Extreme Co (TSE:6033) Beneish M-Score: -1.99 (As of Jun. 27, 2026)

What is Extreme Co Beneish M-Score?

Extreme Co TSE:6033 -0.51% 96 Beneish M-Score is -1.99 as of Jun. 27, 2026. GuruFocus rates TSE:6033 with a GF Score™ of 96/100 and a GF Value™ of 円1,557.16 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 532 Interactive Media companies, Extreme Co ranks worse than 78.76% 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 -1.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6033' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -2.58 Max: -0.38
Current: -1.99

During the past 13 years, the highest Beneish M-Score of Extreme Co was -0.38. The lowest was -2.82. And the median was -2.58.

Extreme Co Beneish M-Score Related Terms

Extreme Co Beneish M-Score Historical Data

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The historical data trend for Extreme 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.

Extreme Co Beneish M-Score Chart

Extreme Co Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.18

-2.70

-2.32

-2.82

-1.99

Extreme Co Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.32	0.00	-2.82	0.00	-1.99

TSE:6033 vs NTES, EA, TTWO: Beneish M-Score Comparison

For the Electronic Gaming & Multimedia subindustry, Extreme 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.

Extreme Co Beneish M-Score vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Extreme Co's Beneish M-Score distribution charts can be found below:

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

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96GF Score

Extreme Co Ltd TSE:6033

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

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Extreme 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 Extreme 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 * 1.0685

0.528 * 1.0275

0.404 * 1.3514

0.892 * 1.0406

0.115 * 1.0395

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.037528

0.327 * 0.8446

-1.99

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円1,360 Mil.
Revenue was 円11,796 Mil.
Gross Profit was 円3,581 Mil.
Total Current Assets was 円6,260 Mil.
Total Assets was 円9,441 Mil.
Property, Plant and Equipment(Net PPE) was 円137 Mil.
Depreciation, Depletion and Amortization(DDA) was 円97 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,192 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円1,178 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円824 Mil.

Total Receivables was 円1,223 Mil.
Revenue was 円11,336 Mil.
Gross Profit was 円3,536 Mil.
Total Current Assets was 円6,393 Mil.
Total Assets was 円8,580 Mil.
Property, Plant and Equipment(Net PPE) was 円140 Mil.
Depreciation, Depletion and Amortization(DDA) was 円106 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,358 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)
	=	(1360.03 / 11796.11)	/	(1223.195 / 11336.259)
	=	0.115295	/	0.107901
	=	1.0685

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)
	=	(3536.438 / 11336.259)	/	(3581.421 / 11796.11)
	=	0.311958	/	0.30361
	=	1.0275

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 - (6260.148 + 136.59) / 9441.468)	/	(1 - (6392.698 + 139.989) / 8580.111)
	=	0.322485	/	0.238624
	=	1.3514

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
	=	11796.11	/	11336.259
	=	1.0406

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))
	=	(106.463 / (106.463 + 139.989))	/	(97.127 / (97.127 + 136.59))
	=	0.431983	/	0.415575
	=	1.0395

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 / 11796.11)	/	(0 / 11336.259)
	=	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 + 2191.876) / 9441.468)	/	((0 + 2358.405) / 8580.111)
	=	0.232154	/	0.274869
	=	0.8446

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
	=	(1177.844 - 0	-	823.526)	/	9441.468
	=	0.037528

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.

Extreme Co has a M-score of -1.99 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 -1.99 mean?

Extreme Co (TSE:6033) has a Beneish M-Score of -1.99 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Extreme Co and its competitors. According to the industry distribution chart, Extreme Co ranks #419 out of 532 companies in the Interactive Media industry, placing it in the top 78.8%.

Is Extreme Co's Beneish M-Score too high?

Extreme Co's current Beneish M-Score is -1.99. Based on the distribution chart, Extreme Co ranks #419 out of 532 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Extreme Co has a GF Score™ of 96/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Extreme Co's Beneish M-Score compare to NTES and EA?

According to the Interactive Media industry distribution chart, Extreme Co ranks #419 out of 532 companies for Beneish M-Score. This places Extreme 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 Interactive Media company?

A good Beneish M-Score depends on the Interactive Media 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 Extreme Co and its competitors. Extreme Co's current Beneish M-Score is -1.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Extreme Co stock overvalued right now?

Based on GuruFocus' analysis, Extreme Co (TSE:6033) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,557.16, compared to a current price of 円1,369.00 — trading 12.1% below its estimated fair value. The current Beneish M-Score is -1.99. Extreme Co's overall GF Score™ is 96/100 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 Extreme Co (TSE:6033), the current Beneish M-Score is -1.99 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 Extreme Co (TSE:6033) Overvalued in 2026?

Based on GuruFocus' analysis, Extreme Co stock appears to be undervalued. The current stock price of 円1,369.00 is trading 12.1% below its estimated GF Value™ of 円1,557.16. GuruFocus considers Extreme Co to be Modestly Undervalued.

Key valuation signals for TSE:6033:

Beneish M-Score: -1.99
GF Value™: 円1,557.16 vs. price of 円1,369.00 (12.1% below fair value)
GF Score™: 96/100 with 1 warning sign

No single metric tells the full story. See the TSE:6033 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Extreme Co Business Description

Industry Communication Services Interactive Media

Comparable Companies TSE:3911 TSE:6428 TSE:3912 TSE:3904 TSE:4777 TSE:3698 TSE:4728 TSE:3758 TSE:3851 TSE:3907 NTES TSE:7974 EA TTWO RBLX TSE:9766 SZSE:002602 TSE:3659 SZSE:300418 TSE:9697

Address 1-11-1 Nishi-Ikebukuro, 15th & 21st Floor, Metropolitan Plaza Building, Toshima-ku, Tokyo, JPN, 171-0021

Website https://www.e-xtreme.co.jp

Extreme Co Ltd is engaged in the technology services business, providing solutions that support corporate IT operations and development. The group has three reportable segments: Digital Human Resources Business, Contract Development Business, and Content Property Business. The Digital Human Resources segment is involved in dispatching IT professionals and providing technical support through staffing contracts. The Contract Development segment focuses on commissioned services such as smartphone app development, CRM (Customer Relationship Management) system implementation, and cloud platform construction. The Content Property segment is engaged in licensing and content-related services. It generates the majority of its revenue from the Digital Human Resources Business.

96GF 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1,369.00

Price

円1,557.16

GF Value

View TSE:6033 Analysis

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