JRC Co (TSE:6224) Beneish M-Score: -2.27 (As of Jun. 30, 2026)


TSE:6224 JRC Co Ltd TSE:6224
41 GF Score
Price 円1,327.00
GF Value 円1,468.24
Valuation Modestly Undervalued
! 1 Warning Sign
View Full Analysis

What is JRC Co Beneish M-Score?

JRC Co TSE:6224 +0.45% 41 Beneish M-Score is -2.27 as of Jun. 30, 2026. GuruFocus rates TSE:6224 with a GF Score™ of 41/100 and a GF Value™ of 円1,468.24 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 2,918 Industrial Products companies, JRC Co ranks worse than 64.94% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6224' s Beneish M-Score Range Over the Past 10 Years
Min: -2.27   Med: -2.26   Max: -2.26
Current: -2.27

During the past 5 years, the highest Beneish M-Score of JRC Co was -2.26. The lowest was -2.27. And the median was -2.26.

JRC Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for JRC 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.

JRC Co Beneish M-Score Chart

JRC Co Annual Data
Trend Feb22 Feb23 Feb24 Feb25 Feb26
Beneish M-Score
0.00 0.00 -2.26 -2.26 -2.27

JRC Co Semi-Annual Data
Feb22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial -2.26 0.00 -2.26 0.00 -2.27

TSE:6224 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, JRC 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.

JRC Co Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, JRC Co's Beneish M-Score distribution charts can be found below:

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


TSE:6224
41GF Score
JRC Co Ltd TSE:6224
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

JRC 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 JRC 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 * 0.8495+0.528 * 1.0183+0.404 * 0.7698+0.892 * 1.2424+0.115 * 0.6532
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.044953-0.327 * 0.8749
=-2.27

* 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 (Feb26) TTM:Last Year (Feb25) TTM:
Total Receivables was 円2,434 Mil.
Revenue was 円13,747 Mil.
Gross Profit was 円4,879 Mil.
Total Current Assets was 円8,076 Mil.
Total Assets was 円13,310 Mil.
Property, Plant and Equipment(Net PPE) was 円3,593 Mil.
Depreciation, Depletion and Amortization(DDA) was 円440 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円3,773 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,350 Mil.
Net Income was 円1,423 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円825 Mil.
 Total Receivables was 円2,307 Mil.
Revenue was 円11,065 Mil.
Gross Profit was 円3,999 Mil.
Total Current Assets was 円7,456 Mil.
Total Assets was 円13,102 Mil.
Property, Plant and Equipment(Net PPE) was 円3,547 Mil.
Depreciation, Depletion and Amortization(DDA) was 円272 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円5,658 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,357 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)
=(2434.413 / 13746.885) / (2306.511 / 11064.571)
=0.177088 / 0.208459
=0.8495

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)
=(3999.035 / 11064.571) / (4879.06 / 13746.885)
=0.361427 / 0.354921
=1.0183

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 - (8076.244 + 3592.733) / 13310.376) / (1 - (7455.58 + 3547.303) / 13101.732)
=0.123317 / 0.160196
=0.7698

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
=13746.885 / 11064.571
=1.2424

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))
=(272.281 / (272.281 + 3547.303)) / (440.105 / (440.105 + 3592.733))
=0.071286 / 0.10913
=0.6532

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 / 13746.885) / (0 / 11064.571)
=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)
=((3350.365 + 3773) / 13310.376) / ((2356.785 + 5657.748) / 13101.732)
=0.535174 / 0.611716
=0.8749

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
=(1423.009 - 0 - 824.671) / 13310.376
=0.044953

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.

JRC Co has a M-score of -2.27 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 -2.27 mean?
JRC Co (TSE:6224) has a Beneish M-Score of -2.27 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on JRC Co and its competitors. According to the industry distribution chart, JRC Co ranks #1895 out of 2918 companies in the Industrial Products industry, placing it in the top 64.9%.
Is JRC Co's Beneish M-Score too high?
JRC Co's current Beneish M-Score is -2.27. Based on the distribution chart, JRC Co ranks #1895 out of 2918 companies in the Industrial Products industry, which is below the industry midpoint. Overall, JRC Co has a GF Score™ of 41/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does JRC Co's Beneish M-Score compare to GEV and ETN?
According to the Industrial Products industry distribution chart, JRC Co ranks #1895 out of 2918 companies for Beneish M-Score. This places JRC 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 Industrial Products company?
A good Beneish M-Score depends on the Industrial Products 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 JRC Co and its competitors. JRC Co's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JRC Co stock overvalued right now?
Based on GuruFocus' analysis, JRC Co (TSE:6224) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,468.24, compared to a current price of 円1,327.00 — trading 9.6% below its estimated fair value. The current Beneish M-Score is -2.27. JRC Co's overall GF Score™ is 41/100 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 JRC Co (TSE:6224), the current Beneish M-Score is -2.27 as of Jun. 30, 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 JRC Co (TSE:6224) Overvalued in 2026?

Based on GuruFocus' analysis, JRC Co stock appears to be undervalued. The current stock price of 円1,327.00 is trading 9.6% below its estimated GF Value™ of 円1,468.24. GuruFocus considers JRC Co to be Modestly Undervalued.

Key valuation signals for TSE:6224:

  • Beneish M-Score: -2.27
  • GF Value™: 円1,468.24 vs. price of 円1,327.00 (9.6% below fair value)
  • GF Score™: 41/100 with 1 warning sign

No single metric tells the full story. See the TSE:6224 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

JRC Co Business Description

Address 2-1-1 Awaza Nishi-ku, Osaka Honmachi Nishi Daiichi Building 6th floor, Osaka-shi, Osaka, JPN, 550-0011
JRC Co Ltd is engaged in designing, manufacturing, and sales of conveyor parts and automated equipment using robots. It is also engaged in the maintenance and improvement of conveyor equipment.
41GF Score

Get the complete analysis for TSE:6224

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

円1,327.00
Price
円1,468.24
GF Value