Techno Smart (TSE:6246) Beneish M-Score: -2.96 (As of Jul. 13, 2026)

What is Techno Smart Beneish M-Score?

Techno Smart TSE:6246 +1.49% 85 Beneish M-Score is -2.96 as of Jul. 13, 2026. GuruFocus rates TSE:6246 with a GF Score™ of 85/100 and a GF Value™ of 円1,967.28 (Fairly Valued). The stock has 4 warning signs investors should review. Among 2,912 Industrial Products companies, Techno Smart ranks better than 86.2% 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 -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6246' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96 Med: -2.46 Max: -1.5
Current: -2.96

During the past 13 years, the highest Beneish M-Score of Techno Smart was -1.50. The lowest was -2.96. And the median was -2.46.

Techno Smart Beneish M-Score Related Terms

Techno Smart Beneish M-Score Historical Data

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The historical data trend for Techno Smart'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.

Techno Smart Beneish M-Score Chart

Techno Smart Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-1.88

-2.40

-1.50

-1.80

-2.96

Techno Smart 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															-1.50	0.00	-1.80	0.00	-2.96

TSE:6246 vs GEV, ETN, PH: Beneish M-Score Comparison

For the Specialty Industrial Machinery subindustry, Techno Smart'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.

Techno Smart Beneish M-Score vs Industrial Products Industry

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

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

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85GF Score

Techno Smart Corp TSE:6246

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

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Techno Smart 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 Techno Smart 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 * 0.8512

0.528 * 0.915

0.404 * 1.4537

0.892 * 0.961

0.115 * 0.805

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.107605

0.327 * 0.753

-2.96

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円11,908 Mil.
Revenue was 円20,737 Mil.
Gross Profit was 円5,059 Mil.
Total Current Assets was 円22,313 Mil.
Total Assets was 円30,508 Mil.
Property, Plant and Equipment(Net PPE) was 円5,176 Mil.
Depreciation, Depletion and Amortization(DDA) was 円333 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円6,882 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,167 Mil.
Net Income was 円1,792 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円5,074 Mil.

Total Receivables was 円14,557 Mil.
Revenue was 円21,579 Mil.
Gross Profit was 円4,816 Mil.
Total Current Assets was 円25,217 Mil.
Total Assets was 円32,619 Mil.
Property, Plant and Equipment(Net PPE) was 円5,181 Mil.
Depreciation, Depletion and Amortization(DDA) was 円265 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円10,096 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,333 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)
	=	(11908.321 / 20737.29)	/	(14557.024 / 21578.662)
	=	0.574247	/	0.674603
	=	0.8512

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)
	=	(4816.255 / 21578.662)	/	(5058.691 / 20737.29)
	=	0.223195	/	0.243942
	=	0.915

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 - (22313.107 + 5175.919) / 30507.635)	/	(1 - (25217.324 + 5181.486) / 32618.946)
	=	0.098946	/	0.068063
	=	1.4537

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
	=	20737.29	/	21578.662
	=	0.961

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))
	=	(265.368 / (265.368 + 5181.486))	/	(333.433 / (333.433 + 5175.919))
	=	0.048719	/	0.060521
	=	0.805

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 / 20737.29)	/	(0 / 21578.662)
	=	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)
	=	((1166.67 + 6882.335) / 30507.635)	/	((1333.334 + 10096.165) / 32618.946)
	=	0.263836	/	0.350394
	=	0.753

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
	=	(1791.692 - 0	-	5074.466)	/	30507.635
	=	-0.107605

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.

Techno Smart has a M-score of -2.96 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 -2.96 mean?

Techno Smart (TSE:6246) has a Beneish M-Score of -2.96 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Techno Smart and its competitors. According to the industry distribution chart, Techno Smart ranks #402 out of 2912 companies in the Industrial Products industry, placing it in the top 13.8%.

Is Techno Smart's Beneish M-Score too high?

Techno Smart's current Beneish M-Score is -2.96. Based on the distribution chart, Techno Smart ranks #402 out of 2912 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Techno Smart has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Techno Smart's Beneish M-Score compare to GEV and ETN?

According to the Industrial Products industry distribution chart, Techno Smart ranks #402 out of 2912 companies for Beneish M-Score. This places Techno Smart in the top 14% of its industry — outperforming the majority of peers. 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 Techno Smart and its competitors. Techno Smart's current Beneish M-Score is -2.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Techno Smart stock overvalued right now?

Based on GuruFocus' analysis, Techno Smart (TSE:6246) is currently considered Fairly Valued. The stock's GF Value™ is 円1,967.28, compared to a current price of 円1,903.00 — trading 3.3% below its estimated fair value. The current Beneish M-Score is -2.96. Techno Smart's overall GF Score™ is 85/100 with 4 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 Techno Smart (TSE:6246), the current Beneish M-Score is -2.96 as of Jul. 13, 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 Techno Smart (TSE:6246) Overvalued in 2026?

Based on GuruFocus' analysis, Techno Smart stock appears to be undervalued. The current stock price of 円1,903.00 is trading 3.3% below its estimated GF Value™ of 円1,967.28. GuruFocus considers Techno Smart to be Fairly Valued.

Key valuation signals for TSE:6246:

Beneish M-Score: -2.96
GF Value™: 円1,967.28 vs. price of 円1,903.00 (3.3% below fair value)
GF Score™: 85/100 with 4 warning signs

No single metric tells the full story. See the TSE:6246 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Techno Smart Business Description

Industry Industrials Industrial Products

Comparable Companies TSE:5367 TSE:6482 TSE:6365 TSE:6203 TSE:6378 TSE:6279 TSE:7317 TSE:6018 TSE:6505 TSE:6224 GEV XTER:SIE XPAR:SU ETN XTER:ENR PH CMI OSTO:ATCO A EMR ITW

Address 2-5-28, Kutarocho Tsunewa Building, 2nd Floor, Kutarocho, Chuo-ku, Osaka, JPN, 541-0056

Website http://www.technosmart.co.jp

Techno Smart Corp is based in Japan. The company operates in a single segment, the machinery and equipment manufacturing industry, and designs, manufactures, installs and sells various dryers, principally coating and drying equipment used to impart various functionalities to substrates such as film, metal foil and paper, as well as heat treatment equipment, chemical engineering equipment and other industrial machinery.

85GF Score

Get the complete analysis for TSE:6246

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

円1,903.00

Price

円1,967.28

GF Value

View TSE:6246 Analysis

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