Mitsubishi Steel Mfg.Co (TSE:5632) Beneish M-Score: -2.59 (As of Jun. 27, 2026)


TSE:5632 Mitsubishi Steel Mfg.Co Ltd TSE:5632
58 GF Score
Price 円2,177.00
GF Value 円1,396.39
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Mitsubishi Steel Mfg.Co Beneish M-Score?

Mitsubishi Steel Mfg.Co TSE:5632 -1.80% 58 Beneish M-Score is -2.59 as of Jun. 27, 2026. GuruFocus rates TSE:5632 with a GF Score™ of 58/100 and a GF Value™ of 円1,396.39 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 592 Steel companies, Mitsubishi Steel Mfg.Co ranks better than 57.09% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5632' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3   Med: -2.54   Max: -2
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Mitsubishi Steel Mfg.Co was -2.00. The lowest was -3.30. And the median was -2.54.

Mitsubishi Steel Mfg.Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Mitsubishi Steel Mfg.Co'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.

Mitsubishi Steel Mfg.Co Beneish M-Score Chart

Mitsubishi Steel Mfg.Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.33 -2.42 -2.60 -2.57 -2.59

Mitsubishi Steel Mfg.Co 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.57 0.00 0.00 0.00 -2.59

TSE:5632 vs NUE, STLD, RS: Beneish M-Score Comparison

For the Steel subindustry, Mitsubishi Steel Mfg.Co'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.

Mitsubishi Steel Mfg.Co Beneish M-Score vs Steel Industry

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

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


TSE:5632
58GF Score
Mitsubishi Steel Mfg.Co Ltd TSE:5632
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mitsubishi Steel Mfg.Co 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 Mitsubishi Steel Mfg.Co 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 * 0.9802+0.528 * 1.1026+0.404 * 1.2077+0.892 * 0.9685+0.115 * 1.1095
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.049669-0.327 * 0.9344
=-2.59

* 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28,734 Mil.
Revenue was 円154,557 Mil.
Gross Profit was 円20,828 Mil.
Total Current Assets was 円82,218 Mil.
Total Assets was 円141,517 Mil.
Property, Plant and Equipment(Net PPE) was 円38,085 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,665 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円47,525 Mil.
Long-Term Debt & Capital Lease Obligation was 円23,923 Mil.
Net Income was 円3,055 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円10,084 Mil.
 Total Receivables was 円30,268 Mil.
Revenue was 円159,584 Mil.
Gross Profit was 円23,712 Mil.
Total Current Assets was 円83,281 Mil.
Total Assets was 円138,667 Mil.
Property, Plant and Equipment(Net PPE) was 円38,174 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,119 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円45,429 Mil.
Long-Term Debt & Capital Lease Obligation was 円29,498 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)
=(28734 / 154557) / (30268 / 159584)
=0.185912 / 0.189668
=0.9802

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)
=(23712 / 159584) / (20828 / 154557)
=0.148586 / 0.134759
=1.1026

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 - (82218 + 38085) / 141517) / (1 - (83281 + 38174) / 138667)
=0.149904 / 0.124125
=1.2077

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
=154557 / 159584
=0.9685

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))
=(4119 / (4119 + 38174)) / (3665 / (3665 + 38085))
=0.097392 / 0.087784
=1.1095

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 / 154557) / (0 / 159584)
=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)
=((23923 + 47525) / 141517) / ((29498 + 45429) / 138667)
=0.504872 / 0.540338
=0.9344

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
=(3055 - 0 - 10084) / 141517
=-0.049669

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.

Mitsubishi Steel Mfg.Co has a M-score of -2.59 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 -2.59 mean?
Mitsubishi Steel Mfg.Co (TSE:5632) has a Beneish M-Score of -2.59 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Mitsubishi Steel Mfg.Co and its competitors. According to the industry distribution chart, Mitsubishi Steel Mfg.Co ranks #254 out of 592 companies in the Steel industry, placing it in the top 42.9%.
Is Mitsubishi Steel Mfg.Co's Beneish M-Score too high?
Mitsubishi Steel Mfg.Co's current Beneish M-Score is -2.59. Based on the distribution chart, Mitsubishi Steel Mfg.Co ranks #254 out of 592 companies in the Steel industry, which is above the industry midpoint. Overall, Mitsubishi Steel Mfg.Co has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Mitsubishi Steel Mfg.Co's Beneish M-Score compare to NUE and STLD?
According to the Steel industry distribution chart, Mitsubishi Steel Mfg.Co ranks #254 out of 592 companies for Beneish M-Score. This puts Mitsubishi Steel Mfg.Co 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 Mitsubishi Steel Mfg.Co and its competitors. Mitsubishi Steel Mfg.Co's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mitsubishi Steel Mfg.Co stock overvalued right now?
Based on GuruFocus' analysis, Mitsubishi Steel Mfg.Co (TSE:5632) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,396.39, compared to a current price of 円2,177.00 — trading 55.9% above its estimated fair value. The current Beneish M-Score is -2.59. Mitsubishi Steel Mfg.Co's overall GF Score™ is 58/100 with 8 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 Mitsubishi Steel Mfg.Co (TSE:5632), the current Beneish M-Score is -2.59 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 Mitsubishi Steel Mfg.Co (TSE:5632) Overvalued in 2026?

Based on GuruFocus' analysis, Mitsubishi Steel Mfg.Co stock appears to be overvalued. The current stock price of 円2,177.00 is trading 55.9% above its estimated GF Value™ of 円1,396.39. GuruFocus considers Mitsubishi Steel Mfg.Co to be Significantly Overvalued.

Key valuation signals for TSE:5632:

  • Beneish M-Score: -2.59
  • GF Value™: 円1,396.39 vs. price of 円2,177.00 (55.9% above fair value)
  • GF Score™: 58/100 with 8 warning signs

No single metric tells the full story. See the TSE:5632 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Mitsubishi Steel Mfg.Co Business Description

Address Harumi Park Bldg., 2-22, Harumi 3-chome, Chuo-ku, Tokyo, JPN, 1048550
Mitsubishi Steel Mfg.Co Ltd engages in the manufacture and sale of special steels, spring, casting and forging materials, and machinery. It offers its products in varied categories; special steel bars unit handles the manufacture and sale of steel bars that includes machine structural alloy steel, carbon steel for machine structural use, and bearing steel. Springs products include coil, leaf, and precision springs, press assembly, and shoe plate for rubber pad. Formed and fabricated products cover the manufacture and sale of steel and precision casting, precision machined component, alloy material, and special alloy and fine powder. Machinery business manufactures and sells press machine, general industrial and plant machinery, environmental equipment, and magnetic separator.
58GF Score

Get the complete analysis for TSE:5632

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

円2,177.00
Price
円1,396.39
GF Value