Toho Zinc Co (TSE:5707) Beneish M-Score: -2.18 (As of Jun. 26, 2026)

What is Toho Zinc Co Beneish M-Score?

Toho Zinc Co TSE:5707 +1.52% 57 Beneish M-Score is -2.18 as of Jun. 26, 2026. GuruFocus rates TSE:5707 with a GF Score™ of 57/100 and a GF Value™ of 円962.53 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 685 Metals & Mining companies, Toho Zinc Co ranks worse than 55.62% 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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5707' s Beneish M-Score Range Over the Past 10 Years
Min: -5.1 Med: -2.49 Max: -1.92
Current: -2.18

During the past 13 years, the highest Beneish M-Score of Toho Zinc Co was -1.92. The lowest was -5.10. And the median was -2.49.

Toho Zinc Co Beneish M-Score Related Terms

Toho Zinc Co Beneish M-Score Historical Data

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The historical data trend for Toho Zinc 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.

Toho Zinc Co Beneish M-Score Chart

Toho Zinc Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-1.92

-2.41

-5.00

-3.36

-2.18

Toho Zinc 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															-3.36	0.00	0.00	0.00	-2.18

Toho Zinc Co Beneish M-Score Competitor Comparison

For the Other Industrial Metals & Mining subindustry, Toho Zinc 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.

Toho Zinc Co Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Toho Zinc Co's Beneish M-Score distribution charts can be found below:

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

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57GF Score

Toho Zinc Co Ltd TSE:5707

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

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Toho Zinc 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 Toho Zinc Co 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 * 0.9144

0.528 * 1.0395

0.404 * 1.239

0.892 * 0.9943

0.115 * 1.7024

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7837

4.679 * 0.028676

0.327 * 0.9583

-2.18

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円9,379 Mil.
Revenue was 円125,550 Mil.
Gross Profit was 円12,622 Mil.
Total Current Assets was 円74,125 Mil.
Total Assets was 円98,932 Mil.
Property, Plant and Equipment(Net PPE) was 円21,158 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,406 Mil.
Selling, General, & Admin. Expense(SGA) was 円5,899 Mil.
Total Current Liabilities was 円20,158 Mil.
Long-Term Debt & Capital Lease Obligation was 円61,520 Mil.
Net Income was 円4,782 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,945 Mil.

Total Receivables was 円10,315 Mil.
Revenue was 円126,267 Mil.
Gross Profit was 円13,196 Mil.
Total Current Assets was 円74,896 Mil.
Total Assets was 円99,299 Mil.
Property, Plant and Equipment(Net PPE) was 円21,447 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,545 Mil.
Selling, General, & Admin. Expense(SGA) was 円7,570 Mil.
Total Current Liabilities was 円23,040 Mil.
Long-Term Debt & Capital Lease Obligation was 円62,506 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)
	=	(9379 / 125550)	/	(10315 / 126267)
	=	0.074703	/	0.081692
	=	0.9144

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)
	=	(13196 / 126267)	/	(12622 / 125550)
	=	0.104509	/	0.100534
	=	1.0395

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 - (74125 + 21158) / 98932)	/	(1 - (74896 + 21447) / 99299)
	=	0.036884	/	0.029769
	=	1.239

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
	=	125550	/	126267
	=	0.9943

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))
	=	(2545 / (2545 + 21447))	/	(1406 / (1406 + 21158))
	=	0.106077	/	0.062312
	=	1.7024

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)
	=	(5899 / 125550)	/	(7570 / 126267)
	=	0.046985	/	0.059952
	=	0.7837

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)
	=	((61520 + 20158) / 98932)	/	((62506 + 23040) / 99299)
	=	0.825597	/	0.861499
	=	0.9583

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
	=	(4782 - 0	-	1945)	/	98932
	=	0.028676

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.

Toho Zinc Co has a M-score of -2.18 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 -2.18 mean?

Toho Zinc Co (TSE:5707) has a Beneish M-Score of -2.18 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Toho Zinc Co and its competitors. According to the industry distribution chart, Toho Zinc Co ranks #381 out of 685 companies in the Metals & Mining industry, placing it in the top 55.6%.

Is Toho Zinc Co's Beneish M-Score too high?

Toho Zinc Co's current Beneish M-Score is -2.18. Based on the distribution chart, Toho Zinc Co ranks #381 out of 685 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Toho Zinc Co has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Toho Zinc Co's Beneish M-Score compare to competitors?

According to the Metals & Mining industry distribution chart, Toho Zinc Co ranks #381 out of 685 companies for Beneish M-Score. This places Toho Zinc Co 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 Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining 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 Toho Zinc Co and its competitors. Toho Zinc Co's current Beneish M-Score is -2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Toho Zinc Co stock overvalued right now?

Based on GuruFocus' analysis, Toho Zinc Co (TSE:5707) is currently considered Modestly Undervalued. The stock's GF Value™ is 円962.53, compared to a current price of 円799.00 — trading 17% below its estimated fair value. The current Beneish M-Score is -2.18. Toho Zinc Co's overall GF Score™ is 57/100 with 5 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 Toho Zinc Co (TSE:5707), the current Beneish M-Score is -2.18 as of Jun. 26, 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 Toho Zinc Co (TSE:5707) Overvalued in 2026?

Based on GuruFocus' analysis, Toho Zinc Co stock appears to be undervalued. The current stock price of 円799.00 is trading 17% below its estimated GF Value™ of 円962.53. GuruFocus considers Toho Zinc Co to be Modestly Undervalued.

Key valuation signals for TSE:5707:

Beneish M-Score: -2.18
GF Value™: 円962.53 vs. price of 円799.00 (17% below fair value)
GF Score™: 57/100 with 5 warning signs

No single metric tells the full story. See the TSE:5707 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Toho Zinc Co Business Description

Industry Basic Materials Metals & Mining

Comparable Companies TSE:5724 TSE:3023 TSE:3168 TSE:5541 ASX:BHP ASX:RIO LSE:RIO MEX:GMEXICOB LSE:GLEN BSP:VALE3 SAU:1211 LSE:AAL HKSE:03993 ASX:FMG TSX:TECK.B BOM:500188 SHSE:600111 MEX:PE&OLES SZSE:000657 CAS:MNG

Other Exchanges T62:Germany

Address 1-8-2 Marunouchi, Tekko Building, Chiyoda-ku, Tokyo, JPN, 100-8207

Website http://www.toho-zinc.co.jp

Toho Zinc Co Ltd is engaged in smelting and refining of non-ferrous metals and supplier of zinc products. Its products portfolio consists of zinc powder, Cadmium Oxide, Sulfuric Acid, Electrolytic Zinc, and Zinc Alloys for Die Casting. The company's segments include Smelting, Mineral resources, Electronic components, and Environment and recycling. The majority of the company's revenue is derived from sale and production of zinc and lead products, electric silver and sulfuric acid. The company operates in Japan, Asia, and Oceania.

57GF Score

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

円799.00

Price

円962.53

GF Value

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