Nalnet Communications (TSE:5870) Beneish M-Score: -2.61 (As of Jul. 16, 2026)

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TSE:5870 Nalnet Communications Inc TSE:5870
15 GF Score
Price 円826.00
! 1 Warning Sign
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What is Nalnet Communications Beneish M-Score?

Nalnet Communications TSE:5870 +3.38% 15 Beneish M-Score is -2.61 as of Jul. 16, 2026. GuruFocus rates TSE:5870 with a GF Score™ of 15/100. The stock has 1 warning sign investors should review. Among 1,274 Vehicles & Parts companies, Nalnet Communications ranks better than 55.81% 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5870' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77   Med: -2.61   Max: -2.32
Current: -2.61

During the past 5 years, the highest Beneish M-Score of Nalnet Communications was -2.32. The lowest was -2.77. And the median was -2.61.

Nalnet Communications Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Nalnet Communications'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.

Nalnet Communications Beneish M-Score Chart

Nalnet Communications Annual Data
Trend Mar22 Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 -2.77 -2.32 -2.61

Nalnet Communications Semi-Annual Data
Mar22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Beneish M-Score Get a 7-Day Free Trial -2.77 0.00 -2.32 0.00 -2.61

TSE:5870 vs CVNA, PAG, ALTB: Beneish M-Score Comparison

For the Auto & Truck Dealerships subindustry, Nalnet Communications'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.

Nalnet Communications Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Nalnet Communications's Beneish M-Score distribution charts can be found below:

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


TSE:5870
15GF Score
Nalnet Communications Inc TSE:5870
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Nalnet Communications 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 Nalnet Communications 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 * 0.9219+0.528 * 0.951+0.404 * 0.928+0.892 * 1.1619+0.115 * 0.9417
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.033716-0.327 * 0.9431
=-2.61

* 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3,741 Mil.
Revenue was 円9,925 Mil.
Gross Profit was 円2,904 Mil.
Total Current Assets was 円5,048 Mil.
Total Assets was 円9,995 Mil.
Property, Plant and Equipment(Net PPE) was 円641 Mil.
Depreciation, Depletion and Amortization(DDA) was 円459 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,166 Mil.
Long-Term Debt & Capital Lease Obligation was 円57 Mil.
Net Income was 円502 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円839 Mil.
 Total Receivables was 円3,492 Mil.
Revenue was 円8,543 Mil.
Gross Profit was 円2,377 Mil.
Total Current Assets was 円4,647 Mil.
Total Assets was 円9,916 Mil.
Property, Plant and Equipment(Net PPE) was 円665 Mil.
Depreciation, Depletion and Amortization(DDA) was 円430 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,837 Mil.
Long-Term Debt & Capital Lease Obligation was 円657 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)
=(3740.55 / 9925.39) / (3492.047 / 8542.662)
=0.376867 / 0.408777
=0.9219

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)
=(2376.711 / 8542.662) / (2903.696 / 9925.39)
=0.278217 / 0.292552
=0.951

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 - (5047.631 + 640.539) / 9995.434) / (1 - (4646.635 + 664.699) / 9916.078)
=0.430923 / 0.464371
=0.928

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
=9925.39 / 8542.662
=1.1619

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))
=(430.173 / (430.173 + 664.699)) / (458.549 / (458.549 + 640.539))
=0.392898 / 0.417209
=0.9417

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 / 9925.39) / (0 / 8542.662)
=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)
=((56.629 + 5166.212) / 9995.434) / ((657.363 + 4836.714) / 9916.078)
=0.522523 / 0.554057
=0.9431

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
=(501.865 - 0 - 838.871) / 9995.434
=-0.033716

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.

Nalnet Communications has a M-score of -2.61 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 -2.61 mean?
Nalnet Communications (TSE:5870) has a Beneish M-Score of -2.61 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Nalnet Communications and its competitors. According to the industry distribution chart, Nalnet Communications ranks #563 out of 1274 companies in the Vehicles & Parts industry, placing it in the top 44.2%.
Is Nalnet Communications' Beneish M-Score too high?
Nalnet Communications' current Beneish M-Score is -2.61. Based on the distribution chart, Nalnet Communications ranks #563 out of 1274 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Nalnet Communications has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does Nalnet Communications' Beneish M-Score compare to CVNA and PAG?
According to the Vehicles & Parts industry distribution chart, Nalnet Communications ranks #563 out of 1274 companies for Beneish M-Score. This puts Nalnet Communications 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Nalnet Communications and its competitors. Nalnet Communications's current Beneish M-Score is -2.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nalnet Communications stock overvalued right now?
Nalnet Communications (TSE:5870) has a current Beneish M-Score of -2.61. The current Beneish M-Score is -2.61. Nalnet Communications' overall GF Score™ is 15/100 with 1 warning sign 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 Nalnet Communications (TSE:5870), the current Beneish M-Score is -2.61 as of Jul. 16, 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.

Nalnet Communications Business Description

Address 5-1-16 Shimoichiba-cho, Aichi, Kasugai-shi, JPN, 486-0852
Nalnet Communications Inc is a vehicle management and maintenance management business for automobile-related companies such as auto leasing companies and individual users.
15GF Score

Get the complete analysis for TSE:5870

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

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