Waseda Gakushukenkyukai Co (TSE:5869) Beneish M-Score: -2.58 (As of Jun. 26, 2026)


TSE:5869 Waseda Gakushukenkyukai Co Ltd TSE:5869
21 GF Score
Price 円1,185.00
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What is Waseda Gakushukenkyukai Co Beneish M-Score?

Waseda Gakushukenkyukai Co TSE:5869 21 Beneish M-Score is -2.58 as of Jun. 26, 2026. GuruFocus rates TSE:5869 with a GF Score™ of 21/100. Among 243 Education companies, Waseda Gakushukenkyukai Co ranks worse than 53.09% 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5869' s Beneish M-Score Range Over the Past 10 Years
Min: -2.58   Med: -2.55   Max: -1.26
Current: -2.58

During the past 5 years, the highest Beneish M-Score of Waseda Gakushukenkyukai Co was -1.26. The lowest was -2.58. And the median was -2.55.

Waseda Gakushukenkyukai Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Waseda Gakushukenkyukai 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.

Waseda Gakushukenkyukai Co Beneish M-Score Chart

Waseda Gakushukenkyukai Co Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.55 -1.26 -2.58

Waseda Gakushukenkyukai Co Semi-Annual Data
Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.55 0.00 -1.26 0.00 -2.58

TSE:5869 vs EDU, TAL, GHC: Beneish M-Score Comparison

For the Education & Training Services subindustry, Waseda Gakushukenkyukai 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.

Waseda Gakushukenkyukai Co Beneish M-Score vs Education Industry

For the Education industry and Consumer Defensive sector, Waseda Gakushukenkyukai Co's Beneish M-Score distribution charts can be found below:

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


TSE:5869
21GF Score
Waseda Gakushukenkyukai Co Ltd TSE:5869
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Waseda Gakushukenkyukai 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 Waseda Gakushukenkyukai 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 * 1.0243+0.528 * 1.0103+0.404 * 1.0585+0.892 * 1.0181+0.115 * 0.9668
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.033373-0.327 * 1.0129
=-2.58

* 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417 Mil.
Revenue was 円7,113 Mil.
Gross Profit was 円2,871 Mil.
Total Current Assets was 円4,325 Mil.
Total Assets was 円9,634 Mil.
Property, Plant and Equipment(Net PPE) was 円4,591 Mil.
Depreciation, Depletion and Amortization(DDA) was 円182 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,477 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円969 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,291 Mil.
 Total Receivables was 円400 Mil.
Revenue was 円6,987 Mil.
Gross Profit was 円2,849 Mil.
Total Current Assets was 円4,419 Mil.
Total Assets was 円9,314 Mil.
Property, Plant and Equipment(Net PPE) was 円4,239 Mil.
Depreciation, Depletion and Amortization(DDA) was 円162 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,410 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
=(417.285 / 7113.122) / (400.132 / 6986.676)
=0.058664 / 0.057271
=1.0243

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)
=(2849.057 / 6986.676) / (2871.095 / 7113.122)
=0.407784 / 0.403634
=1.0103

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 - (4324.618 + 4591.095) / 9633.637) / (1 - (4419.07 + 4239.36) / 9314.19)
=0.074523 / 0.070404
=1.0585

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
=7113.122 / 6986.676
=1.0181

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))
=(162.031 / (162.031 + 4239.36)) / (181.744 / (181.744 + 4591.095))
=0.036814 / 0.038079
=0.9668

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 / 7113.122) / (0 / 6986.676)
=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)
=((0 + 1476.84) / 9633.637) / ((0 + 1409.63) / 9314.19)
=0.1533 / 0.151342
=1.0129

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
=(969.381 - 0 - 1290.883) / 9633.637
=-0.033373

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.

Waseda Gakushukenkyukai Co has a M-score of -2.58 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 -2.58 mean?
Waseda Gakushukenkyukai Co (TSE:5869) has a Beneish M-Score of -2.58 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Waseda Gakushukenkyukai Co and its competitors. According to the industry distribution chart, Waseda Gakushukenkyukai Co ranks #129 out of 243 companies in the Education industry, placing it in the top 53.1%.
Is Waseda Gakushukenkyukai Co's Beneish M-Score too high?
Waseda Gakushukenkyukai Co's current Beneish M-Score is -2.58. Based on the distribution chart, Waseda Gakushukenkyukai Co ranks #129 out of 243 companies in the Education industry, which is below the industry midpoint. Overall, Waseda Gakushukenkyukai Co has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Waseda Gakushukenkyukai Co's Beneish M-Score compare to EDU and TAL?
According to the Education industry distribution chart, Waseda Gakushukenkyukai Co ranks #129 out of 243 companies for Beneish M-Score. This places Waseda Gakushukenkyukai 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 an Education company?
A good Beneish M-Score depends on the Education 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 Waseda Gakushukenkyukai Co and its competitors. Waseda Gakushukenkyukai Co's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Waseda Gakushukenkyukai Co stock overvalued right now?
Waseda Gakushukenkyukai Co (TSE:5869) has a current Beneish M-Score of -2.58. The current Beneish M-Score is -2.58. Waseda Gakushukenkyukai Co's overall GF Score™ is 21/100. 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 Waseda Gakushukenkyukai Co (TSE:5869), the current Beneish M-Score is -2.58 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.

Waseda Gakushukenkyukai Co Business Description

Address 1-6-11 Kyobashi, Chuo-ku, Tokyo, JPN, 104-0031
Waseda Gakushukenkyukai Co Ltd is engaged in the Planning and production of cram school management materials for elementary, junior high, and high school students.
21GF Score

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

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