W-SCOPE (TSE:6619) Beneish M-Score: -1.32 (As of Jun. 27, 2026)


TSE:6619 W-SCOPE Corp TSE:6619
40 GF Score
Price 円175.00
GF Value 円49.95
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is W-SCOPE Beneish M-Score?

W-SCOPE TSE:6619 -0.57% 40 Beneish M-Score is -1.32 as of Jun. 27, 2026. GuruFocus rates TSE:6619 with a GF Score™ of 40/100 and a GF Value™ of 円49.95 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,926 Industrial Products companies, W-SCOPE ranks worse than 90.81% 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.

Warning Sign:

Beneish M-Score -1.32 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TSE:6619' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65   Med: -2.07   Max: 7.74
Current: -1.32

During the past 13 years, the highest Beneish M-Score of W-SCOPE was 7.74. The lowest was -3.65. And the median was -2.07.

W-SCOPE Beneish M-Score Historical Data

* Premium members only.

The historical data trend for W-SCOPE'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.

W-SCOPE Beneish M-Score Chart

W-SCOPE Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Jan25 Jan26
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.65 -2.79 -2.17 7.74 -1.32

W-SCOPE Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -1.32 0.00

TSE:6619 vs VRT, BE: Beneish M-Score Comparison

For the Electrical Equipment & Parts subindustry, W-SCOPE'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.

W-SCOPE Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, W-SCOPE's Beneish M-Score distribution charts can be found below:

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


TSE:6619
40GF Score
W-SCOPE Corp TSE:6619
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

W-SCOPE 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 W-SCOPE 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 * 4.8731+0.528 * -0.032+0.404 * 1.0471+0.892 * 0.1169+0.115 * 2.428
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.254019-0.327 * 1.2111
=-1.32

* 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 (Jan26) TTM:Last Year (Jan25) TTM:
Total Receivables was 円2,054 Mil.
Revenue was 円3,630 Mil.
Gross Profit was 円-3,974 Mil.
Total Current Assets was 円3,863 Mil.
Total Assets was 円52,004 Mil.
Property, Plant and Equipment(Net PPE) was 円11,829 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,533 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円8,566 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,182 Mil.
Net Income was 円-12,465 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円745 Mil.
 Total Receivables was 円3,605 Mil.
Revenue was 円31,047 Mil.
Gross Profit was 円1,087 Mil.
Total Current Assets was 円6,761 Mil.
Total Assets was 円60,079 Mil.
Property, Plant and Equipment(Net PPE) was 円13,255 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,118 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円8,492 Mil.
Long-Term Debt & Capital Lease Obligation was 円807 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)
=(2054 / 3630) / (3605 / 31047)
=0.56584 / 0.116114
=4.8731

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)
=(1087 / 31047) / (-3974 / 3630)
=0.035011 / -1.094766
=-0.032

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 - (3863 + 11829) / 52004) / (1 - (6761 + 13255) / 60079)
=0.698254 / 0.666839
=1.0471

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
=3630 / 31047
=0.1169

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))
=(5118 / (5118 + 13255)) / (1533 / (1533 + 11829))
=0.278561 / 0.114728
=2.428

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 / 3630) / (0 / 31047)
=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)
=((1182 + 8566) / 52004) / ((807 + 8492) / 60079)
=0.187447 / 0.15478
=1.2111

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
=(-12465 - 0 - 745) / 52004
=-0.254019

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.

W-SCOPE has a M-score of -1.32 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.32 mean?
W-SCOPE (TSE:6619) has a Beneish M-Score of -1.32 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on W-SCOPE and its competitors. According to the industry distribution chart, W-SCOPE ranks #2657 out of 2926 companies in the Industrial Products industry, placing it in the top 90.8%.
Is W-SCOPE's Beneish M-Score too high?
W-SCOPE's current Beneish M-Score is -1.32. Based on the distribution chart, W-SCOPE ranks #2657 out of 2926 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, W-SCOPE has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does W-SCOPE's Beneish M-Score compare to VRT and BE?
According to the Industrial Products industry distribution chart, W-SCOPE ranks #2657 out of 2926 companies for Beneish M-Score. This places W-SCOPE 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 W-SCOPE and its competitors. W-SCOPE's current Beneish M-Score is -1.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is W-SCOPE stock overvalued right now?
Based on GuruFocus' analysis, W-SCOPE (TSE:6619) is currently considered Significantly Overvalued. The stock's GF Value™ is 円49.95, compared to a current price of 円175.00 — trading 250.4% above its estimated fair value. The current Beneish M-Score is -1.32. W-SCOPE's overall GF Score™ is 40/100 with 5 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 W-SCOPE (TSE:6619), the current Beneish M-Score is -1.32 as of Jun. 27, 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 W-SCOPE (TSE:6619) Overvalued in 2026?

Based on GuruFocus' analysis, W-SCOPE stock appears to be overvalued. The current stock price of 円175.00 is trading 250.4% above its estimated GF Value™ of 円49.95. GuruFocus considers W-SCOPE to be Significantly Overvalued.

Key valuation signals for TSE:6619:

  • Beneish M-Score: -1.32
  • GF Value™: 円49.95 vs. price of 円175.00 (250.4% above fair value)
  • GF Score™: 40/100 with 5 warning signs

No single metric tells the full story. See the TSE:6619 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

W-SCOPE Business Description

Address 1-22-6,Higashi-Gotanda, Shinagawa-ku, 8th Floor,Gotanda Sakura Building, Tokyo, JPN, 141-0022
W-SCOPE Corp is engaged in the manufacture and sale of membrane films, such as separators for lithium-ion secondary batteries and ion exchange membranes, utilizing its polymer film technology. Its products include Bare Film Separator, Ceramic Coated Separator, Ion Exchange Membrane. The company is also engaged in textile, furniture and industrial chemical filter business.
40GF Score

Get the complete analysis for TSE:6619

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

円175.00
Price
円49.95
GF Value