Maruyama MFG Co (TSE:6316) Beneish M-Score: -2.44 (As of Jul. 11, 2026)

What is Maruyama MFG Co Beneish M-Score?

Maruyama MFG Co TSE:6316 -1.87% 71 Beneish M-Score is -2.44 as of Jul. 11, 2026. GuruFocus rates TSE:6316 with a GF Score™ of 71/100 and a GF Value™ of 円2,518.50 (Fairly Valued). The stock has 6 warning signs investors should review. Among 205 Farm & Heavy Construction Machinery companies, Maruyama MFG Co ranks worse than 51.71% 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6316' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.7 Max: -1.91
Current: -2.44

During the past 13 years, the highest Beneish M-Score of Maruyama MFG Co was -1.91. The lowest was -3.29. And the median was -2.70.

Maruyama MFG Co Beneish M-Score Related Terms

Maruyama MFG Co Beneish M-Score Historical Data

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The historical data trend for Maruyama MFG 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.

Maruyama MFG Co Beneish M-Score Chart

Maruyama MFG Co Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Beneish M-Score

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-2.73

-2.74

-1.91

-2.60

-2.44

Maruyama MFG 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															0.00	-2.60	0.00	-2.44	0.00

TSE:6316 vs CAT, DE, PCAR: Beneish M-Score Comparison

For the Farm & Heavy Construction Machinery subindustry, Maruyama MFG 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.

Maruyama MFG Co Beneish M-Score vs Farm & Heavy Construction Machinery Industry

For the Farm & Heavy Construction Machinery industry and Industrials sector, Maruyama MFG Co's Beneish M-Score distribution charts can be found below:

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

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71GF Score

Maruyama MFG Co Inc TSE:6316

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

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Maruyama MFG 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 Maruyama MFG 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 * 1.0328

0.528 * 1.0014

0.404 * 1.2628

0.892 * 1.0315

0.115 * 0.9085

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.028848

0.327 * 0.9421

-2.44

This Year (Sep25) TTM:

Last Year (Sep24) TTM:

Total Receivables was 円5,086 Mil.
Revenue was 円41,266 Mil.
Gross Profit was 円10,621 Mil.
Total Current Assets was 円22,700 Mil.
Total Assets was 円39,101 Mil.
Property, Plant and Equipment(Net PPE) was 円9,872 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,199 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円15,070 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,495 Mil.
Net Income was 円743 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,871 Mil.

Total Receivables was 円4,774 Mil.
Revenue was 円40,006 Mil.
Gross Profit was 円10,311 Mil.
Total Current Assets was 円23,426 Mil.
Total Assets was 円38,706 Mil.
Property, Plant and Equipment(Net PPE) was 円10,162 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,109 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円16,033 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,372 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)
	=	(5086 / 41266)	/	(4774 / 40006)
	=	0.123249	/	0.119332
	=	1.0328

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)
	=	(10311 / 40006)	/	(10621 / 41266)
	=	0.257736	/	0.257379
	=	1.0014

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 - (22700 + 9872) / 39101)	/	(1 - (23426 + 10162) / 38706)
	=	0.166978	/	0.132228
	=	1.2628

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
	=	41266	/	40006
	=	1.0315

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))
	=	(1109 / (1109 + 10162))	/	(1199 / (1199 + 9872))
	=	0.098394	/	0.108301
	=	0.9085

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 / 41266)	/	(0 / 40006)
	=	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)
	=	((1495 + 15070) / 39101)	/	((1372 + 16033) / 38706)
	=	0.423646	/	0.449672
	=	0.9421

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
	=	(743 - 0	-	1871)	/	39101
	=	-0.028848

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.

Maruyama MFG Co has a M-score of -2.44 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 -2.44 mean?

Maruyama MFG Co (TSE:6316) has a Beneish M-Score of -2.44 as of Jul. 11, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Maruyama MFG Co and its competitors. According to the industry distribution chart, Maruyama MFG Co ranks #106 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 51.7%.

Is Maruyama MFG Co's Beneish M-Score too high?

Maruyama MFG Co's current Beneish M-Score is -2.44. Based on the distribution chart, Maruyama MFG Co ranks #106 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is below the industry midpoint. Overall, Maruyama MFG Co has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Maruyama MFG Co's Beneish M-Score compare to CAT and DE?

According to the Farm & Heavy Construction Machinery industry distribution chart, Maruyama MFG Co ranks #106 out of 205 companies for Beneish M-Score. This places Maruyama MFG 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 a Farm & Heavy Construction Machinery company?

A good Beneish M-Score depends on the Farm & Heavy Construction Machinery 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 Maruyama MFG Co and its competitors. Maruyama MFG Co's current Beneish M-Score is -2.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Maruyama MFG Co stock overvalued right now?

Based on GuruFocus' analysis, Maruyama MFG Co (TSE:6316) is currently considered Fairly Valued. The stock's GF Value™ is 円2,518.50, compared to a current price of 円2,628.00 — trading 4.3% above its estimated fair value. The current Beneish M-Score is -2.44. Maruyama MFG Co's overall GF Score™ is 71/100 with 6 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 Maruyama MFG Co (TSE:6316), the current Beneish M-Score is -2.44 as of Jul. 11, 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 Maruyama MFG Co (TSE:6316) Overvalued in 2026?

Based on GuruFocus' analysis, Maruyama MFG Co stock appears to be overvalued. The current stock price of 円2,628.00 is trading 4.3% above its estimated GF Value™ of 円2,518.50. GuruFocus considers Maruyama MFG Co to be Fairly Valued.

Key valuation signals for TSE:6316:

Beneish M-Score: -2.44
GF Value™: 円2,518.50 vs. price of 円2,628.00 (4.3% above fair value)
GF Score™: 71/100 with 6 warning signs

No single metric tells the full story. See the TSE:6316 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Maruyama MFG Co Business Description

Industry Industrials Farm & Heavy Construction Machinery

Comparable Companies TSE:6390 TSE:6325 TSE:6294 TSE:6358 TSE:6306 TSE:6310 TSE:6289 CAT DE OSTO:VOLV B PCAR XTER:DTG TSE:6301 OSTO:EPI A SHSE:600031 TSE:6326 XAMS:EXO SZSE:000425 HKSE:03808 OHEL:METSO

Address 3-4-15 Uchikanda, Chiyoda-ku, Tokyo, JPN, 101-0047

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

Maruyama MFG Co Inc is a Japan-based company engaged in the manufacture and sale of agricultural machines and environmental sanitation machines. It also manufactures and sells firefighting equipment, industrial pumps, cleaning equipment, construction machinery, engines, cars and other vehicles used for agriculture. In addition, the group is also involved in the contracted design, construction of plumbing and fire-prevention equipment real estate and leasing business. The group conducts its business operations in Japan and internationally.

71GF 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2,628.00

Price

円2,518.50

GF Value

View TSE:6316 Analysis

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