Asterisk (TSE:6522) Beneish M-Score: -3.40 (As of Jun. 25, 2026)


TSE:6522 Asterisk Inc TSE:6522
50 GF Score
Price 円1,136.00
GF Value 円410.62
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is Asterisk Beneish M-Score?

Asterisk TSE:6522 +5.58% 50 Beneish M-Score is -3.40 as of Jun. 25, 2026. GuruFocus rates TSE:6522 with a GF Score™ of 50/100 and a GF Value™ of 円410.62 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,403 Hardware companies, Asterisk ranks better than 91.3% 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 -3.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6522' s Beneish M-Score Range Over the Past 10 Years
Min: -3.4   Med: -2.96   Max: -0.89
Current: -3.4

During the past 7 years, the highest Beneish M-Score of Asterisk was -0.89. The lowest was -3.40. And the median was -2.96.

Asterisk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Asterisk'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.

Asterisk Beneish M-Score Chart

Asterisk Annual Data
Trend Aug19 Aug20 Aug21 Aug22 Aug23 Aug24 Aug25
Beneish M-Score
Get a 7-Day Free Trial -3.11 -0.89 -1.46 -2.96 -3.40

Asterisk Semi-Annual Data
Aug19 Aug20 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -2.96 0.00 -3.40 0.00

TSE:6522 vs CSCO, CIEN, MSI: Beneish M-Score Comparison

For the Communication Equipment subindustry, Asterisk'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.

Asterisk Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Asterisk's Beneish M-Score distribution charts can be found below:

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


TSE:6522
50GF Score
Asterisk Inc TSE:6522
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Asterisk 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 Asterisk 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 * 0.6735+0.528 * 0.9064+0.404 * 0.8618+0.892 * 1.0557+0.115 * 1.135
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.13183-0.327 * 0.8967
=-3.40

* 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 (Aug25) TTM:Last Year (Aug24) TTM:
Total Receivables was 円276 Mil.
Revenue was 円1,666 Mil.
Gross Profit was 円622 Mil.
Total Current Assets was 円1,730 Mil.
Total Assets was 円2,781 Mil.
Property, Plant and Equipment(Net PPE) was 円899 Mil.
Depreciation, Depletion and Amortization(DDA) was 円55 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円984 Mil.
Long-Term Debt & Capital Lease Obligation was 円50 Mil.
Net Income was 円-182 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円184 Mil.
 Total Receivables was 円389 Mil.
Revenue was 円1,578 Mil.
Gross Profit was 円534 Mil.
Total Current Assets was 円1,532 Mil.
Total Assets was 円2,657 Mil.
Property, Plant and Equipment(Net PPE) was 円955 Mil.
Depreciation, Depletion and Amortization(DDA) was 円67 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円1,032 Mil.
Long-Term Debt & Capital Lease Obligation was 円70 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)
=(276.383 / 1666.306) / (388.748 / 1578.458)
=0.165866 / 0.246283
=0.6735

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)
=(533.672 / 1578.458) / (621.577 / 1666.306)
=0.338097 / 0.373027
=0.9064

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 - (1729.612 + 898.609) / 2781.213) / (1 - (1532.202 + 955.419) / 2657.236)
=0.055009 / 0.063831
=0.8618

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
=1666.306 / 1578.458
=1.0557

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))
=(66.887 / (66.887 + 955.419)) / (54.97 / (54.97 + 898.609))
=0.065428 / 0.057646
=1.135

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 / 1666.306) / (0 / 1578.458)
=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)
=((50.02 + 984.39) / 2781.213) / ((70.012 + 1032.124) / 2657.236)
=0.371928 / 0.414768
=0.8967

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
=(-182.293 - 0 - 184.353) / 2781.213
=-0.13183

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.

Asterisk has a M-score of -3.40 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 -3.40 mean?
Asterisk (TSE:6522) has a Beneish M-Score of -3.40 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asterisk and its competitors. According to the industry distribution chart, Asterisk ranks #209 out of 2403 companies in the Hardware industry, placing it in the top 8.7%.
Is Asterisk's Beneish M-Score too high?
Asterisk's current Beneish M-Score is -3.40. Based on the distribution chart, Asterisk ranks #209 out of 2403 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Asterisk has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Asterisk's Beneish M-Score compare to CSCO and CIEN?
According to the Hardware industry distribution chart, Asterisk ranks #209 out of 2403 companies for Beneish M-Score. This places Asterisk in the top 9% 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 a Hardware company?
A good Beneish M-Score depends on the Hardware 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 Asterisk and its competitors. Asterisk's current Beneish M-Score is -3.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asterisk stock overvalued right now?
Based on GuruFocus' analysis, Asterisk (TSE:6522) is currently considered Significantly Overvalued. The stock's GF Value™ is 円410.62, compared to a current price of 円1,136.00 — trading 176.7% above its estimated fair value. The current Beneish M-Score is -3.40. Asterisk's overall GF Score™ is 50/100 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 Asterisk (TSE:6522), the current Beneish M-Score is -3.40 as of Jun. 25, 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 Asterisk (TSE:6522) Overvalued in 2026?

Based on GuruFocus' analysis, Asterisk stock appears to be overvalued. The current stock price of 円1,136.00 is trading 176.7% above its estimated GF Value™ of 円410.62. GuruFocus considers Asterisk to be Significantly Overvalued.

Key valuation signals for TSE:6522:

  • Beneish M-Score: -3.40
  • GF Value™: 円410.62 vs. price of 円1,136.00 (176.7% above fair value)
  • GF Score™: 50/100 with 4 warning signs

No single metric tells the full story. See the TSE:6522 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Asterisk Business Description

Address 2-2-1 Kikawanishi, AsTech Osaka Building, Yodogawa-ku, Osaka, JPN, 532-0013
Asterisk Inc is predominantly engaged in the manufacturing, development, and sales of RFID readers and barcode scanners that utilize mobile smartphones, as well as the development and sales of management systems that utilize image recognition technologies. The company's reportable segments are AsReader Business, System Integration Business, and Rental Business. The majority of its revenue is generated from the AsReader Business, which develops and sells hardware and software products and offers services that utilize its proprietary image recognition and AI technologies. The various products offered under this segment include barcode readers, RFID readers, image recognition products, wireless communication and infrared products, and others under the brand name AsReader (Asterisk Reader).
50GF Score

Get the complete analysis for TSE:6522

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

円1,136.00
Price
円410.62
GF Value