OPEN Group (TSE:6572) Beneish M-Score: -2.27 (As of Jun. 26, 2026)

What is OPEN Group Beneish M-Score?

OPEN Group TSE:6572 +1.02% 52 Beneish M-Score is -2.27 as of Jun. 26, 2026. GuruFocus rates TSE:6572 with a GF Score™ of 52/100 and a GF Value™ of 円382.32 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 2,634 Software companies, OPEN Group ranks worse than 66.25% 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6572' s Beneish M-Score Range Over the Past 10 Years
Min: -2.97 Med: -2.45 Max: -1.42
Current: -2.27

During the past 11 years, the highest Beneish M-Score of OPEN Group was -1.42. The lowest was -2.97. And the median was -2.45.

OPEN Group Beneish M-Score Related Terms

OPEN Group Beneish M-Score Historical Data

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The historical data trend for OPEN Group'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.

OPEN Group Beneish M-Score Chart

OPEN Group Annual Data

Trend

Feb17

Feb18

Feb19

Feb20

Feb21

Feb22

Feb23

Feb24

Feb25

Feb26

Beneish M-Score

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-2.97

-1.98

-2.70

-2.45

-2.27

OPEN Group Semi-Annual Data
	Feb16	Feb17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24	Aug24	Feb25	Aug25	Feb26
Beneish M-Score	Get a 7-Day Free Trial														-2.70	0.00	-2.45	0.00	-2.27

TSE:6572 vs IBM, ACN, FISV: Beneish M-Score Comparison

For the Information Technology Services subindustry, OPEN Group'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.

OPEN Group Beneish M-Score vs Software Industry

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

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

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52GF Score

OPEN Group Inc TSE:6572

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

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OPEN Group 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 OPEN Group 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 * 1.2446

0.528 * 0.92

0.404 * 1.1434

0.892 * 1.1278

0.115 * 0.9917

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.214

4.679 * -0.013155

0.327 * 1.1414

-2.27

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was 円3,515 Mil.
Revenue was 円8,148 Mil.
Gross Profit was 円5,662 Mil.
Total Current Assets was 円14,690 Mil.
Total Assets was 円19,608 Mil.
Property, Plant and Equipment(Net PPE) was 円178 Mil.
Depreciation, Depletion and Amortization(DDA) was 円452 Mil.
Selling, General, & Admin. Expense(SGA) was 円926 Mil.
Total Current Liabilities was 円6,722 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,207 Mil.
Net Income was 円639 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円897 Mil.

Total Receivables was 円2,504 Mil.
Revenue was 円7,224 Mil.
Gross Profit was 円4,619 Mil.
Total Current Assets was 円15,578 Mil.
Total Assets was 円19,967 Mil.
Property, Plant and Equipment(Net PPE) was 円168 Mil.
Depreciation, Depletion and Amortization(DDA) was 円414 Mil.
Selling, General, & Admin. Expense(SGA) was 円677 Mil.
Total Current Liabilities was 円5,979 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,988 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)
	=	(3515.434 / 8148.088)	/	(2504.403 / 7224.445)
	=	0.431443	/	0.346657
	=	1.2446

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)
	=	(4618.618 / 7224.445)	/	(5661.799 / 8148.088)
	=	0.639304	/	0.694862
	=	0.92

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 - (14690.006 + 177.824) / 19608.407)	/	(1 - (15577.862 + 167.653) / 19967.272)
	=	0.241762	/	0.211434
	=	1.1434

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
	=	8148.088	/	7224.445
	=	1.1278

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))
	=	(413.579 / (413.579 + 167.653))	/	(451.739 / (451.739 + 177.824))
	=	0.711556	/	0.717544
	=	0.9917

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)
	=	(926.427 / 8148.088)	/	(676.626 / 7224.445)
	=	0.113699	/	0.093658
	=	1.214

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)
	=	((2207.201 + 6722.164) / 19608.407)	/	((1987.873 + 5978.803) / 19967.272)
	=	0.455385	/	0.398987
	=	1.1414

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
	=	(639.216 - 0	-	897.155)	/	19608.407
	=	-0.013155

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.

OPEN Group has a M-score of -2.27 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 -2.27 mean?

OPEN Group (TSE:6572) has a Beneish M-Score of -2.27 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on OPEN Group and its competitors. According to the industry distribution chart, OPEN Group ranks #1745 out of 2634 companies in the Software industry, placing it in the top 66.2%.

Is OPEN Group's Beneish M-Score too high?

OPEN Group's current Beneish M-Score is -2.27. Based on the distribution chart, OPEN Group ranks #1745 out of 2634 companies in the Software industry, which is below the industry midpoint. Overall, OPEN Group has a GF Score™ of 52/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does OPEN Group's Beneish M-Score compare to IBM and ACN?

According to the Software industry distribution chart, OPEN Group ranks #1745 out of 2634 companies for Beneish M-Score. This places OPEN Group 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 Software company?

A good Beneish M-Score depends on the Software 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 OPEN Group and its competitors. OPEN Group's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is OPEN Group stock overvalued right now?

Based on GuruFocus' analysis, OPEN Group (TSE:6572) is currently considered Significantly Undervalued. The stock's GF Value™ is 円382.32, compared to a current price of 円198.00 — trading 48.2% below its estimated fair value. The current Beneish M-Score is -2.27. OPEN Group's overall GF Score™ is 52/100 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 OPEN Group (TSE:6572), the current Beneish M-Score is -2.27 as of Jun. 26, 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 OPEN Group (TSE:6572) Overvalued in 2026?

Based on GuruFocus' analysis, OPEN Group stock appears to be undervalued. The current stock price of 円198.00 is trading 48.2% below its estimated GF Value™ of 円382.32. GuruFocus considers OPEN Group to be Significantly Undervalued.

Key valuation signals for TSE:6572:

Beneish M-Score: -2.27
GF Value™: 円382.32 vs. price of 円198.00 (48.2% below fair value)
GF Score™: 52/100 with 4 warning signs

No single metric tells the full story. See the TSE:6572 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

OPEN Group Business Description

Industry Technology Software

Comparable Companies TSE:4418 TSE:3937 TSE:3979 TSE:2315 TSE:3657 TSE:9753 TSE:3918 TSE:2332 TSE:441A TSE:155A IBM ACN NSE:TCS NSE:INFY TSE:6702 TSE:6701 NSE:HCLTECH FISV XMAD:AMS CTSH

Address 3-3-1 Nishishinbashi, Minato-ku, Tokyo, JPN, 107-6013

Website https://www.open-group.co.jp

OPEN Group Inc operates as a holding company, which provides Information processing services and consulting using RPA and AI development, and promotes new businesses using BizRobo Digital agency business. The company's segments include Intelligent Automation Business, AdAutomation Business, and Intelligent Automation.

52GF 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198.00

Price

円382.32

GF Value

View TSE:6572 Analysis

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