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MAX CoTSE:6454 +0.48%69 Beneish M-Score is -2.39 as of Sep. 07, 2026. GuruFocus rates TSE:6454 with a GF Score™ of 69/100 and a GF Value™ of 円1,227.38 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,942 Industrial Products companies, MAX Co ranks worse than 54.45% 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 -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for MAX Co's Beneish M-Score or its related term are showing as below:
TSE:6454'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.59 Max: -2.36
Current: -2.39
During the past 13 years, the highest Beneish M-Score of MAX Co was -2.36. The lowest was -2.85. And the median was -2.59.
The historical data trend for MAX 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.
TSE:6454 vs SNA, RBC, LECO: Beneish M-Score Comparison
For the Tools & Accessories subindustry, MAX 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.
MAX Co Beneish M-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, MAX Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MAX Co's Beneish M-Score falls into.
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 MAX 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 * 0.9146
+
0.528 * 0.9747
+
0.404 * 1.2613
+
0.892 * 1.1092
+
0.115 * 0.9984
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9599
+
4.679 * 0.000285
-
0.327 * 1.0932
=
-2.39
* 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.
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.
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))
=
(3367 / (3367 + 26615))
/
(3513 / (3513 + 27720))
=
0.112301
/
0.112477
=
0.9984
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
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
=
(14619 - 0
-
14580)
/
137010
=
0.000285
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.
MAX Co has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
MAX Co (TSE:6454) has a Beneish M-Score of -2.39 as of Sep. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MAX Co and its competitors. According to the industry distribution chart, MAX Co ranks #1602 out of 2942 companies in the Industrial Products industry, placing it in the top 54.5%.
Is MAX Co's Beneish M-Score too high?
MAX Co's current Beneish M-Score is -2.39. Based on the distribution chart, MAX Co ranks #1602 out of 2942 companies in the Industrial Products industry, which is below the industry midpoint. Overall, MAX Co has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MAX Co's Beneish M-Score compare to SNA and RBC?
According to the Industrial Products industry distribution chart, MAX Co ranks #1602 out of 2942 companies for Beneish M-Score. This places MAX 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 MAX Co and its competitors. MAX Co's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MAX Co stock overvalued right now?
Based on GuruFocus' analysis, MAX Co (TSE:6454) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,227.38, compared to a current price of 円1,880.00 — trading 53.2% above its estimated fair value. The current Beneish M-Score is -2.39. MAX Co's overall GF Score™ is 69/100 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 MAX Co (TSE:6454), the current Beneish M-Score is -2.39 as of Sep. 07, 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 MAX Co (TSE:6454) Overvalued in 2026?
Based on GuruFocus' analysis, MAX Co stock appears to be overvalued.
The current stock price of 円1,880.00 is trading 53.2% above its estimated GF Value™ of 円1,227.38.
GuruFocus considers MAX Co to be Significantly Overvalued.
Key valuation signals for TSE:6454:
Beneish M-Score: -2.39
GF Value™: 円1,227.38 vs. price of 円1,880.00 (53.2% above fair value)
No single metric tells the full story. See the TSE:6454 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MAX Co Ltd manufactures and distributes office supplies and industrial equipment. The company operates through office equipment, industrial equipment, and home care and rehabilitation (HCR) equipment divisions. It mainly offers products such as hand-held staplers and automatic staplers, numbering tools, check writers, and other office supplies. It also markets fastening devices for various purposes such as concrete reinforcing bar tying machines, air compressors, and rechargeable tools.
69GF Score
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