steel and its competitors. Kyoei Steel's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Kyoei Steel stock overvalued right now?

Based on GuruFocus' analysis, Kyoei Steel (TSE:5440) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,013.67, compared to a current price of 円1,740.00 — trading 13.6% below its estimated fair value. The current Beneish M-Score is -2.74. Kyoei Steel's overall GF Score™ is 74/100 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 Kyoei Steel (TSE:5440), the current Beneish M-Score is -2.74 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 Kyoei Steel (TSE:5440) Overvalued in 2026?

Based on GuruFocus' analysis, Kyoei Steel stock appears to be undervalued. The current stock price of 円1,740.00 is trading 13.6% below its estimated GF Value™ of 円2,013.67. GuruFocus considers Kyoei Steel to be Modestly Undervalued.

Key valuation signals for TSE:5440:

Beneish M-Score: -2.74
GF Value™: 円2,013.67 vs. price of 円1,740.00 (13.6% below fair value)
GF Score™: 74/100 with 3 warning signs

No single metric tells the full story. See the TSE:5440 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Kyoei Steel Business Description

Industry Basic Materials Steel

Comparable Companies TSE:5449 TSE:5602 TSE:5563 TSE:8065 TSE:8075 TSE:5480 TSE:5461 TSE:5445 TSE:5976 TSE:5410 NUE XAMS:MT STLD BOM:500228 NSE:TATASTEEL XKRX:005490 RS SHSE:600019 TSE:5401 SHSE:600010

Address Issue 16 No. 4-chome, Kita-ku, Dojimahama, Osaka, JPN, 5300004

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

Kyoei Steel Ltd is involved in the business Steel and Material recycling. Its primary activities include manufacture, processing, and sale of steel billets and products, collection, transportation and treatment of general, industrial and medical waste, recycling of automobiles and industrial waste, processing assembly of rebars, designing of steel production plants and sale of steelmaking technology. The firm's products include concrete steel bars, flat bars, I-beams, equal angle bars etc.

74GF Score

Get the complete analysis for TSE:5440

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

円1,740.00

Price

円2,013.67

GF Value

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