Morita Holdings (TSE:6455) Beneish M-Score: -2.30 (As of Jul. 08, 2026)

What is Morita Holdings Beneish M-Score?

Morita Holdings TSE:6455 -1.10% 90 Beneish M-Score is -2.30 as of Jul. 08, 2026. GuruFocus rates TSE:6455 with a GF Score™ of 90/100 and a GF Value™ of 円2,408.20 (Fairly Valued). The stock has 1 warning sign investors should review. Among 205 Farm & Heavy Construction Machinery companies, Morita Holdings ranks worse than 60% 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 -2.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6455' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.5 Max: -2.21
Current: -2.3

During the past 13 years, the highest Beneish M-Score of Morita Holdings was -2.21. The lowest was -2.79. And the median was -2.50.

Morita Holdings Beneish M-Score Related Terms

Morita Holdings Beneish M-Score Historical Data

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The historical data trend for Morita Holdings'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.

Morita Holdings Beneish M-Score Chart

Morita Holdings Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.79

-2.21

-2.70

-2.50

-2.30

Morita Holdings Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.50	0.00	0.00	0.00	-2.30

TSE:6455 vs CAT, DE, PCAR: Beneish M-Score Comparison

For the Farm & Heavy Construction Machinery subindustry, Morita Holdings'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.

Morita Holdings Beneish M-Score vs Farm & Heavy Construction Machinery Industry

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

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

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90GF Score

Morita Holdings Corp TSE:6455

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

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Morita Holdings 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 Morita Holdings 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 * 1.0151

0.528 * 0.9361

0.404 * 0.9729

0.892 * 1.0434

0.115 * 0.9536

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.031978

0.327 * 0.9149

-2.30

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was 円30,301 Mil.
Revenue was 円116,596 Mil.
Gross Profit was 円33,959 Mil.
Total Current Assets was 円90,384 Mil.
Total Assets was 円146,006 Mil.
Property, Plant and Equipment(Net PPE) was 円34,448 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,037 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円33,673 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円9,456 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円4,787 Mil.

Total Receivables was 円28,609 Mil.
Revenue was 円111,743 Mil.
Gross Profit was 円30,467 Mil.
Total Current Assets was 円87,132 Mil.
Total Assets was 円143,352 Mil.
Property, Plant and Equipment(Net PPE) was 円34,852 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,918 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円36,138 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)
	=	(30301 / 116596)	/	(28609 / 111743)
	=	0.25988	/	0.256025
	=	1.0151

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)
	=	(30467 / 111743)	/	(33959 / 116596)
	=	0.272652	/	0.291254
	=	0.9361

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 - (90384 + 34448) / 146006)	/	(1 - (87132 + 34852) / 143352)
	=	0.145021	/	0.14906
	=	0.9729

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
	=	116596	/	111743
	=	1.0434

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))
	=	(2918 / (2918 + 34852))	/	(3037 / (3037 + 34448))
	=	0.077257	/	0.081019
	=	0.9536

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 / 116596)	/	(0 / 111743)
	=	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 + 33673) / 146006)	/	((0 + 36138) / 143352)
	=	0.230628	/	0.252093
	=	0.9149

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
	=	(9456 - 0	-	4787)	/	146006
	=	0.031978

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.

Morita Holdings has a M-score of -2.30 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 -2.30 mean?

Morita Holdings (TSE:6455) has a Beneish M-Score of -2.30 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Morita Holdings and its competitors. According to the industry distribution chart, Morita Holdings ranks #123 out of 205 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 60%.

Is Morita Holdings' Beneish M-Score too high?

Morita Holdings' current Beneish M-Score is -2.30. Based on the distribution chart, Morita Holdings ranks #123 out of 205 companies in the Farm & Heavy Construction Machinery industry, which is below the industry midpoint. Overall, Morita Holdings has a GF Score™ of 90/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Morita Holdings' Beneish M-Score compare to CAT and DE?

According to the Farm & Heavy Construction Machinery industry distribution chart, Morita Holdings ranks #123 out of 205 companies for Beneish M-Score. This places Morita Holdings 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 Morita Holdings and its competitors. Morita Holdings's current Beneish M-Score is -2.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Morita Holdings stock overvalued right now?

Based on GuruFocus' analysis, Morita Holdings (TSE:6455) is currently considered Fairly Valued. The stock's GF Value™ is 円2,408.20, compared to a current price of 円2,419.00 — trading 0.4% above its estimated fair value. The current Beneish M-Score is -2.30. Morita Holdings' overall GF Score™ is 90/100 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 Morita Holdings (TSE:6455), the current Beneish M-Score is -2.30 as of Jul. 08, 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 Morita Holdings (TSE:6455) Overvalued in 2026?

Based on GuruFocus' analysis, Morita Holdings stock appears to be overvalued. The current stock price of 円2,419.00 is trading 0.4% above its estimated GF Value™ of 円2,408.20. GuruFocus considers Morita Holdings to be Fairly Valued.

Key valuation signals for TSE:6455:

Beneish M-Score: -2.30
GF Value™: 円2,408.20 vs. price of 円2,419.00 (0.4% above fair value)
GF Score™: 90/100 with 1 warning sign

No single metric tells the full story. See the TSE:6455 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Morita Holdings Business Description

Industry Industrials Farm & Heavy Construction Machinery

Comparable Companies TSE:6345 TSE:8125 TSE:3302 TSE:7226 TSE:6289 TSE:6310 TSE:6395 TSE:6306 TSE:6358 TSE:6294 CAT DE OSTO:VOLV B PCAR XTER:DTG TSE:6301 OSTO:EPI A SHSE:600031 TSE:6326 XAMS:EXO

Address Doshumachi 3-6-1, Keihanshin Midosuji Building 12th Floor, Chuo-ku, Osaka, JPN, 541-0045

Website http://www.morita119.com

Morita Holdings Corp and its subsidiaries are in the business of manufacturing and selling fire trucks, fire extinguishers and equipment, recycling machines, environmental conservation vehicles and support wear and also manufacturing and sales of electronic applied machinery and information processing machinery, fabrication repair and sales of specialized vehicles.

90GF 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2,419.00

Price

円2,408.20

GF Value

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